Anglo American Half Year Financial Report 2026
Summary by AI BETAClose X
http://www.rns-pdf.londonstockexchange.com/rns/4526O_1-2026-7-29.pdf
HALF YEAR FINANCIAL REPORT
for the six months ended 30 June 2026
Anglo American Interim Results 2026
Strategic progress unlocking higher margin, higher quality business
• Further strategic progress:
◦ agreed sale of Steelmaking Coal for up to $3.875 billion in cash, including upfront cash consideration of $2.3 billion and potential additional payments linked to future coal prices
◦ sale of De Beers advancing
◦ integration planning well-advanced for merger with Teck
• Solid production and cost performance from continuing operations and favourable copper price, delivering:
◦ Underlying EBITDA* of $4.0 billion, a 35% increase
• Loss attributable to equity shareholders of $0.9 billion - including the impact of a reduction in the carrying value of the Steelmaking Coal business to reflect the agreed sale terms
• Net debt* decreased to $8.2 billion (31 December 2025: $8.6 billion); Net debt to underlying EBITDA ratio of 1.0x
• $0.2 billion interim dividend, equal to $0.23 per share (30 June 2025: $0.07 per share), consistent with our 40% payout policy
Duncan Wanblad, CEO of Anglo American, said: "We are unlocking the full potential of Anglo American - anchored in copper, premium iron ore and crop nutrients - with a focus on delivering material value for our shareholders, while we prepare to complete our merger with Teck to create a global metals and minerals champion.
"As ever, we remain resolute in our focus on safety - our number one value and our first priority. We saw further improvement in key leading safety indicators, with injury frequency rates remaining at record low levels. While these trends are encouraging, this is not an area where we can ever be complacent, and we are focused on everyone going home safely every day.
"We made further progress with our portfolio optimisation during the first half, agreeing the sale of our Steelmaking Coal business to Dhilmar for up to US$3.875 billion in cash, including an upfront cash consideration of $2.3 billion and potential for additional payments linked to future coal prices. We continue to work through the European Commission's anti-trust approval process for the sale of our Nickel business, while we are also advancing the sale process for De Beers alongside streamlining opportunities to improve its cost performance and reduce capital expenditure to minimise the impact from challenging diamond markets.
"I am delighted with the solid operational and cost performance for our continuing operations in the first half of 2026, with the see-through value of our simplified business now coming to the fore. For continuing operations, underlying EBITDA increased by 35% to $4.0 billion, reflecting our unwavering focus on operational excellence, cost control despite inflationary pressures and realisation of run-rate cost-out programme benefits delivered in 2025, in addition to management actions to reduce losses at De Beers. In Copper - the backbone of our forward portfolio - our performance coupled with favourable prices generated underlying EBITDA of $2.9 billion with a margin of 60%.
"This performance stands us in very good stead as we progress the merger to form Anglo Teck - a global metals and minerals champion. We continue to progress towards completion within our original September 2026 to March 2027 window, with anti-trust approval from China the final outstanding regulatory milestone. Integration planning is well-advanced, ensuring that we will be ready to begin to realise the material value and synergies we have identified from Anglo Teck, once the transaction closes.
"We are very much on track to deliver our next phase of transformation. On the back of our robust operational and financial performance in the first half of the year, we have every confidence that we are making the right choices in terms of realising full value from our portfolio, both now and looking towards completion of our compelling combination with Teck."
|
Six months ended |
30 June 2026 |
30 June 2025 |
Change |
|||||
|
US$ million, unless otherwise stated |
||||||||
|
Continuing operations |
|
|
|
|||||
|
Revenue |
9,926 |
|
8,954 |
|
11 |
% |
||
|
Underlying EBITDA* |
4,002 |
|
2,955 |
|
35 |
% |
||
|
EBITDA margin* |
38 |
% |
32 |
% |
|
|||
|
Attributable free cash flow* |
803 |
|
322 |
|
149 |
% |
||
|
Basic underlying earnings per share*($) |
0.77 |
|
0.32 |
|
141 |
% |
||
|
Attributable ROCE* |
15 |
% |
9 |
% |
6 |
% |
||
|
Total (including discontinued operations) |
|
|
|
|||||
|
Loss attributable to equity shareholders of the Company |
(858 |
) |
|
(1,879 |
) |
|
(54 |
%) |
|
Basic underlying earnings per share* ($) |
0.58 |
|
0.15 |
|
287 |
% |
||
|
Loss per share ($) |
(0.80 |
) |
|
(1.58 |
) |
|
(49 |
%) |
|
Interim dividend per share ($) |
0.23 |
|
0.07 |
|
229 |
% |
||
Terms with this symbol * are defined as Alternative Performance Measures (APMs). For more information, refer to page 89.
Note: Continuing operations includes Anglo American's future portfolio (Copper, Premium Iron Ore, Manganese and Crop Nutrients) and De Beers, per accounting requirements; discontinued operations includes the Steelmaking Coal, Nickel and PGMs businesses up to demerger on 31 May 2025.
Sustainability performance
Key sustainability performance indicators(1)
In addition to the financial and cost performance set out above and our operational performance on pages 4-12, Anglo American tracks progress against our Sustainability Strategy targets across three themes of Trusted Corporate Leader, Healthy Environment and Thriving Communities. Our targets are set out on page 16 and performance is captured below, with further detail on pages 13-15.
Our updated Sustainability Strategy and targets, released in February 2026, apply to our simplified portfolio(2) only, and the performance in the table below reflects this. Our basis of preparation for wider sustainability reporting continues to account for 100% of managed operations (including both continuing and discontinued operations)(3) and performance against additional KPIs is detailed on pages 13-15.
|
Theme(2) |
Metric |
30 June 2026 |
30 June 2025 (represented)(2) |
Target |
Target achieved |
||
|
Trusted Corporate Leader |
Work-related fatal injuries |
0 |
1 |
Eliminate all work-related fatalities and foster a safe and resilient operating environment |
On track |
||
|
|
Exposed Worker Rate (EWR)(4) |
637 |
n/a |
Ongoing reduction in % workforce potentially exposed to workplace health hazards |
See footnote 4 |
||
|
|
Women in management(5) |
36.3 |
% |
36.1 |
% |
Increased representation, including 40% women in leadership by 2030 |
On track |
|
Healthy Environment |
GHG emissions - Total Scopes 1 & 2 (Mt CO2e)(6) |
0.71 |
0.68 |
Reduce operational emissions by 30% by 2030 (vs. 2020) |
On track |
||
|
|
GHG emissions - Scope 3 (Mt CO2e)(7) |
86.4 |
92.0 |
Support a Paris-aligned trajectory for the steel industry: targeting an average emissions intensity of 1.3 tCO₂ per tonne of crude steel made from our iron ore by 2040 |
On track |
||
|
Thriving Communities |
Jobs supported(7) |
100,678 |
93,245 |
Support at least 120,000 off-site jobs by 2030 (vs. 2018) |
On track |
||
(1) Sustainability performance indicators for the six months ended June 2026 and the comparative period are not externally assured.
(2) Simplified portfolio includes Kumba, Minas-Rio, Quellaveco and Chile managed operations and excludes Platinum operations divested in May 2025, Steelmaking Coal operations, Nickel operations and De Beers. Comparative data has been represented to be based on the simplified portfolio to align with our strategy targets.
(3) If divestments are made in year, sustainability performance is measured and reported up until the date of divestment.
(4) Exposed worker rate is the number of potentially exposed workers in each hazard exposure group (carcinogens, inhalables and noise) per million hours worked for all workers. We are in the process of rebaselining exposure counts to align with increased regulatory thresholds and expanding scope to include contractors. 2026 is therefore a baseline year against which progress will be measured.
(5) Management includes middle and senior management across the Group.
(6) Data for current and prior period is the five months to 31 May 2026 and 31 May 2025, respectively.
(7) Current and prior period data represented is at 31 December 2025 and 31 December 2024, respectively.
Operational and financial review of Group results for the six months ended 30 June 2026
Operational performance
|
Production - continuing operations |
Six months ended 30 June 2026 |
Six months ended 30 June 2025 |
Change |
|
|
Copper (kt)(1) |
344 |
342 |
0 |
% |
|
Premium iron ore (Mt)(2) |
30.6 |
31.4 |
(2 |
%) |
|
Manganese ore (kt)(3) |
1,667 |
1,094 |
52 |
% |
|
Diamonds (Mct)(4) |
14.9 |
10.2 |
46 |
% |
(1) Contained metal basis.
(2) Wet basis.
(3) Anglo American's 40% attributable share of saleable production.
(4) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Continuing operations
Production volumes increased by 6% on a copper equivalent basis compared to the prior period, reflecting higher production at De Beers and Manganese.
Copper production was flat, with an increase of 5% at Copper Chile driven by higher production at Los Bronces following the restart of the operation's second processing plant offset by a 5% decrease at Copper Peru due to anticipated lower ore grades.
Premium iron ore production decreased by 2%, driven by a 3% reduction at Kumba due to the planned drawdown of available finished stocks and planned plant maintenance at Kolomela partially offset by increased plant availability at Sishen. Minas-Rio production was broadly flat as enhanced plant utilisation and operational rates, supported by higher stability in the ore feed, offset the lower ore grade and mass recovery.
Manganese production increased by 52%, reflecting more normalised production levels following the impact of the temporary suspension caused by tropical cyclone Megan in March 2024, with the resumption of mining activities only occurring in the first half of 2025.
At De Beers, rough diamond production increased by 46% driven by the combination of the impact of the extended plant maintenance at Orapa in the prior period and the planned ore release from Gahcho Kué in Canada.
For more information on each Business' production and unit cost performance, please refer to the following pages 18-31.
Discontinued operations
For operational information on each Business' production and unit cost performance, please refer to the following pages 32-33.
Financial performance
Continuing operations underlying EBITDA* increased by 35% to $4.0 billion driven by $1.2 billion favourable realised price benefits from copper, the realisation of Corporate cost-out programme benefits delivered in 2025, and management actions to reduce losses at De Beers. This mitigated the impacts of lower sales volumes at Copper Chile, Copper Peru and Kumba, as well as foreign exchange and inflation movements impacting Premium Iron Ore unit costs. This resulted in an EBITDA Margin* of 38% (30 June 2025: 32%). As a consequence, continuing operations contributed $0.8 billion to total Group underlying earnings of $0.6 billion.
These strong earnings supported an improvement in attributable ROCE from continuing operations to 15% (30 June 2025: 9%), a continued focus on deleveraging with a reduction in net debt to $8.2 billion (31 December 2025: $8.6 billion) and an improved net debt to EBITDA ratio on a continuing basis of 1.0x (31 December 2025: 1.3x).
Underlying EBITDA* - Continuing operations
Underlying EBITDA increased by $1.0 billion to $4.0 billion (30 June 2025: $3.0 billion). Financial results benefited from the favourable copper realised prices, combined with recovery of performance at Manganese and realisation of run-rate cost-out programme benefits delivered in 2025. This supported an EBITDA margin* of 38% (30 June 2025: 32%). Higher earnings were partially offset by the ongoing challenging rough diamond trading conditions at De Beers alongside lower sales volumes at Copper Chile, Copper Peru and Kumba, unfavourable foreign exchange movements and unit costs at Kumba and Minas-Rio. A reconciliation of 'Profit before net finance costs and tax', the closest equivalent IFRS measure to underlying EBITDA, is provided within note 4 to the Condensed financial statements.
Underlying EBITDA* by segment
|
$ million |
Six months ended 30 June 2026 |
Six months ended 30 June 2025 |
||
|
Copper |
2,936 |
|
1,756 |
|
|
Premium Iron Ore |
1,169 |
|
1,410 |
|
|
Manganese |
98 |
|
(11 |
) |
|
Crop Nutrients |
(49 |
) |
(30 |
) |
|
De Beers |
(113 |
) |
(189 |
) |
|
Corporate and other |
(39 |
) |
19 |
|
|
Total |
4,002 |
|
2,955 |
|
Underlying EBITDA* reconciliation for the six months ended 30 June 2025 to six months ended 30 June 2026
The reconciliation of underlying EBITDA from $3.0 billion in the six months ended 30 June 2025 to $4.0 billion in the six months ended 30 June 2026 shows the major controllable factors (e.g. cost and volume), as well as those outside of management control (e.g. price, foreign exchange and inflation), that drive the Group's performance.
|
$ billion |
|
|
|
H1 2025 underlying EBITDA* |
3.0 |
|
|
De Beers |
0.1 |
|
|
Price |
1.2 |
|
|
Foreign exchange |
(0.2 |
) |
|
Inflation |
(0.1 |
) |
|
Volume |
(0.1 |
) |
|
Cost |
0.1 |
|
|
H1 2026 underlying EBITDA* |
4.0 |
|
De Beers
Rough diamond trading conditions remained challenging in H1 2026, however despite a reduction in the consolidated average realised price, EBITDA improved by $0.1 billion, attributable to the transition from trading losses in the prior period to trading profits in the current period, supported by strong cost control.
Price
Excluding the impact of De Beers, average market prices for the continuing Group's basket of products increased by 22% compared with the first half of 2025. This was driven by a 39% increase in the copper market price, further aided by a 6% increase in the iron ore market price.
Price had a favourable underlying EBITDA impact of $1.2 billion compared to the first half of 2025. This was driven by the increases in copper, by-product and iron ore market prices, partly offset by higher freight rates resulting in a modest 2% decrease in the weighted average realised price for iron ore.
Foreign exchange
Unfavourable foreign exchange reduced underlying EBITDA by $0.2 billion, primarily reflecting the impact of the stronger South African rand and Brazilian real on the local currency cost base.
Inflation
The Group's weighted average CPI was 4% in the first half of 2026, broadly in line with the prior period. The impact of CPI inflation reduced underlying EBITDA by $0.1 billion.
Volume
Lower sales volumes reduced underlying EBITDA by $0.1 billion versus the prior period, primarily driven by lower sales at Copper Peru due to lower production from anticipated lower grades and weather-related port issues at Copper Chile, impacting Collahuasi.
Cost
Lower costs improved underlying EBITDA by $0.1 billion versus the prior period, driven by the realisation of our Corporate transformation savings coupled with benefits from lower treatment and refining charges at Copper Chile and Copper Peru. These were partially offset by headwinds relating to higher input costs across our operations, primarily fuel related, coupled with the movement year-on-year in the long term rehabilitation provision at Copper Peru.
Reconciliation from underlying EBITDA* to underlying earnings* - Continuing operations
Group underlying earnings increased to $0.8 billion (30 June 2025: $0.4 billion), driven by higher underlying EBITDA and lower net finance costs, only partially offset by increased depreciation and earnings-driven impacts on income tax expense and non-controlling interests.
|
$ million |
Six months ended 30 June 2026 |
|
Six months ended 30 June 2025 |
||
|
Underlying EBITDA* |
4,002 |
|
2,955 |
||
|
Depreciation and amortisation |
(1,223 |
) |
|
(1,130 |
) |
|
Net finance costs |
(248 |
) |
|
(293 |
) |
|
Income tax expense |
(1,122 |
) |
|
(746 |
) |
|
Non-controlling interests |
(588 |
) |
|
(399 |
) |
|
Underlying earnings* - continuing operations |
821 |
|
|
387 |
|
Depreciation and amortisation
Depreciation and amortisation increased 8% to $1.2 billion (30 June 2025: $1.1 billion), driven by projects completed at Copper Chile during the second half of 2025.
Net finance costs
Net finance costs, before special items and remeasurements, were $0.2 billion (30 June 2025: $0.3 billion), with the decrease mainly driven by lower interest rates on borrowings.
Income tax expense
The underlying effective tax rate was lower than the prior period at 44.3% (30 June 2025: 48.7%), impacted by the relative levels of profits arising in the Group's operating jurisdictions. While the rate continues to be affected by losses in certain businesses, most notably De Beers, for which no or limited tax benefit has been recognised, these are less impactful than in the prior period. Excluding De Beers, the underlying effective tax rate was 40.4% (30 June 2025: 41.0%). The tax charge for the period, before special items and remeasurements, was $1.1 billion (30 June 2025: $0.7 billion).
Non-controlling interests
The share of underlying earnings attributable to non-controlling interests was $0.6 billion (30 June 2025: $0.4 billion). This is driven primarily by higher earnings in Copper and partially offset by lower earnings in Premium Iron Ore.
Reconciliation from underlying EBITDA* to underlying earnings* - Discontinued operations
|
$ million |
Six months ended 30 June 2026 |
|
Six months ended 30 June 2025 |
||
|
Underlying EBITDA - discontinued operations* |
(172) |
|
93 |
||
|
Depreciation and amortisation |
- |
|
|
(212 |
) |
|
Net finance costs |
(30 |
) |
|
(85 |
) |
|
Income tax expense |
(1 |
) |
|
- |
|
|
Non-controlling interests |
- |
|
|
(8 |
) |
|
Underlying earnings* - discontinued operations |
(203 |
) |
|
(212 |
) |
Underlying earnings from discontinued operations were in line with the prior period. The reduction attributable to the lower sales volumes in the current period at Steelmaking Coal and Nickel and no contribution from Platinum Group Metals following demerger in May 2025 was offset by the absence of depreciation in the current period. Depreciation of $0.2 billion in the prior period occurred before the classification of the respective businesses as held for sale.
Reconciliation from underlying EBITDA* - Total Group* to underlying earnings*
On a total Group basis, underlying EBITDA increased to $3.8 billion (30 June 2025: $3.0 billion), and underlying earnings increased to $0.6 billion (30 June 2025:$0.2 billion). The main drivers are disclosed above.
|
$ million |
Six months ended 30 June 2026 |
|
Six months ended 30 June 2025 |
||
|
Underlying EBITDA - Total Group* |
3,830 |
|
3,048 |
||
|
Depreciation and amortisation |
(1,223 |
) |
|
(1,342 |
) |
|
Net finance costs |
(278 |
) |
|
(378 |
) |
|
Income tax expense |
(1,123 |
) |
|
(746 |
) |
|
Non-controlling interests |
(588 |
) |
|
(407 |
) |
|
Underlying earnings* |
618 |
|
|
175 |
|
Special items and remeasurements - Continuing operations
Special items and remeasurements (after tax and non-controlling interests) from continuing operations were a net charge of $0.5 billion (30 June 2025: net credit of $0.1 billion). This principally related to a tax special items charge of $0.4 billion ($0.4 billion after non-controlling interests) in respect of deferred tax recognised for withholding taxes linked to expected internal future distributions as part of a planned legal entity reorganisation, and $0.1 billion ($0.1 billion after tax and non-controlling interest) for integration planning costs and transaction costs associated with the proposed Teck merger and costs associated with formal restructuring plans within the businesses.
Full details of the special items and remeasurements recorded are included in note 11 to the Condensed financial statements.
Net debt*
|
$ million |
2026 |
|
2025 |
|
|
Opening net debt* at 1 January |
(8,571 |
) |
(10,623 |
) |
|
Underlying EBITDA* from subsidiaries and joint operations |
3,851 |
|
2,923 |
|
|
Working capital movements |
(31 |
) |
361 |
|
|
Other cash flows used in operations |
(297 |
) |
(17 |
) |
|
Cash flows from operations |
3,523 |
|
3,267 |
|
|
Capital repayments of lease obligations |
(152 |
) |
(133 |
) |
|
Cash tax paid |
(523 |
) |
(612 |
) |
|
Dividends from associates, joint ventures and financial asset investments |
32 |
|
28 |
|
|
Net interest(1) |
(320 |
) |
(405 |
) |
|
Distributions paid to non-controlling interests |
(236 |
) |
(220 |
) |
|
Sustaining capital expenditure |
(1,125 |
) |
(1,298 |
) |
|
Sustaining attributable free cash flow* |
1,199 |
|
627 |
|
|
Growth capital expenditure and other(2) |
(396 |
) |
(305 |
) |
|
Attributable free cash flow* |
803 |
|
322 |
|
|
Dividends to Anglo American plc shareholders |
(171 |
) |
(270 |
) |
|
Acquisitions and disposals |
(22 |
) |
(49 |
) |
|
Foreign exchange and fair value movements |
1 |
|
69 |
|
|
Other net debt movements(3) |
(107 |
) |
(121 |
) |
|
Total movement in net debt* - continuing operations |
504 |
|
(49 |
) |
|
Total movement in net debt* - discontinued operations (4) |
(167 |
) |
(92 |
) |
|
Closing net debt* at 30 June |
(8,234 |
) |
(10,764 |
) |
(1) Includes cash outflows of $79 million (30 June 2025: $128 million), relating to interest payments on derivatives hedging net debt, which are included in cash flows from derivatives related to financing activities.
(2) Growth capital expenditure and other includes $32 million (30 June 2025: $17 million) of expenditure on non-current intangible assets.
(3) Includes the purchase of shares (including for employee share schemes) of $106 million, partially offset by other movements in lease liabilities (excluding variable vessel leases) of $23 million. 30 June 2025 includes the purchase of shares (including for employee share schemes) of $40 million and other movements in lease liabilities (excluding variable vessel leases) increasing net debt by $26 million.
(4) Includes cash outflows from operations of $71 million, capital expenditure of $149 million and capital repayments of lease obligations of $53 million, partially offset by $148 million cash received as a deposit for the sale of the Steelmaking coal business. 30 June 2025 includes cash received from the Jellinbah disposal of $870 million; finance leases included within held for sale at 30 June and thus excluded from net debt of $141m; offset by capital expenditure of $518 million; capital repayments of lease obligations of $38 million; Valterra Platinum dividends paid to non-controlling interests of $297 million, and the net debt impact of the demerger of Valterra Platinum of $151 million including tax and transaction costs.
Net debt (including related derivatives) decreased from $8.6 billion at 31 December 2025 to $8.2 billion at 30 June 2026. Net debt at 30 June 2026 represented gearing (net debt to total capital) of 26% (31 December 2025: 26%). The net debt to EBITDA ratio on a continuing basis decreased to 1.0x (31 December 2025: 1.3x), principally reflecting stronger EBITDA performance during the period.
Cash flow
Cash flows from operations - Continuing operations
Cash flows from operations increased to $3.5 billion (30 June 2025: $3.3 billion), reflecting a higher underlying EBITDA from subsidiaries and joint operations offset by a minor working capital outflow (30 June 2025: $0.4 billion inflow) and other cash flows from operations outflows.
Working capital was broadly flat in the period (30 June 2025: $0.4 billion inflow), consisting of a reduction in receivables resulting in an inflow of $0.2 billion offset by a payables outflow of $0.3 billion. These movements included a number of timing benefits which offset underlying commodity price increases. The variance to the comparative period is primarily driven by stock rebalancing initiatives by De Beers in 2025, whereas inventory movements across the Group were flat in the current period.
Other cash flows from operations outflows increased by $0.3 billion to $0.3 billion driven by timing of derivative settlements.
Capital expenditure* - Continuing operations
|
$ million |
Six months ended 30 June 2026 |
Six months ended 30 June 2025 |
||
|
Stay-in-business |
742 |
|
913 |
|
|
Development and stripping |
343 |
|
292 |
|
|
Life-extension projects |
57 |
|
101 |
|
|
Proceeds from disposal of property, plant and equipment |
(17 |
) |
(8 |
) |
|
Sustaining capital |
1,125 |
|
1,298 |
|
|
Growth projects |
364 |
|
288 |
|
|
Total capital expenditure |
1,489 |
|
1,586 |
|
Capital expenditure was $0.1 billion lower compared to the prior period at $1.5 billion (30 June 2025: $1.6 billion).
Sustaining capital expenditure was lower at $1.1 billion (30 June 2025: $1.3 billion), primarily due to the completion of the Minas-Rio filtration plant project at the end of 2025, a planned reduction of Collahuasi desalination project spend as it nears completion in 2026 and the rationalisation of stay-in-business capex spend at De Beers, partially offset by higher deferred stripping at Kumba.
Growth capital expenditure was higher at $0.4 billion (30 June 2025: $0.3 billion), due to increased spend on the first phase of the Collahuasi debottlenecking initiative and Kumba's ultra-high-dense-media-separation (UHDMS) project, partially offset by planned lower spend at the Woodsmith project.
Attributable free cash flow* - Continuing operations
The Group's attributable free cash flow was a $0.8 billion inflow (30 June 2025: $0.3 billion inflow). The improved results principally reflects higher cashflow from operations of $3.5 billion (30 June 2025: $3.3 billion) further aided by lower capital expenditure of $1.5 billion (30 June 2025: $1.6 billion) and lower net interest of $0.3 billion (30 June 2025: $0.4 billion).
Other movements in net debt - Continuing operations
In addition to the movements in attributable free cash flow, the total movement in net debt was impacted by dividends to Anglo American plc shareholders, acquisitions and disposals, foreign exchange and fair value movements and other net debt movements. The dividend paid to Anglo American plc shareholders reduced to $0.2 billion (30 June 2025: $0.3 billion), driven by a reduction in related underlying earnings.
Shareholder returns
In line with the Group's established dividend policy to pay out 40% of underlying earnings, the Board has approved an interim dividend of 40% of first half underlying earnings, equal to $0.23 per share (30 June 2025: $0.07 per share), equivalent to $0.2 billion (30 June 2025: $0.1 billion).
Balance sheet
Net assets decreased by $0.7 billion to $23.4 billion (31 December 2025: $24.1 billion), primarily due to an impairment to Steelmaking Coal during the period of $0.9 billion ($0.7 billion after tax).
Attributable ROCE* - Continuing operations
Attributable ROCE increased to 15% (30 June 2025: 9%). Attributable underlying EBIT increased to $3.3 billion (30 June 2025: $2.0 billion), reflecting the impact of strong performance in Copper and sustained cost control partially offset by losses in De Beers. Average attributable capital employed decreased by $0.7 billion to $22.1 billion (30 June 2025: $22.8 billion).
Liquidity and funding
Group liquidity was $15.5 billion (31 December 2025: $12.4 billion), comprising $8.9 billion of cash and cash equivalents (31 December 2025: $6.4 billion) and $6.6 billion of undrawn committed facilities (31 December 2025: $6.0 billion).
In March 2026, the Group issued $600 million 4.625% Senior Notes due March 2031, $700 million 5% Senior Notes due March 2033 and $1,000 million 5.25% Senior Notes due March 2036.
The weighted average maturity on the Group's bonds decreased to 7.6 years (31 December 2025: 8.1 years).
Attractive growth options
Anglo American continues to evolve its portfolio of competitive, world-class assets towards those metals and minerals that are essential for decarbonising the global economy, improving living standards, and supporting food security.
Growth projects (metrics presented on a 100% basis unless otherwise indicated)
Progress and current expectations in respect of our key growth projects are as follows:
|
Operation |
Scope |
Capex $bn |
Remaining capex $bn |
First production |
|
Copper |
|
|
|
|
|
Collahuasi |
Debottlenecking investment in additional crushing capacity and flotation cells is expected to increase plant throughput from c.170 ktpd to c.185 ktpd, adding production of c.10 ktpa (44% share) on average from Q4 2026.
Further investments in debottlenecking initiatives have been approved and are expected to expand the existing plant to the total permitted capacity of 210 ktpd and will add c.15 ktpa (44% share) of production from late 2027.
Beyond that, studies and permitting are required to be finalised for a fourth processing line in the plant and mine expansion that would add up to c.150 ktpa (44% share) of production from the mid 2030s. In parallel to the fourth line studies, work is continuing to unlock the alternate growth pathway and realise the significant synergies from the potential operational integration and optimisation of Collahuasi with the neighbouring Quebrada Blanca operation. |
c.0.2 (44% share)
c.0.3 (44% share) |
<0.1 (44% share) c.0.2 (44% share) Subject to ongoing studies, permitting, shareholder negotiations and approvals |
Q4 2026 Late 2027 |
|
Quellaveco |
The plant throughput was initially permitted to a level of 127.5 ktpd. Following regulatory approvals to increase throughput to 150 ktpd, a debottlenecking strategy was implemented to provide added flexibility to design optimal throughput for the plant with limited configuration changes, subject to sectorial permits associated with the specific design. In light of this, the stage one debottlenecking was approved in 2025 and will increase throughput to c.142 ktpd and improve recoveries by late 2026, this involves the installation of a second pebble crusher and additional flotation cells, both successfully installed and currently under commissioning. Efforts will continue to further debottleneck the plant, while conducting early studies to support Quellaveco's long-term expansion prospects. |
c. 0.1
|
<0.1 Subject to ongoing studies, permitting and approvals |
Late 2026 |
|
Sakatti |
Polymetallic greenfield project in Finland containing copper, nickel, platinum, palladium, gold, silver and cobalt. The mine design reflects the latest studies and production profile, which is expected to deliver 60-80 ktpa copper equivalent production from a state-of-the-art mine design with minimal surface footprint. In March 2025, the project was awarded 'strategic project' status under the EU's Critical Raw Materials Act, which enables it to benefit from more efficient processing of permitting applications. Studies are ongoing, with the latest Mineral Resource estimated at c. 157 Mt, with average grades of 0.75 %TCu, 0.40 %Ni and 0.67 g/t 3E PGE. The application for the Natura 2000 derogation has been submitted with PFS-B completion targeted for December 2026. |
|
Subject to ongoing studies, permitting, and approvals |
Early 2030s |
|
Los Bronces |
During June 2026 we completed the definitive agreement to implement a joint mine plan with Codelco for the Los Bronces and Andina copper mines in Chile, following receipt of the required competition and regulatory approvals along with the fulfilment of conditions precedent. The preparation phase has commenced, with key milestones including the submission and approval of environmental permits, and the development and execution of the integration plan. The expected additional copper production of c.120,000 tonnes per year (average over 2030-2051) is to be shared equally. Under the terms of the agreement, both Anglo American and Codelco maintain the flexibility to develop separate standalone projects, including the advancement of underground Mineral Resources, during the term of the joint mine plan in a coordinated and appropriate manner. Implementation of the joint mine plan remains conditional on the relevant environmental permits being secured, together with other customary conditions to final implementation, currently expected by 2030. Los Bronces has significant underground endowment, with underground development permitted as part of the wider Los Bronces integrated project permit granted in 2023. Studies are under way with the aim being to develop a modern operation with minimal surface impact while maximising value delivery from the project. Studies include an evaluation of the expansion option in light of the Los Bronces / Andina joint mine plan from 2030, with the timing of this project being under review. |
|
Subject to permitting, and approvals Subject to ongoing studies |
2030 Beyond 2030 |
|
Premium Iron Ore |
|
|
|
|
|
Minas-Rio |
The implementation of recleaner flotation columns to enable higher throughput while maintaining product quality. The average impact on production from the implementation of the recleaners is expected to be ~2.5 Mtpa until 2040, helping mitigate the impact of the mine moving into areas with more ore feed variability. The recleaner uplift is subject to change as studies and permitting on Serpentina is progressed.
The acquisition of the neighbouring Serpentina resource from Vale completed in Q4 2024, with Vale acquiring a 15% shareholding in Minas-Rio. Serpentina is of a higher iron ore grade than Minas-Rio's ore and contains predominantly softer friable ore that together are expected to translate into lower unit costs and capital requirements.
The combination of Minas-Rio with the scale and quality of the Serpentina endowment provides a high value option to potentially double Minas-Rio's production. Vale will also have an option to acquire an additional 15% shareholding in the enlarged Minas-Rio for cash (at fair value calculated at the time of exercise of the option), if and when certain events relating to a future expansion occur. Near-term access to the Serpentina ore as well as the potential future expansion are both subject to required consultation, permits and approvals, which are expected to take a number of years. |
c.0.3 |
c.0.2
Subject to studies, permitting and approvals |
2028 |
|
Kumba |
The conversion of Sishen's Dense Media Separation (DMS) plant to an Ultra-High DMS (UHDMS) plant will enable Sishen to reduce its ROM cut-off grade (from 48% to 40%) and produce more premium-grade product (from less than 20% to more than 50% of production). |
c.0.6 |
c.0.3 |
Ramp up to full production by 2028 |
|
Crop Nutrients |
|
|
|
|
|
Woodsmith |
New polyhalite (natural mineral fertiliser) mine being developed in North Yorkshire, UK. Expected to produce a premium quality, comparatively low carbon fertiliser suitable for organic use. Final design capacity of c.13 Mtpa is expected, subject to studies and final investment decision. |
Refer to page 26 for more information on project progress |
||
Life-extension projects (metrics presented on a 100% basis unless otherwise indicated)
Progress and current expectations in respect of our key life-extension projects are as follows:
|
Operation |
Scope |
Capex $bn |
Remaining capex $bn |
Expected first production |
|
Diamonds |
|
|
|
|
|
Jwaneng |
Jwaneng Cut 9 is a replacement for Cuts 7 and 8. This will extend the life of the mine by 12 years to 2039 with steady state production capacity of c. 9 Mctpa (100% basis). |
c.0.4 (19.2% share) |
c.0.1 (19.2% share) |
2027 |
Technology projects(1)
The Group continues to invest in technology projects that relate to its FutureSmart MiningTM approach, including the delivery of Anglo American's Sustainability Strategy, particularly those that relate to safety, energy, emissions and water. The Group has optimised its technology programme, focusing only on those technologies that will bring the most benefit to the operating assets and development projects, as well as determining the most effective manner to execute these programmes. For more information on technology, please refer to our 2025 Integrated Annual Report pages 66-67.
(1) Expenditure relating to technology projects is included within operating expenditure, or if it meets the accounting criteria for capitalisation, within Growth capital expenditure.
Sustainability performance(1)
Anglo American's longstanding and holistic approach to sustainability helps to build trust with our employees and stakeholders across society, reduce operational risk and deliver direct financial value for our business. Our reputation as a responsible mining company supports our ability to access future resource development opportunities, both from the significant endowments within our business and more broadly - critical to delivering our growth ambitions. Our performance on sustainability priorities, including our Sustainability Strategy targets, announced in February 2026 and applicable to our simplified portfolio(2), is set out below.
Trusted Corporate Leader
Our people
In 2026, we have continued to refine attention on outcome metrics that support the prevention of serious injuries and fatalities, with Lost Time Injury Frequency Rate for severe injuries (LTIFR >13 Days) embedded across the operations in core management routines. LTIFR >13 days considers injuries where the injured person was away from work for more than 13 days, a common middle ground across operating jurisdictions for what is considered a 'severe' event. In 2026 to-date, our performance has been 0.53, which is 24% better than H1 2025. The Group TRIFR also performed better at 1.26 (30 June 2025: 1.28) and there have been zero work-related fatal injuries (30 June 2025: 2) across all managed operations(2), illustrating the overall continued improvement in safety performance.
Reducing exposure to all known workplace hazards remains an ongoing focus, and as part of our Sustainability Strategy we updated our target for our simplified portfolio. This entails ongoing proactive and robust workplace environment monitoring, comprehensive worker education and health surveillance, conducting regular risk assessments, and rigorous control of hazard exposures. In 2026 we had a total of 5,428 potentially exposed workers across all hazard groups (carcinogens, inhalables, noise) and our exposed worker rate(3) (EWR) was 637 potential exposures per million hours worked by all workers. In the six months ended June 2025 this rate was 386, this is not comparable to the current year performance which reflects stricter control thresholds in South Africa as well as enhanced contractor workforce data in Peru and Brazil. In addition, this year we have moved some key enterprise hazard Occupational Exposure Limits reporting to stricter internal standards. These changes drive increased attention to hazard awareness and a need for control planning to protect long term workforce health in a globally equitable way. The 2026 EWR will constitute the baseline against which our performance will be measured going forward.
We continue to strive to create a workplace that places people at its heart and are committed to promoting an inclusive and diverse environment where every colleague is valued and respected for who they are, and has the opportunity to fulfil their potential. As at 30 June 2026, female representation in our management population across our simplified portfolio reached 36.3% (30 June 2025: 36.1%) and we are on track to meet our target of 40% by 2030.
Ethical business
At the end of 2025, we marked a significant achievement in our third-party certification journey. With the third-party audit against the Initiative for Responsible Mining Assurance (IRMA) standard at our Los Bronces and Quellaveco copper mines completed by December 2025, and the completion of Towards Sustainable Mining (TSM) assessments at Moranbah North and Dawson mines, we have now delivered on our target to achieve recognised third-party responsible mine certification for all mining operations. This target includes all 17 operations in scope of our previous Sustainable Mining Plan target.
The success of our business is shared with a wide range of stakeholders, including national governments and host communities, through the significant corporate tax, mining tax and royalty payments that we make. In the first half of 2026, Total taxes and royalties borne and taxes collected amounted to $1,676 million(4) which is broadly in line with the amount paid in the prior period of $1,655 million (excluding one-off Valterra demerger taxes). Total payments in H1 2025 including Valterra demerger taxes were $1,991 million.
Global voice
Across the first half of 2026, Anglo American continued to contribute to external dialogue that supports the advancement of responsible mining practices across the industry. This included engagement and shared expertise through a range of external forums, ranging from on-going development of responsible mining standards, to participation in forums targeting development of nature and climate disclosure best practice.
Healthy environment
Climate change
In the first half of 2026 we continued the work which will deliver our target of reducing Scope 1 and 2 emissions by 30% by 2030 (vs. 2020). Whilst we have been clear that we don't expect our emissions pathway to be linear, key programmes of work fundamental to the achievement of our target are progressing well.
Half year Scope 1 and 2 emissions for the simplified portfolio were 4% higher than the same period in 2025 (2026: 0.71 Mt CO2e; 2025: 0.68 Mt CO2e), driven primarily by operational factors. In Chile and Peru, emissions increased in line with material moved and budget, whilst in South Africa, increased emissions reflect the increase in mined waste at Kolomela, partially offset by continued transition from grid-based to market-based renewable electricity.
Half year total Scope 1 and 2 emissions for all managed operations, including our steelmaking coal operations, De Beers and nickel operations, were 4% lower than 2025 (2026: 2.5 Mt CO2e; 2025: 2.6 Mt CO2e - restated to exclude our divested platinum business). This reflects, at De Beers, the retirement of a vessel, closure of legacy sites and a transition to market-based renewable electricity at Venetia.
Fugitive and methane emissions from our steelmaking coal operations still represent the largest component of our current Scope 1 emissions and we continue to work towards capturing, using and abating those emissions.
Specific to Scope 2, 92% of our global grid supply for the simplified portfolio (93% for all managed operations) is now drawn from renewable sources. In March 2026, Envusa Energy officially inaugurated its flagship 520MW Koruson 2 cluster of renewable energy projects in the Eastern Cape of South Africa. This marks the first major delivery milestone since Envusa was established in 2022 as a joint venture between Anglo American and EDF power solutions. In April 2026 380 MW was connected to the grid, with the remaining capacity expected to come online by August 2026. In commencing commercial operation, up to 11MW of renewable energy is available to be wheeled through to Kumba's Kolomela mine, reducing the site's Scope 2 emissions by around 85%. The majority of Koruson 2's output will be supplied to Valterra Platinum.
For Scope 3, we continue to focus on portfolio choices, growth, partnerships and customer selection to achieve our target of an average emissions intensity of 1.3 tCO₂ per tonne of crude steel made from our iron ore by 2040. The Group's total Scope 3 emissions in 2025 were 136.6 Mt CO2e, compared with 170.6 Mt CO2e in 2024 - with both data points including Valterra Platinum emissions. For the simplified portfolio, our full year 2025 Scope 3 emissions were 86.4 Mt CO2e (31 December 2024: 92.0 Mt CO2e).
Nature
Our target across the simplified portfolio is to maintain a continuous, validated pathway to Net Positive Impact on biodiversity throughout the life of our assets. In the first half of 2026, actions to advance our NPI commitments and site-level conservation programmes continued across all our operations.
In Chile, efforts focused on revegetation and the establishment of seed-stock nurseries, plant trials, and safeguarding the protected areas that underpin the site's NPI pathway. In Peru, Quellaveco advanced the monitoring of conservation areas and continued to support research into the recovery of degraded areas across the wider Moquegua region. Reforestation of the Brazilian Permanent Preservation Areas continued alongside fauna and flora monitoring. Work with conservation partners is underway to understand and reduce threats to vulnerable species in the region. Both Kumba sites' Biodiversity Management Programmes were externally reviewed by International Union for Conservation of Nature (IUCN) with results pending.
Collectively, these activities reflect steady progress against site conservation plans and NPI objectives, spanning active habitat restoration, species and ecosystem monitoring, invasive species control, and the legal and stakeholder groundwork needed to secure long-term land protection.
Water
We take a responsible water stewardship approach that focuses on operational performance, local catchment health and long-term resilience. Our new targets focus on local water priorities and are designed to create value across multiple dimensions, including biodiversity and ecosystem services, community priorities, climate adaption and operational resilience. Across the simplified portfolio, we are making good early progress against our milestones, with targets embedded into business planning and supported by defined delivery pathways. As expected at this stage, we are in the early phases of delivery, with outcomes set to scale as early studies and initiatives mature over time to support long-term delivery.
For the current portfolio of all managed operations, more than 67% of our global assets are located in water scarce areas, therefore we continue to focus on reducing our dependence on fresh water. At half year 2026, fresh water withdrawals for all managed operations were 21,775 ML(5), showing a reduction of 6% (30 June 2025: 23,167 ML)(5), driven by improved water management at Quellaveco and alternative (non-fresh) water supplies at Los Bronces. Overall Group-wide water efficiency remained at 87% for the period (30 June 2025: 87%).
Thriving communities
Livelihoods
Across the simplified portfolio, our target is to support at least 120,000 off-site jobs by 2030 (vs. 2018) and as at end 2025 we have supported 100,678 jobs. Each of our businesses has developed local targets with specific programmes and costed pathways to respond to local community needs. One example of where we are offering support beyond traditional social investment is our Impact Finance Network (IFN), which supports local growth-stage SMEs prepare for and access funding. The IFN provides pre-investment technical assistance, investor matching, and catalytic capital; working with partners to build effective impact investment ecosystems. To date, it has supported more than 162 companies globally, supporting more than 47,200 jobs and enabling over $157 million in third-party investment.
Education
Across the simplified portfolio, we are making solid progress against our milestones, with targets embedded in business planning and supported by clear delivery pathways. In Chile and Peru, the implementation of the strategy is fully underway and existing programs are already aligned with targets and ambition, including a reinforced focus on systemic change through the Meso Innova program, which supports both schools and education system administrators to consolidate improvements across our regions. In Brazil, implementation continues while a pilot initiative is being developed to strengthen learning environments and foster broader skills development beyond academic outcomes. The Anglo American South Africa Education Programme concludes its successful 10-year long whole-school development support, with positive impacts to over 126,000 learners and 4,000 educators. We remain committed to advancing education through targeted initiatives while preserving the programme's insights and learnings to inform future investments in the country. Kumba Iron Ore is currently designing its education programme in support of schools in their host communities aligned to the business' 2030 target.
Health
Our business-specific targets for our simplified portfolio aim to strengthen health systems and address local health priorities. Across regions, consistent progress has been made to strengthen health system enablers, such as governance, service delivery capacity, and health workforce development, while embedding monitoring approaches to track outcomes over time. While quantitative performance data is still being consolidated, early evidence indicates that programmes are on track, with key building blocks in place to enable more measurable results in the second half of the year.
Social Way
In 2026, we continued to strengthen our social performance capabilities through the optimisation of our Social Way management system. The Social Way - one of the most robust social performance systems in the mining sector - supports us in building trust through transparency and accountability, and helps us protect and enhance value for our business and stakeholders. The updated process places greater emphasis on risk management and outcomes, enabling more effective prioritisation managing social impacts and risks, and driving continuous improvement. In the first half of 2026, we commenced the rollout of this revised approach across our simplified portfolio, approved our updated Social Way Policy and the new Social Way Standard. The Social Way Standard includes the minimum mandatory requirements for social performance and will be shared publicly in due course.
(1) For more on our sustainability approach and targets, see the Sustainability Strategy section of the Anglo American website.
(2) Simplified portfolio includes Kumba Iron Ore, Minas-Rio, Quellaveco and Chile managed operations. All managed operations includes our simplified portfolio and assets to be divested: Steelmaking Coal operations, Nickel operations and De Beers. Platinum operations are included in all managed operations until the point of divestment in May 2025.
(3) Exposed worker rate is the number of potentially exposed workers in each hazard exposure group (carcinogens, inhalables and noise) per million hours worked for all workers.
(4) Total taxes and royalties borne and taxes collected by the Group include corporate income taxes, withholding taxes, mining taxes and royalties, employee taxes and social security contributions and other taxes, levies and duties directly incurred by the Group, as well as taxes incurred by other parties (e.g. customers and employees) but collected and paid by the Group on their behalf. Figures disclosed are based on cash remitted, being the amounts remitted by entities consolidated for accounting purposes, plus a proportionate share, based on the percentage shareholding, of joint operations. Taxes borne and collected by equity accounted associates and joint ventures are not included. Data is inclusive of both continuing and discontinued operations, in alignment with the sustainability performance reporting basis of preparation.
(5) Data for current and prior period is to 31 May 2026 and 31 May 2025, respectively.
Our updated ambitions and targets are set out below:
|
Focus area |
Ambition |
|
Target |
|
Trusted Corporate Leader |
|
|
|
|
Our People |
Be a truly inclusive workplace, where every colleague feels safe, valued and supported to thrive. |
|
- Safety: Eliminate all work-related fatalities and foster a safe and resilient operating environment - Health: Ongoing reduction in % workforce potentially exposed to workplace health hazards - Inclusion & Diversity: Increased representation, including 40% women in leadership by 2030 |
|
Ethical Business |
Operate responsibly and foster trust through deep respect for human rights, meaningful engagement, and applying the highest standards. |
|
- Achieve recognised third-party responsible mine certification for all mining operations |
|
Global Voice |
Use our voice to shape global standards, catalyse multi-sector impact and advocate for responsible business, driving enduring positive outcomes. |
|
- Pursue advocacy and partnership opportunities that support our strategic ambitions and responsible mining |
|
Healthy Environment |
|
|
|
|
Climate |
Produce carbon neutral metals and minerals that the world needs by 2040.(1) |
|
- Reduce operational emissions by 30% by 2030 (vs. 2020) - Support a Paris-aligned trajectory for the steel industry: targeting an average emissions intensity of 1.3 tCO₂ per tonne of crude steel made from our iron ore by 2040(2) |
|
Nature |
Deliver nature positive outcomes now and in the future. |
|
- Maintain a continuous, validated pathway to Net Positive Impact on biodiversity throughout the life of our assets |
|
Water |
Protect, preserve and restore our water catchments to support resilient operations, communities and the environment. |
|
- Business-specific targets focused on key local water priorities and aligned with asset strategy |
|
Thriving Communities |
|
|
|
|
Livelihoods |
Improve local economic opportunities and diversification. |
|
- Support at least 120,000 off-site jobs by 2030 (vs. 2018) |
|
Education |
Improve quality education for current and future generations with a focus on systems change. |
|
- Business-specific targets improving quality education through systems change |
|
Health |
Improve health equity by helping to strengthen health systems and addressing local priorities. |
|
- Business-specific targets contributing to strengthening health systems and addressing local health priorities |
(1) For our carbon-neutrality ambition only, this excludes Kumba Iron Ore due to the currently stated life of mine for its assets.
(2) Per ResponsibleSteel data, in 2020 the global average emissions intensity of steel production was 2.8 tCO₂e per tonne of crude steel (tCO2e/t CS). This compares to the estimated emissions intensity of our sold product of 2.2 tCO₂e/t CS in 2020. In 2025, our weighted average emissions intensity was approximately 2.1 tCO₂e/t CS.
The Board
There were no changes to the composition of the Board in the six months ended 30 June 2026.
At the date of this report, four (40%) of the 10 Board directors are female and one (10%) identifies as minority ethnic. The names of the directors at the date of this report and the skills and experience our Board members contribute to the long term sustainable success of Anglo American are set out on the Group's website:
www.angloamerican.com/about-us/leadership-team
Principal risks and uncertainties
Anglo American is exposed to a variety of risks and uncertainties which may have a financial, operational or reputational impact on the Group, and which may also have an impact on the achievement of social, economic and environmental objectives. There have been no changes to the principal risks and uncertainties facing Anglo American in the six months ended 30 June 2026.
The principal risks and uncertainties facing the Group relate to the following:
- Operational events: catastrophic risks
- Economic environment
- Geopolitical
- Cybersecurity
- Operational performance
- Safety
- Corruption
- Portfolio and organisational transformation
Details of any key risks and uncertainties specific to the period are covered in the business reviews on pages 18-33. The principal risks facing the Group at the 2025 year end are set out in detail in the Strategic report section of the Integrated Annual Report 2025, published on the Group's website www.angloamerican.com on 2 March 2026.
Operational and financial business review
Copper
Operational and financial metrics
|
|
Production volume |
Sales volume |
Price |
Unit cost* |
Group revenue* |
Underlying EBITDA* |
EBITDA margin* |
Underlying EBIT* |
Capex* |
ROCE* |
||||||||||
|
|
kt(1) |
kt(2) |
c/lb(3) |
c/lb(4) |
$m(5) |
$m |
|
$m |
$m |
|
||||||||||
|
Copper Total |
344 |
|
330 |
|
608 |
|
136 |
|
4,923 |
|
2,936 |
|
60 |
% |
2,313 |
|
687 |
|
32 |
% |
|
Prior period |
342 |
|
345 |
|
436 |
|
155 |
|
3,666 |
|
1,756 |
|
48 |
% |
1,214 |
|
712 |
|
18 |
% |
|
Copper Chile |
195 |
|
186 |
|
608 |
|
206 |
|
2,762 |
|
1,436 |
|
52 |
% |
1,015 |
|
487 |
|
29 |
% |
|
Prior period |
186 |
|
192 |
|
444 |
|
211 |
|
2,142 |
|
715 |
|
33 |
% |
360 |
|
543 |
|
13 |
% |
|
Los Bronces(6) |
95 |
|
90 |
|
n/a |
277 |
|
1,254 |
|
585 |
|
47 |
% |
419 |
|
129 |
|
n/a |
||
|
Prior period |
80 |
|
82 |
|
- |
|
248 |
|
813 |
|
293 |
|
36 |
% |
126 |
|
121 |
|
- |
|
|
Collahuasi(7) |
81 |
|
77 |
|
n/a |
154 |
|
1,138 |
|
733 |
|
64 |
% |
546 |
|
327 |
|
n/a |
||
|
Prior period |
83 |
|
86 |
|
- |
|
181 |
|
859 |
|
379 |
|
44 |
% |
253 |
|
403 |
|
- |
|
|
Other operations(8) |
19 |
|
19 |
|
n/a |
n/a |
370 |
|
118 |
|
32 |
% |
50 |
|
31 |
|
n/a |
|||
|
Prior period |
22 |
|
24 |
|
- |
|
- |
|
470 |
|
43 |
|
9 |
% |
(19 |
) |
19 |
|
- |
|
|
Copper Peru (Quellaveco)(9) |
148 |
|
145 |
|
608 |
|
45 |
|
2,161 |
|
1,500 |
|
69 |
% |
1,298 |
|
200 |
|
36 |
% |
|
Prior period |
157 |
|
153 |
|
427 |
|
88 |
|
1,524 |
|
1,041 |
|
68 |
% |
854 |
|
169 |
|
23 |
% |
(1) Shown on a contained metal basis.
(2) Shown on a contained metal basis. Excludes 220 kt third-party sales (30 June 2025: 175 kt).
(3) Represents realised copper price and excludes impact of third-party sales.
(4) C1 unit cost includes by-product credits and treatment and refining charges (TC/RCs). Total copper unit cost is a weighted average.
(5) Group revenue is shown after deduction of treatment and refining charges (TC/RCs).
(6) Figures on a 100% basis (Group's share: 50.1%).
(7) 44% share of Collahuasi production, sales and financials.
(8) Production and sales are from El Soldado mine (figures on a 100% basis, Group's share: 50.1%). Financials include El Soldado and Chagres (figures on a 100% basis, Group's share: 50.1%), third-party trading, projects, including Sakatti, and corporate costs. El Soldado mine C1 unit costs decreased by 5% to 247c/lb (30 June 2025: 259c/lb).
(9) Figures on a 100% basis (Group's share: 60%).
Operational performance
Copper Chile
Copper production of 195,200 tonnes increased by 5% (30 June 2025: 185,600 tonnes), primarily driven by higher production at Los Bronces following the restart of the operation's second processing plant.
At Los Bronces, production increased by 18% to 94,500 tonnes (30 June 2025: 80,300 tonnes), reflecting increased processing capacity following the restart of the second, smaller, processing plant and sustained recovery performance, partially offset by lower ore grade (0.48% vs 0.54%).
At Collahuasi, Anglo American's attributable share of copper production decreased by 2% to 81,400 tonnes (30 June 2025: 83,400 tonnes), reflecting lower ore grades (0.78% vs 0.91%). This was partially offset by higher plant throughput, supported by improved water availability and higher recovery (74.0% vs 72.3%). As previously disclosed, while the mine transitions between phases, the processing of lower-grade stockpile ore will continue until access to higher-grade ore in the Rosario pit is available towards the end of the year.
Production at El Soldado decreased by 12% to 19,300 tonnes (30 June 2025: 21,900 tonnes), reflecting the planned lower grade (0.79% vs 0.88%) from processing lower-grade stockpiles due to the transition between the mine phases.
Copper Peru
Quellaveco production decreased by 5% to 148,400 tonnes (30 June 2025: 156,600 tonnes), primarily due to anticipated lower ore grades (0.66% vs 0.77%) as the mine works through natural fluctuations in grade profile. This impact was partially mitigated by stable mining and processing performance, resulting in higher throughput and recoveries.
Markets
|
|
30 June 2026 |
30 June 2025 |
|
Average market price (c/lb) |
593 |
428 |
|
Average realised price (Copper Chile - c/lb) |
608 |
444 |
|
Average realised price (Copper Peru - c/lb) |
608 |
427 |
The differences between the market price and the realised prices are largely a function of provisional pricing adjustments and the timing of sales across the period.
The first half of 2026 saw the copper market influenced by the conflict in the Middle East and uncertainty surrounding potential Section-232 tariffs on cathode imports into the United States. There was further volatility as investors used copper to reflect views on de-dollarisation and the growth of AI. Physical demand conditions remained subdued, although disruption to aluminium production facilities in the Middle East narrowed the price gap between copper and aluminium, easing concerns over substitution-related demand losses.
The LME copper cash price ended the period at 605 c/lb, up 7% from the start of the year and finishing the period 2% higher than the first half average price of 593 c/lb. However, these headline metrics mask the volatility experienced during the period, with the official cash price experiencing a 103 c/lb trading range.
Financial performance
Underlying EBITDA for Copper increased by 67% to $2,936 million (30 June 2025: $1,756 million), driven by higher copper prices, and credits to unit costs of $575 million (30 June 2025: $337 million), which more than offset the lower sales volumes.
Copper Chile
Underlying EBITDA increased by 101% to $1,436 million (30 June 2025: $715 million), primarily driven by higher copper prices, partially offset by lower sales volumes. C1 unit costs decreased by 2% to 206 c/lb (30 June 2025: 211 c/lb), reflecting the benefit of higher production, increased by-product credits and lower treatment and refining charges. These benefits were partially offset by the stronger Chilean peso, higher input costs and the restart of the second plant at Los Bronces, which provides incremental profitable production at a higher unit cost.
Capital expenditure decreased by 10% to $487 million (30 June 2025: $543 million), driven by planned lower expenditure at Collahuasi on the desalination plant project as it nears completion.
Copper Peru
Underlying EBITDA increased by 44% to $1,500 million (30 June 2025: $1,041 million), primarily driven by higher copper prices and lower C1 unit costs, partially offset by a provision for Peruvian profit-sharing costs reflecting increased profitability, and the movement year-on-year in the long term rehabilitation provision. C1 unit costs decreased by 49% to 45 c/lb (30 June 2025: 88 c/lb), reflecting the benefit of higher by-product credits and lower treatment and refining charges, coupled with disciplined management of mining and processing costs, which remained stable despite higher mine movement and throughput.
Capital expenditure increased by 18% to $200 million (30 June 2025: $169 million), primarily driven by the execution of the stage one plant expansion project during the first half of the year.
Operational outlook
Copper Chile
Los Bronces
Los Bronces is a world-class copper deposit, accounting for more than 2% of the world's known copper resources, with approximately 1.7 billion tonnes of sulphide Ore Reserves at 0.45% TCu grade. The mine continues to advance development of Donoso 2, with this phase allowing wider access to higher-grade, softer ore. Development is progressing well, with access expected late 2026.
The improved mine flexibility, tight cost control and the strong copper price environment enabled the temporary restart of the second, smaller processing plant at Los Bronces at the beginning of the year. The plant is expected to remain in operation until the infrastructure is required for the removal of the Perez Caldera tailings storage facility, which is expected to start in 2027. The restart is expected to produce an additional c.25,000 tonnes of profitable production in 2026.
The first phase of the Los Bronces integrated water security project will be commissioned during the second half of 2026. The project will secure a large portion of the mine's water needs through a desalinated water supply.
Beyond the near-term open-pit development that is under way, Anglo American remains committed to delivering long-term value through the Los Bronces and Andina joint mine plan to unlock an additional 2.7 million tonnes of copper production over a 21-year period, with c.15% lower unit costs relative to standalone operations and minimal incremental capital expenditure. Production under this joint plan is currently projected to commence in 2030(1), once relevant permits are in place.
The Los Bronces underground project offers further longer-dated expansion optionality.
Collahuasi
Collahuasi is a world-class orebody with significant growth potential, accounting for more than 2% of the world´s known copper resources with approximately 2.6 billion tonnes of sulphide Ore Reserves at 0.96% TCu grade. The mine is currently transitioning between phases in the main Rosario pit and is expected to continue drawing on lower-grade stockpiles until access to fresh, higher-grade ore from the Rosario pit is available towards the end of the year.
Debottlenecking projects are currently being executed and are expected to add c.25,000 tonnes per annum (tpa) (our 44% share) of production from late 2027. Beyond this, study work is continuing to support the realisation of significant synergies from the potential operational integration and optimisation of Collahuasi with the neighbouring Quebrada Blanca mine. Timing is subject to shareholder negotiations and permitting, with a target for first production as early as 2030. Studies also continue for a stand-alone Collahuasi fourth processing line and associated mine expansion.
As previously disclosed, the ruling in May 2026 from the Second Environmental Tribunal has seen the Environmental Authorisation set aside for the desalination plant. The operation will continue to utilise water supply from existing alternative water sources. We continue to work in coordination with the relevant authorities and stakeholders to restart the desalination plant.
El Soldado
Production in 2026 is expected to be c.35,000 tonnes due to planned lower ore grades. The environmental permit for the life extension of the operation was submitted in the second quarter of 2026.
Copper Chile
These factors are reflected in the unchanged guidance provided on pages 34-35. Production guidance for 2026 is 390,000-420,000 tonnes. Production continues to be weighted to the second half of 2026 and is subject to water availability.
2026 unit cost guidance is c.210 c/lb(2). The first half unit cost of 206 c/lb, was lower than guidance, reflecting the benefit of higher by-product credits.
Copper Peru
Quellaveco in Peru remains a cornerstone of our portfolio of world-class copper assets, with a mine plan designed to deliver competitive production over the remainder of the decade while preserving long-term value.
After five years of operating, planned plant maintenance will be carried out on the concentrator, including the mills and conveyors; this is expected to occur in 2027 modestly impacting production.
Significant expansion potential exists that could sustain production beyond the initial high-grade area. The original plant throughput design capacity was 127,500 tonnes per day (tpd). Following regulatory approvals to increase throughput to 150,000 tpd, a debottlenecking strategy was implemented to provide added flexibility to design optimal throughput for the plant with limited configuration changes, subject to sectorial permits associated with the specific design.
In light of this, the stage one expansion was approved in 2025 and will increase throughput to c.142,000 tpd and improve recoveries by late 2026; this involves the installation of a second pebble crusher and additional flotation cells, both of which have been successfully installed and are currently under commissioning. Quellaveco continues to demonstrate strong plant performance, with throughput consistently exceeding design capacity and recoveries improving since the beginning of 2025, supported by the ongoing optimisation of the coarse particle recovery plant. This expansion will enable the operation to embed this performance consistently. Additionally, the molybdenum plant has continued to operate reliably and deliver consistent performance, contributing to overall operational stability.
The stage one expansion project represents the first step towards full optimisation of the plant with minimal capital investment, delivering robust returns. Studies will continue to further debottleneck the plant beyond 150,000 tpd, while early studies to support Quellaveco's long-term expansion prospects are also underway. These studies are underpinned by an exploration drilling campaign below and around the current pit shell, which has delivered promising results to date.
These factors are reflected in the unchanged guidance provided on pages 34-35. Production guidance for 2026 is 310,000-340,000 tonnes. Production continues to be weighted to the second half of 2026 owing to the expected grade profile. 2026 unit cost guidance is c.65 c/lb(2). The first half unit cost of 45 c/lb, was lower than guidance, reflecting the significant benefit of higher by-product credits.
(1) The implementation of the joint mine plan remains conditional on the relevant environmental permits being secured, together with other customary conditions to final implementation, currently expected by 2030.
(2) The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum, and treatment and refining costs (TC/RCs). 2026 unit cost guidance was set at c.900 CLP:USD for Chile and c.3.4 PEN:USD for Peru.
Premium Iron Ore
Operational and financial metrics
|
|
Production volume |
Sales volume |
Price |
Unit cost* |
Group revenue* |
Underlying EBITDA* |
EBITDA margin* |
Underlying EBIT* |
Capex* |
ROCE* |
||||||||||
|
|
Mt(1) |
Mt(1) |
$/t(2) |
$/t(3) |
$m |
$m |
|
$m |
$m |
|
||||||||||
|
Premium Iron Ore Total |
30.6 |
|
31.6 |
|
87 |
|
41 |
|
3,309 |
|
1,169 |
|
35 |
% |
766 |
|
560 |
|
12 |
% |
|
Prior period |
31.4 |
|
31.0 |
|
89 |
|
35 |
|
3,224 |
|
1,410 |
|
44 |
% |
1,055 |
|
520 |
|
18 |
% |
|
Kumba - South Africa(4) |
17.7 |
|
18.6 |
|
90 |
|
46 |
|
1,917 |
|
683 |
|
36 |
% |
440 |
|
357 |
|
22 |
% |
|
Prior period |
18.2 |
|
18.7 |
|
91 |
|
39 |
|
1,886 |
|
849 |
|
45 |
% |
645 |
|
246 |
|
38 |
% |
|
Minas-Rio - Brazil |
12.9 |
|
13.0 |
|
82 |
|
33 |
|
1,392 |
|
486 |
|
35 |
% |
326 |
|
203 |
|
9 |
% |
|
Prior period |
13.1 |
|
12.3 |
|
86 |
|
29 |
|
1,338 |
|
561 |
|
42 |
% |
410 |
|
274 |
|
12 |
% |
(1) Production and sales volumes are reported as wet metric tonnes. Product is shipped with c.1.5% moisture from Kumba and c.9% moisture from Minas-Rio.
(2) Prices for Kumba are the average realised export basket price (FOB Saldanha) (wet basis). Prices for Minas-Rio are the average realised export basket price (FOB Brazil) (wet basis). Prices for total premium iron ore are a weighted average.
(3) Unit costs are reported on an FOB wet basis. Unit costs for total premium iron ore are a weighted average.
(4) Sales volumes and realised price could differ to Kumba's stand-alone reported results due to sales to other Group companies.
Operational performance
Kumba(1)
Total production of 17.7 Mt was lower than the prior period (30 June 2025: 18.2 Mt), reflecting a 16% decrease in production at Kolomela to 5.0 Mt (30 June 2025: 5.9Mt), due to the planned drawdown of available finished stocks in the first quarter of the year and planned plant maintenance in the second quarter of the year. Production at Sishen increased by 3% to 12.7 Mt (30 June 2025: 12.4 Mt) due to increased plant availability.
Sales volumes decreased by 1% to 18.6 Mt (30 June 2025: 18.7 Mt), due to a 10-day third-party logistics maintenance shutdown in May resulting in rail performance decreasing 2% to 18.6 Mt (30 June 2025: 18.9 Mt). Total finished stock decreased to 7.0 Mt over the first half of the year, with stock at the mines decreasing by 0.9 Mt to 4.8 Mt partially offset by stock at the port increasing by 0.4 Mt to 2.2 Mt.
Minas-Rio
Minas-Rio production was broadly flat at 12.9 Mt (30 June 2025: 13.1 Mt), as enhanced plant utilisation and operational rates, supported by higher stability in the ore feed, particularly during the rainy season, offset the lower ore grade and mass recovery.
Markets
|
|
30 June 2026 |
30 June 2025 |
|
Average market price (Fastmarkets(2) 62% Fe CFR China - $/tonne) |
106 |
100 |
|
Average market price (Fastmarkets(2) 65% Fe Fines CFR - $/tonne) |
122 |
113 |
|
Average realised price (Kumba export - $/tonne) (FOB wet basis) |
90 |
91 |
|
Average realised price (Minas-Rio - $/tonne) (FOB wet basis) |
82 |
86 |
The Fastmarkets 65-62 differential averaged $16/dmt in the first half of 2026, up from $13/dmt in the prior period, while the lump premium averaged $0.12/dmtu compared with $0.15/dmtu in the prior period. Cyclical margin pressures continue to drive short-term buying behaviour but the structural decarbonisation trends are steadily reshaping demand toward higher-grade products. It is increasingly clear that higher emission steel will face growing penalties under the newly implemented Carbon Border Adjustment Mechanism (CBAM) framework in Europe - placing energy efficiency at the centre of long-term industry competitiveness. In this context, higher-grade iron ore plays a critical role in helping steelmakers reduce their carbon footprint.
Kumba's FOB realised price of $90/wet metric tonne (wmt) for the first half of the year was 8% higher than the equivalent Fastmarkets(2) 62% Fe FOB Saldanha market price (adjusted for freight and moisture) of $83/wmt, reflecting the benefit of premiums for our iron content (63.6% Fe) and lump product (approximately 66%).
Minas-Rio's pellet feed product is higher grade (with iron content of c.67% and lower impurities) so the Fastmarkets(2) 65 Fines index is used when referring to the Minas-Rio product. The Minas-Rio realised price of $82/wmt FOB for the first half of the year was 1% higher than the equivalent Fastmarkets(2) 65 FOB Brazil index (adjusted for freight and moisture) of $81/wmt FOB, benefiting from the premium for grade (~67%) Fe content, partially offset by the impact of redirected sales from the conflict in the Middle East and provisionally priced sales volumes.
Financial performance
Underlying EBITDA for Premium Iron Ore decreased by 17% to $1,169 million (30 June 2025: $1,410 million), driven by higher unit costs including unfavourable foreign exchange movements, lower sales volumes at Kumba and lower realised prices at Minas-Rio.
Kumba(1)
Underlying EBITDA was 20% lower at $683 million (30 June 2025: $849 million), due to higher unit costs and lower sales volumes. Unit costs increased to $46/tonne (30 June 2025: $39/tonne), as a result of the stronger South African rand, cost inflation driven by higher fuel and key mining input costs and lower production volumes.
Capital expenditure increased by 45% to $357 million (30 June 2025: $246 million) reflecting planned higher spend on the UHDMS project and preparation for the main tie-in during the second half of the year, higher stay-in-business spend and higher deferred stripping capitalisation reflecting higher stripping ratios at Kolomela.
Minas-Rio
Underlying EBITDA decreased by 13% to $486 million (30 June 2025: $561 million), due to lower realised prices and higher unit costs, partially offset by the benefit from slightly higher sales volumes. Unit costs increased by 13% to $33/tonne (30 June 2025: $29/tonne), mainly due to the stronger Brazilian real and inflationary pressures, partially mitigated by the ongoing cost reduction program and operational efficiency initiatives.
Capital expenditure was 26% lower at $203 million (30 June 2025: $274 million), primarily reflecting the completion of the filtration plant project at the end of 2025.
Operational outlook
Kumba
Production is expected to remain at 35-37 Mtpa in the near term reflecting logistics availability, with the exception of 2026, which is impacted by the tie-in of the UHDMS project.
These factors are reflected in the unchanged guidance provided on pages 34-35. Production guidance for 2026 is 31-33 Mt. Production remains weighted to the first half of 2026 reflecting the tie-in of the UHDMS project which is planned in the second half of the year, with sales not expected to be impacted owing to the planned drawdown of finished stock. Guidance is subject to third-party rail and port availability and performance. 2026 unit cost guidance is c.$45/tonne(3). The first half unit cost of $46/tonne, was higher than guidance, reflecting the impact of the stronger South African rand and cost inflation driven by higher fuel and key mining input costs.
Minas-Rio
Production is expected to be 24-26 Mtpa in 2026 and 2027, reflecting strong operational performance and higher recoveries enabled by stable ore feed at the plant.
In 2028, production is expected to slightly reduce to 23-25 Mtpa as the mine moves into areas with more ore feed variability, offsetting the throughput benefit from the recleaner flotation columns implementation. Work is ongoing to increase the maturity of other capital projects to optimise value and enhance cash generation, while the options to integrate and maximise the long-term value of the contiguous Serra da Serpentina higher-grade iron ore Mineral Resource are currently being evaluated.
In parallel, Minas-Rio is focused on increasing tailings storage capacity. The filtration plant project was completed at the end of 2025 and nominal capacity was achieved ahead of schedule. Additional tailings disposal options continue to be studied.
These factors are reflected in the unchanged guidance provided on pages 34-35. Production guidance for 2026 is 24-26 Mt. 2026 unit cost guidance is c.$36/tonne(3). The first half unit cost of $33/tonne, was lower than guidance, reflecting increased equipment maintenance and mining activity in the second half of the year.
(1) Production and sales volumes, stock and realised price are reported on a wet basis and could differ from Kumba's stand-alone results due to sales to other Group companies.
(2) Fastmarkets formerly known as Metal Bulletin.
(3) 2026 unit cost guidance was set at c.16.50 ZAR:USD for Kumba and c.5.2 BRL:USD for Minas-Rio.
Manganese
Operational and financial metrics
|
|
Production volume |
Sales volume |
Group revenue* |
Underlying EBITDA* |
EBITDA margin* |
Underlying EBIT* |
Capex* |
ROCE* |
||||||||||
|
|
Mt |
Mt |
$m |
$m |
|
$m |
$m |
|
||||||||||
|
Manganese |
1.7 |
|
2.0 |
|
390 |
|
98 |
|
25 |
% |
57 |
|
- |
|
50 |
% |
||
|
Prior period |
1.1 |
|
0.9 |
|
147 |
|
(11 |
) |
(7 |
) |
% |
(52 |
) |
- |
|
(50 |
) |
% |
Operational performance
Attributable manganese ore production increased by 52% to 1.7 Mt (30 June 2025: 1.1 Mt), reflecting higher operating levels at the Australian operations following the impacts of tropical cyclone Megan in March 2024 which affected the comparative period. While production in the first half of the year was initially impacted by adverse weather conditions in Australia as well as mining and equipment constraints in South Africa, successful execution of a recovery plan improved performance, partially offsetting these challenges.
Financial performance
Underlying EBITDA increased to $98 million (30 June 2025: loss of $11 million), driven by higher sales volumes in conjunction with more favourable Manganese ore realised prices.
High-grade manganese ore prices (Fastmarkets(1) 44% manganese ore CIF China) increased by 16% to $5.24/dmtu (30 June 2025: $4.53/dmtu). While the market remained relatively well supplied through 2025 following the return of volumes from our Australian operations, prices strengthened in the first half of 2026. Despite the price increase, manganese ore prices have remained within historical ranges as upside was constrained by modest overall demand growth, particularly from alloys.
(1) Formerly known as Metal Bulletin.
Crop Nutrients
Operational and financial metrics
|
|
Production volume |
Sales volume |
Group revenue* |
Underlying EBITDA* |
EBITDA margin* |
Underlying EBIT* |
Capex* |
ROCE* |
||||||||
|
|
|
|
$m |
$m |
|
$m |
$m |
|
||||||||
|
Crop Nutrients |
n/a |
n/a |
79 |
|
(49 |
) |
n/a |
(49 |
) |
128 |
|
n/a |
||||
|
Prior period |
- |
|
- |
|
78 |
|
(30 |
) |
- |
|
(30 |
) |
184 |
|
- |
|
|
Woodsmith project |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
128 |
|
n/a |
|||||||
|
Prior period |
- |
|
- |
|
1 |
|
- |
|
- |
|
- |
|
184 |
|
- |
|
|
Other(1) |
n/a |
n/a |
79 |
|
(49 |
) |
n/a |
(49 |
) |
n/a |
n/a |
|||||
|
Prior period |
- |
|
- |
|
77 |
|
(30 |
) |
- |
|
(30 |
) |
- |
|
- |
|
(1) Other comprises projects and corporate, market seeding campaign, and the share in associate results from The Cibra Group, a fertiliser distributor based in Brazil.
Crop Nutrients
Anglo American is developing the Woodsmith project, a large scale, long-life Tier 1 asset in the north east of England, to access the world's largest known deposit of polyhalite - a natural mineral fertiliser containing low-chloride potassium, sulphur, magnesium and calcium - four of the six nutrients that every plant needs to grow.
Woodsmith is located on the North Yorkshire coast, just south of Whitby, where polyhalite ore will be accessed via two 1,600-metre deep mine shafts (a service shaft and a production shaft) and then transported to the port area in Teesside via an underground conveyor belt in a 37 km mineral transport system (MTS) tunnel, thereby minimising the environmental impact on the surface. The polyhalite can then be granulated into POLY4, our comparatively low-carbon multi-nutrient polyhalite product, at a materials handling facility in the port area, before being exported to a network of customers around the world from the priority access port facility.
Progress update
Woodsmith project
Since the 2024 slowdown decision, the project has been focused on critical value-adding works to de-risk the overall project schedule and further optimise certain scopes of the project in preparation for ramp-up, subject to the final investment decision (FID). The project is preparing for FID from 2028.
We are continuing to sink the service shaft in order to progress through the Sherwood Sandstone strata - a hypersaline water-bearing layer of hard rock - where the rate of progress is helping determine the overall project schedule which will inform the FID. The service shaft is currently at a depth of 904 metres of the total 1,600-metre depth. Sinking activities on the production shaft were paused in June 2024 at 712 metres of the total 1,600-metre depth. The MTS tunnel has continued at a significantly reduced pace, currently at 30.4 km of the total 37 km length.
FID preparation work also includes maintenance and amendment of key permits, and preservation of land rights to allow project ramp-up in due course.
Market development
Polyhalite products provide farmers with a fertiliser solution to tackle the three key challenges facing the food industry today - the increasing demand for food from less available agricultural land; the need to reduce the environmental impact of farming; and the deteriorating health of soils.
Our market development activities continue and, in 2026, our pilot sales of POLY4 continue in key selling regions of Europe, North America, China, and Brazil, working with existing distribution partners and future customers to develop global demand for polyhalite through realised product sales, and maximise its value-creation potential. Feedback from the sales programme has been positive, and we will continue to expand the programme in 2026 to gain further insights and information to support the feasibility study.
Through our ongoing market engagement activities we are gaining further traction and recognition with partners, including fertiliser retailers, distributors and farmers, helping to build awareness, credibility and demand for POLY4.
Mitsubishi investment
In February 2026, Anglo American entered into an investment agreement and related shareholders' agreement with Mitsubishi Corporation (Mitsubishi) to support continued development of Woodsmith, including working together on market development and financing opportunities designed to further enhance the existing market development programme. Together, Anglo American and Mitsubishi will explore opportunities to build out demand for POLY4. This includes providing financial and commercial resources to accelerate pilot sales and leveraging Mitsubishi's extensive networks across food and agriculture sectors to broaden market development across key markets and related business development and strategic partner engagement. Building these relationships will contribute to optimising the project in the feasibility study phase, prior to submission to the Board for approval.
Through its investment and involvement in the ongoing development of the Woodsmith project, Mitsubishi also intends to evaluate its participation in a future financing plan at the time of the Anglo American Board's final investment decision, with potential for Mitsubishi to acquire an equity interest of 25% or other such amount subject to negotiations at that time. The agreements extend the longstanding successful partnership between Anglo American and Mitsubishi Corporation, while allowing for additional investment and the involvement of other partners, and represents a pathway for Anglo American to syndicate a significant minority share of its interest in Woodsmith.
Project expenditure
Board approval for Woodsmith remains subject to completion of the feasibility study to demonstrate robust economic potential; a clear pathway to syndication; and sufficient deleveraging of the Group balance sheet.
Forecast spend for 2026 remains at c.$0.3 billion ($0.25 billion capex).
This investment is focused on progressing activities required to continue to de-risk the project's critical path, including continued sinking of the service shaft and market development activities, to inform and progress the feasibility study and enhance the value of the project prior to any final investment decision by the Board.
Building and maintaining strong relationships with our local communities remains central to the project. We also continue to fund our social investment programmes that deliver significant economic benefits in our local communities, the wider region and across the UK, investing in the education, health and livelihoods of our local communities.
De Beers - Diamonds
Operational and financial metrics(1)
|
|
Production volume |
Sales volume |
Price |
Unit cost* |
Group revenue* |
Underlying EBITDA* |
EBITDA margin(6) |
Underlying EBIT* |
Capex* |
ROCE* |
||||||||||||
|
|
'000 cts |
'000 cts(2) |
$/ct(3) |
$/ct(4) |
$m(5) |
$m |
|
$m |
$m |
|
||||||||||||
|
De Beers |
14,914 |
|
12,446 |
|
105 |
|
64 |
|
1,583 |
|
(113 |
) |
(7 |
) |
% |
(209 |
) |
115 |
|
(33 |
) |
% |
|
Prior period |
10,214 |
|
11,005 |
|
155 |
|
87 |
|
1,952 |
|
(189 |
) |
(10 |
) |
% |
(303 |
) |
172 |
|
(17 |
) |
% |
|
Botswana |
10,302 |
|
n/a |
96 |
|
23 |
|
n/a |
119 |
|
n/a |
106 |
|
41 |
|
n/a |
||||||
|
Prior period |
7,223 |
|
- |
|
120 |
|
39 |
|
- |
|
227 |
|
- |
204 |
|
34 |
|
- |
||||
|
Namibia |
1,087 |
|
n/a |
367 |
|
256 |
|
n/a |
13 |
|
n/a |
11 |
|
6 |
|
n/a |
||||||
|
Prior period |
1,166 |
|
- |
|
340 |
|
215 |
|
- |
|
78 |
|
- |
58 |
|
7 |
|
- |
||||
|
South Africa |
1,474 |
|
n/a |
65 |
|
85 |
|
n/a |
(53 |
) |
n/a |
(74 |
) |
56 |
|
n/a |
||||||
|
Prior period |
1,075 |
|
- |
|
75 |
|
97 |
|
- |
|
(48 |
) |
- |
(72 |
) |
71 |
|
- |
||||
|
Canada |
2,051 |
|
n/a |
40 |
|
37 |
|
n/a |
(8 |
) |
n/a |
(44 |
) |
5 |
|
n/a |
||||||
|
Prior period |
750 |
|
- |
|
60 |
|
59 |
|
- |
|
27 |
|
- |
20 |
|
52 |
|
- |
||||
|
Trading |
n/a |
n/a |
n/a |
n/a |
n/a |
30 |
|
2 |
% |
29 |
|
2 |
|
n/a |
||||||||
|
Prior period |
- |
|
- |
|
- |
|
- |
|
- |
|
(260 |
) |
(16 |
) |
% |
(262 |
) |
- |
|
- |
||
|
Other(7) |
n/a |
n/a |
n/a |
n/a |
n/a |
(214 |
) |
n/a |
(237 |
) |
5 |
|
n/a |
|||||||||
|
Prior period |
- |
|
- |
|
- |
|
- |
|
- |
|
(213) |
- |
(251) |
8 |
- |
|||||||
(1) Prepared on a consolidated accounting basis, except for production, which is stated on a 100% basis except for the Gahcho Kué joint operation in Canada, which is on an attributable 51% basis.
(2) Total sales volumes on a 100% basis were 14.8 million carats (30 June 2025: 12.3 million carats). Total sales volumes (100%) include De Beers Group's joint arrangement partners' 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and Namibia Diamond Trading Company.
(3) Pricing for the mining businesses is based on 100% selling value post-aggregation of goods. Realised price includes the price impact of the sale of non-equity product and, as a result, is not directly comparable to the unit cost.
(4) Unit cost is based on consolidated production and operating costs, excluding depreciation and operating special items, divided by carats recovered.
(5) Includes consolidated rough diamond sales of $1.3 billion (30 June 2025: $1.7 billion).
(6) EBITDA margin on a total reported basis. On an equity basis, and excluding the impact of non-mining activities, third‑party sales, purchases, trading, Brands & Diamond Desirability, and corporate, the adjusted EBITDA margin is 16% (30 June 2025: 45%).
(7) Other includes Element Six, Brands & Diamond Desirability, and Corporate.
Markets
Rough diamond trading conditions remained challenging in the first half of 2026. Consumer confidence and logistics continued to be impacted by geopolitical and macroeconomic instability, compounded by the conflict in the Middle East. While demand for larger, higher-quality natural diamonds remained resilient, smaller and lower-quality diamonds continued to face pricing pressure from the impact of synthetic lab-grown diamonds.
At the retail level, global sales of finished diamond jewellery were stable year-on-year. There were encouraging consumer demand signals in the United States, where natural diamond jewellery sales returned to growth among independent jewellers. Demand in India remained robust, however demand overall in mainland China continued to decline.
Operational performance
Rough diamond production increased by 46% to 14.9 million carats (30 June 2025: 10.2 million carats) driven primarily by comparative impact of the extended plant maintenance at Orapa in the prior period and the planned ore release from Gahcho Kué in Canada. Production is expected to reduce in the second half of 2026, given planned plant maintenance at Orapa and Jwaneng and corresponding downtime.
In Botswana, production increased by 43% to 10.3 million carats (30 June 2025: 7.2 million carats), reflecting the impact of Orapa being on extended maintenance during the prior period and planned mining of higher-grade ore from both Jwaneng and Orapa.
Namibia's production decreased by 7% to 1.1 million carats (30 June 2025: 1.2 million carats), due to scheduled maintenance on two vessels at Debmarine Namibia combined with the impact of decommissioning two vessels in H1 2025.
In South Africa, production increased by 37% to 1.5 million carats (30 June 2025: 1.1 million carats), due to processing higher volumes of underground ore. A pause in production is proposed to start in the second half of the year.
In Canada, production increased by 173% to 2.1 million carats (30 June 2025: 0.8 million carats), as Gahcho Kué processed run of mine ore from a new mining area. A decision was made in the first half of the year to pause the planned Tuzo Phase 3 open-pit expansion, with operations now focused on safely extracting the remaining ore from the current cut. This decision does not impact 2026 production.
Financial performance
Total revenue declined to $1.6 billion (30 June 2025: $2.0 billion), driven by lower rough diamond sales of $1.3 billion (30 June 2025: $1.7 billion) reflecting a lower realised price. Total rough diamond consolidated sales volumes increased by 13% to 12.4 million carats (30 June 2025: 11.0 million) as the business continued to balance production, inventory levels and demand.
The H1 2026 consolidated average realised price declined by 32% to $105 per carat (30 June 2025: $155 per carat), as a result of both a sales mix with a higher proportion of lower value goods due to the current inventory mix and a 16% decrease in the average rough diamond price index (which is now reported including the impact of stock rebalancing initiatives taken throughout 2025).
The decline in the average rough diamond price index resulted in an underlying EBITDA loss of $113 million (30 June 2025: underlying EBITDA loss $189 million). The improvement in EBITDA was primarily attributable to the transition from trading losses in the prior period to trading profits in the current period, supported by lower operating costs. The trading profit in the first half of 2026 reflects improved trading margins compared with the prior period, which was adversely affected by declining rough diamond prices and stock rebalancing initiatives, that resulted in specific assortments being sold at lower margins. In contrast, pricing was relatively stable during the current period, supporting more consistent margins and trading profits.
Unit costs reduced by 26% to $64/ct (30 June 2025: $87/ct), due to operating cost reductions across the portfolio coupled with the impact of higher-grade ore release particularly at Gahcho Kué.
Capital expenditure decreased by 33% to $115 million (30 June 2025: $172 million), reflecting cash preservation measures across De Beers.
Corporate strategy
De Beers continued to progress its Origins strategy in the first half of 2026, with a particular focus on revitalising consumer desire for natural diamonds and streamlining the Group to manage the cost base.
Following the encouraging performance of the Desert diamonds marketing campaign in late 2025, which seeks to promote natural diamonds across a range of colour hues, De Beers expanded the concept, with a new campaign focused on bridal, with a range of classic 'icon' designs set to launch in the second half.
In synthetics, Element Six continued to redirect its technological synthetic diamond capabilities towards high-growth industrial applications.
Market outlook
Near-term rough diamond trading conditions are expected to remain challenging, particularly in lower-value categories.
From a consumer demand perspective, in the United States, growth in higher-end jewellery is expected to largely offset weaker demand in lower-priced categories. India is expected to remain an important source of growth; however, the increased gold duty and the weakening of the Indian Rupee present short term risks to demand. In China, trading conditions remain muted with no significant recovery expected in the near term. Retail prices for synthetic lab-grown diamonds continue to fall and competition is expected to put further pressure on margins over time. The growing price gap is expected to support consumer understanding of the differences between natural diamonds and synthetic lab-grown diamonds, further establishing them as two separate product categories.
On the supply side, global rough diamond production is forecast to decline over the coming years. Combined with the gradual normalisation of inventory levels across the value chain, this is expected to support a more balanced supply-demand environment over the medium term.
Operational outlook
Production guidance for 2026 is unchanged at 21-26 million carats (100% basis)(1), as the impact of planned plant maintenance at Orapa and Jwaneng and the proposed production pause at Venetia in the second half is expected to reduce the full year production run-rate. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand.
Unit cost guidance for 2026 remains unchanged at c.$80 per carat(2). The first half unit cost of $64/carat is lower than guidance, reflecting timing of planned maintenance in the second half of the year.
Consistent with recent actions to improve business resilience, De Beers announced earlier this month a number of planned portfolio and organisational changes to reduce its cost base and enhance future competitiveness as industry conditions improve. This includes the intention to pause production at Venetia mine in South Africa for two years while rephasing capital expenditure on the underground project and, in parallel, reconfiguring the global operating model. Subject to regulatory requirements, the majority of this work is expected to be completed in the second half of 2026.
Anglo American is committed to divesting De Beers and we continue to progress a formal sales process and expect to provide an update through the course of 2026. For further information, refer to note 10 of the Condensed financial statements.
(1) Production is on 100% basis, except for the Gahcho Kué joint operation in Canada, which is on an attributable 51% basis.
(2) Unit cost is based on De Beers' proportionate consolidated share of costs and associated production. 2026 unit cost guidance was set at c.16.50 ZAR:USD.
Corporate and Other
Financial metrics
|
|
Group revenue* |
Underlying EBITDA* |
Underlying EBIT* |
Capex* |
||||
|
|
$m |
$m |
$m |
$m |
||||
|
Corporate and Other |
205 |
|
(39 |
) |
(99 |
) |
(1 |
) |
|
Prior period |
186 |
|
19 |
|
(59 |
) |
(2 |
) |
|
Exploration |
n/a |
(49 |
) |
(49 |
) |
- |
|
|
|
Prior period |
- |
|
(55 |
) |
(55 |
) |
- |
|
|
Corporate activities and unallocated costs(1) |
205 |
|
10 |
|
(50 |
) |
(1 |
) |
|
Prior period |
186 |
|
74 |
|
(4 |
) |
(2 |
) |
(1) Revenue within Corporate activities and unallocated costs primarily relates to third-party shipping activities, as well as the Marketing business's trading activities from ancillary products.
Financial overview
Exploration
Exploration expenditure was $49 million, 11% lower than the prior period (30 June 2025: $55 million), due to planned lower spend.
Corporate activities and unallocated costs
Underlying EBITDA was $10 million (30 June 2025: $74 million). The reduction was primarily driven by the Group's self insurance entity receiving reduced insurance premium allocations following the demerger of Valterra and preparation for the sale of Steelmaking Coal. This more than offset cost savings realised following transformational changes in 2025 and the consequent refocusing on key strategic projects.
Discontinued Operations
Operational and financial metrics
|
|
Production volume(1) |
Sales volume(3) |
Price(4) |
Unit cost* |
Group revenue* |
Underlying EBITDA* |
EBITDA margin* |
Underlying EBIT* |
Capex* |
ROCE* |
||||||||||
|
|
Mt/t/koz(2) |
Mt/t/koz(2) |
|
$/t/c/lb/$/PGM oz(5) |
$m |
$m |
|
$m |
$m |
|
||||||||||
|
Steelmaking Coal |
3.6 |
|
3.4 |
|
192 |
|
174 |
|
736 |
|
(190 |
) |
(25 |
%) |
(190 |
) |
131 |
|
(15 |
%) |
|
Prior period |
4.3 |
|
3.8 |
|
164 |
|
136 |
|
708 |
|
(149 |
) |
(21 |
%) |
(206 |
) |
149 |
|
(14 |
%) |
|
Nickel |
18,200 |
|
19,000 |
|
6.89 |
|
578 |
|
286 |
|
18 |
|
6 |
% |
18 |
|
18 |
|
8 |
% |
|
Prior period |
19,300 |
|
19,800 |
|
6.28 |
|
473 |
|
280 |
|
43 |
|
15%(6) |
38 |
|
16 |
|
11 |
% |
|
|
PGMs(7) |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
Prior period |
1,188 |
|
1,134 |
|
1,506 |
|
1,149 |
1,773 |
|
199 |
|
11 |
% |
49 |
|
353 |
|
3 |
% |
|
(1) SMC production volumes are saleable tonnes, excluding thermal coal production of 0.6 Mt (30 June 2025: 0.5 Mt). Includes production relating to third-party product purchased and processed at Anglo American's operations, and may include some product sold as thermal coal. PGMs production reflects own-mined production and purchase of metal in concentrate. PGMs volumes consist of 5E metals and gold.
(2) SMC volumes measured in Mt, Nickel in t and PGMs in koz.
(3) SMC sales volumes exclude export thermal coal sales of 0.5 Mt (30 June 2025: 0.8 Mt) and domestic thermal coal sales of 0.2 Mt (30 June 2025: 0.0Mt). Includes sales relating to third-party product purchased and processed by Anglo American. PGMs sales volumes exclude tolling and third-party trading activities.
(4) SMC realised price is the weighted average hard coking coal and PCI export sales price achieved at managed operations, measured in $/t. Nickel shows its realised price measured in $/lb. PGMs is shown as price for a basket of goods per PGM oz. The dollar basket price is the net sales revenue from all metals sold (PGMs, base metals and other metals) excluding trading and foreign exchange translation impacts, per PGM 5E + gold ounces sold (own-mined and purchase of concentrate) excluding trading, and measured in $/PGM oz.
(5) SMC FOB unit cost comprises managed operations and excludes royalties, measured in $/t. Nickel is C1 unit cost, measured in c/lb. PGMs unit cost is total cash operating costs (includes on-mine, smelting and refining costs only) per own-mined PGM ounce of production, measured in $/PGM oz.
(6) Nickel EBITDA margin for the period ended 30 June 2025 has been restated to 15% (previously 10%) to reflect the portion within the Nickel business responsible for third-party trading which is not classified as discontinued.
(7) The PGMs business was classified as 'held for distribution' from 30 April 2025 upon the approval of the demerger resolution at the Company's General Meeting. The demerger subsequently took effect on 31 May 2025, resulting in five months being consolidated in 2025.
Steelmaking Coal
Agreement has been reached for the sale of our Steelmaking Coal business to Dhilmar Limited for a cash consideration of up to $3.875 billion, comprising an upfront cash consideration of $2.3 billion payable by Dhilmar, with the potential for additional payments over time, linked to future coal prices. The transaction is subject to a number of conditions, including customary competition and regulatory clearances and pre-emption arrangements. The upfront cash consideration is subject to normal completion adjustments, with completion expected by the first quarter of 2027. See note 8 to the Condensed financial statements for further information.
Operational performance
Production decreased by 17% to 3.6 Mt (30 June 2025: 4.3 Mt), reflecting the impact of the significant weather event at Dawson in March 2026 and expected difficult strata conditions at Aquila. These impacts were partially offset by increased production from the Capcoal open cut operation due to mine sequencing.
At Moranbah North, the regulator lifted the final directives in February 2026, marking a significant milestone in our staged restart to safe longwall production, reflecting the constructive collaboration with the workforce and safety regulator throughout this process. The operation has transitioned to normal longwall operations and continues production ramp-up.
Significant progress continues at the Grosvenor mine with a target return to longwall production by Q4 2027.
Financial performance
The underlying EBITDA loss of $190 million (30 June 2025: loss of $149 million) was primarily related to lower sales volumes which were partially offset by a 17% increase in the weighted average realised price for steelmaking coal. The loss also includes $54 million non-operational costs associated with Grosvenor (30 June 2025: $60 million). Unit costs increased by 28% to $174/tonne (30 June 2025: $136/tonne), primarily reflecting the impact of lower production from Dawson and Aquila, as well as the stronger Australian dollar.
Capital expenditure decreased to $131 million (30 June 2025: $149 million), primarily reflecting lower spend at Moranbah North to align with mine advance timing following the underground incident on 31 March 2025.
Within special items and remeasurements, charges of $743 million and $200 million (before tax) were recognised at Moranbah-Grosvenor and Capcoal respectively. The charges principally relate to the impact of the difference in terms between the new and previous sales agreements, foreign exchange movements and additional capital expenditure during the period that is no longer offset by depreciation charges since the assets are classified as held for sale.
Nickel
Anglo American has entered into a definitive agreement to sell the Nickel business to MMG Singapore Resources Pte. Ltd, and we continue to progress through the European Commission's merger control review approval process. The Nickel business was classified as held for sale on 18 February 2025 following the announcement of the signed sale and purchase agreement.
Operational performance
Nickel production decreased by 6% to 18,200 tonnes (30 June 2025: 19,300 tonnes), reflecting the impact of corrective maintenance activities and planned maintenance that was brought forward from later in 2026 at Barro Alto and Codemin.
Financial performance
Underlying EBITDA decreased to $18 million (30 June 2025: $43 million), driven by the higher unit cost and lower sales volumes, partially offset by higher realised prices. Unit costs increased by 22% to 578 c/lb (30 June 2025: 473 c/lb), reflecting the stronger Brazilian real and lower production volumes.
Capital expenditure was $18 million (30 June 2025: $16 million), broadly in line with the comparative period.
Within special items and remeasurements, a net impairment charge of $25 million (before tax) was recognised against the Barro Alto and Codemin (Nickel) cash-generating units. The charge reflects an update to the valuation of the disposal groups at 30 June 2026, based on the estimated consideration under the sale and purchase agreement, resulting in the carrying value being aligned to the estimated fair value less costs to sell.
Guidance summary
Production and unit costs
|
|
Unit costs 2026F |
Production volumes |
|||||
|
|
Units |
2026F |
2027F |
2028F |
|||
|
Simplified portfolio |
|||||||
|
Copper(1) |
c.145 c/lb |
kt |
700-760 |
750-810 |
790-850 |
||
|
Premium Iron Ore(2) |
c.$41/t |
Mt |
55-59 |
59-63 |
58-62 |
||
|
|
|||||||
|
Exiting businesses |
|
||||||
|
Diamonds(3) |
c.$80/ct |
Mct |
21-26 |
n/a |
n/a |
|
|
|
|
|||||||
Further commentary on the operational outlook is included within the respective business reviews on pages 18-31.
Note: Unit costs exclude royalties, depreciation and include direct support costs only. 2026 unit cost guidance was set at: c.900 CLP:USD, c.3.4 PEN:USD, c.5.2 BRL:USD, c.16.50 ZAR:USD. Subject to macro-economic factors. Guidance is not provided for discontinued operations.
(1) On a contained metal basis. Total copper production is the sum of Chile and Peru. Unit cost total reflects a weighted average using the mid-point of production guidance. 2026 Chile: 390-420 kt; Peru 310-340 kt. 2027 Chile: 450-480 kt; Peru: 300-330 kt. 2028 Chile: 500-530 kt; Peru 290-320 kt. In 2026, Copper Chile production is impacted by the lower expected tonnes from Collahuasi, partially offset by the decision to restart the second plant at Los Bronces, which is expected to produce an additional c.25,000 tonnes in 2026. Production at Collahuasi is expected to benefit from progressively increased access to fresh, higher grade ore towards the end of 2026. Chile production continues to be weighted to the second half of 2026. Copper Peru production in 2026 reflects improved recoveries and higher throughput compared to 2025, partly offset by modestly lower grades. Production continues to be weighted to the second half of 2026, owing to the expected grade profile. In 2027, Copper Chile production benefits as Collahuasi is expected to improve with access to fresh ore and, at Los Bronces, full access to Donoso 2 improves grades and volumes despite the expected return to utilising only the larger, more modern plant at the mine; while production at Copper Peru is impacted by planned plant maintenance at Quellaveco, including mills and conveyors. In 2028, Copper Chile production benefits from an additional higher grade phase at Los Bronces as well as higher throughput at Collahuasi following the completion of the 210ktpd plant debottlenecking at the end of 2027 and Copper Peru reflects stable production. Copper production guidance is subject to water availability. 2026 unit cost guidance for Chile is c.210 c/lb and for Peru is c.65 c/lb. The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum, and treatment and refining costs (TC/RCs).
(2) Wet basis. Total premium iron ore is the sum of Kumba and Minas-Rio. Unit cost total reflects a weighted average using the mid-point of production guidance. 2026 Kumba: 31-33 Mt; Minas-Rio: 24-26 Mt. 2027 Kumba: 35-37 Mt; Minas-Rio: 24-26 Mt. 2028 Kumba: 35-37 Mt; Minas-Rio: 23-25 Mt. In 2026, Kumba production is temporarily lower, reflecting the tie-in of the ultra-high-dense-media-separation (UHDMS) project which is planned in the second half of 2026, with sales not expected to be impacted owing to the planned drawdown of finished stock. In 2028, Minas-Rio's production is slightly lower as the mine moves into areas with more ore feed variability, offsetting the throughput benefit from the recleaner flotation columns implementation. Kumba production is subject to third-party rail and port availability and performance. 2026 unit cost guidance for Kumba is c.$45/tonne and for Minas-Rio is c.$36/tonne.
(3) Production is on a 100% basis, except for the Gahcho Kué joint operation, which is on an attributable 51% basis. Planned plant maintenance at Orapa and Jwaneng and the proposed production pause at Venetia in the second half of 2026 is expected to reduce the full year production run-rate. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand. Unit cost guidance for 2026 is c.$80 per carat. Unit cost is based on De Beers' proportionate consolidated share of costs and associated production. Anglo American is committed to divesting De Beers and we continue to progress a formal sale process and expect to provide an update through the course of 2026.
Capital expenditure ($bn)(1)
|
Capital expenditure |
2026F |
2027F |
2028F |
|
Growth |
c.$0.9bn Includes c.$0.25bn Woodsmith capex(2) |
c.$0.6bn Includes c.$0.25bn Woodsmith capex(2) |
c.$0.3bn |
|
Sustaining |
c.$2.1bn (previously c.$2.2bn) Reflects c.$2.0bn baseline (previously c.$2.1bn), c.$0.1bn Collahuasi desalination plant(3) |
c.$2.3bn Reflects c.$2.3bn baseline |
c.$2.3bn Reflects c.$2.2bn baseline, c.$0.1bn lifex projects |
|
Capex for simplified portfolio |
c.$3.0bn (previously $3.1bn) |
c.$2.9bn |
c.$2.6bn |
|
Sustaining (De Beers) |
c.$0.2bn (previously c.$0.5bn) Reflects c.$0.1bn baseline (previously c.$0.3bn), c.$0.1bn lifex projects (previously c.$0.2bn) |
|
|
|
Capex for continuing operations |
c.$3.2bn (previously c.$3.6bn) |
|
|
Further details on Anglo American's high quality growth and life-extension projects, including details of the associated volumes benefit, are disclosed on pages 10-12.
Long-term sustaining capital expenditure for the simplified portfolio is expected to be c.$2.0 billion per annum(4), excluding life-extension projects.
Other guidance
- 2026 depreciation for continuing operations: $2.4-2.6 billion
- 2026 underlying effective tax rate for continuing operations: 44-48%(5)
- Long-term underlying effective tax rate (simplified portfolio): 38-42%(5)
- Dividend payout ratio: 40% of underlying earnings
- Net debt:EBITDA: <1.5x at the bottom of the cycle
(1) Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment, and includes direct funding for capital expenditure from non-controlling interests. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies, permitting and approval. Refer to the H1 2026 results presentation for further detail on the breakdown of the capex guidance at project level.
(2) Forecast spend for 2026 remains at c. $0.3 billion ($0.25 billion capex).
(3) Collahuasi desalination capex shown includes related infrastructure, with other water management projects included in baseline sustaining. Attributable share of capex at 44%.
(4) Long-term sustaining capex guidance is shown on a 2026 real basis and is for the simplified portfolio.
(5) Underlying effective tax rate guidance is highly dependent on a number of factors, including the mix of profits and any relevant tax reforms impacting the countries where we operate, and may vary from guidance. In addition, the continuing operations guidance will be impacted by the timing of the exit of De Beers from the portfolio.
For further information, please contact:
|
Media |
Investors |
|
UK James Wyatt-Tilby james.wyatt-tilby@angloamerican.com Tel: +44 (0)20 7968 8759
|
UK Tyler Broda tyler.broda@angloamerican.com Tel: +44 (0)20 7968 1470
|
|
Marcelo Esquivel marcelo.esquivel@angloamerican.com Tel: +44 (0)20 7968 8891
|
Emma den Hollander emma.denhollander@angloamerican.com Tel: +44 (0)20 7968 1452 |
|
Rebecca Meeson-Frizelle rebecca.meeson-frizelle@angloamerican.com Tel: +44 (0)20 7968 1374
|
Wade Haggarty wade.haggarty@angloamerican.com Tel: +44 (0)20 7968 1464 |
|
South Africa Nevashnee Naicker nevashnee.naicker@angloamerican.com Tel: +27 (0)11 638 3189 |
Nathan Morgan nathan.morgan@angloamerican.com Tel: +44 (0)20 7968 2154 |
|
Ernest Mulibana ernest.mulibana@angloamerican.com Tel: +27 82 263 7372
|
|
|
|
Notes to editors:
Anglo American is a leading global mining company focused on the responsible production of copper, premium iron ore and crop nutrients - future-enabling products that are essential for decarbonising the global economy, improving living standards, and food security. Our portfolio of world-class operations and outstanding mineral endowments offers value-accretive growth potential across all three businesses, positioning us to deliver into structurally attractive major demand growth trends.
Our integrated approach to sustainability and innovation drives our decision-making across the value chain, from how we discover new resources to how we mine, process, move and market our products to our customers - safely, efficiently and responsibly. Our Sustainability Strategy commits us to a series of stretching goals over different time horizons to ensure we build trust as a corporate leader, contribute to a healthy environment and help create thriving communities. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for our shareholders, for the benefit of the communities and countries in which we operate, and for society as a whole. Anglo American is re-imagining mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes to unlock the inherent value in its portfolio and thereby accelerate delivery of its strategic priorities of Operational excellence, Portfolio optimisation, and Growth. The sale of our steelmaking coal and nickel businesses and the separation of our iconic diamond business (De Beers) continue to progress and once completed, will focus Anglo American on its world-class resource asset base in copper, premium iron ore and crop nutrients.
www.angloamerican.com
Webcast of presentation:
A live webcast of the results presentation, starting at 9.00am UK time on 30 July 2026, can be accessed through the Anglo American website at www.angloamerican.com
Note: Throughout this results announcement, '$' denotes United States dollars and 'cents' refers to United States cents. Tonnes are metric tons, 'Mt' denotes million tonnes and 'kt' denotes thousand tonnes, unless otherwise stated.
Group terminology
In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses.
Disclaimer
This document has been prepared by Anglo American plc ("Anglo American"). By reviewing this document you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.
This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient.
No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability assumed, in each case in relation to the accuracy, completeness or reliability of the information contained herein. None of Anglo American or each of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage of whatever nature, howsoever arising, from any use of, or reliance on, this material or otherwise arising in connection with this material.
Forward-looking statements and third-party information:
This document includes forward-looking statements. All statements other than statements of historical fact included in this document may be forward-looking statements, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions), the anticipated benefits of mergers and acquisitions (including any assessment or quantification of potential synergies) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations. Forward-looking statements may be identified by the use of words such as "believe", "expect", "intend", "aim", "project", "anticipate", "estimate", "plan", "may", "should", "will", "target" and words of similar meaning. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and product prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the ability to identify, consummate and integrate pending or potential acquisitions, disposals, investments, mergers, demergers, syndications, joint ventures or other transactions, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking statements should therefore be construed in light of such risk factors, and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, rules or regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information included in this document is sourced from third party sources (including, but not limited to, externally conducted studies and trials). As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information.
No Investment Advice
This document has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this document in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other applicable legislation).
Alternative Performance Measures
Throughout this document a range of financial and non-financial measures are used to assess our performance, including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor the Group's financial performance alongside IFRS measures to improve the comparability of information between reporting periods and businesses. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Group's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.
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Registered office as above. Incorporated in England and Wales under the Companies Act 1985.
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