Anglo American Production Report Q3 2026
Summary by AI BETAClose X
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20 October 2026
Anglo American plc
Production Report for the third quarter ended 30 September 2026
Duncan Wanblad, CEO of Anglo American, said: "Operational performance was resilient across the business, continuing our momentum from the first half of the year despite extreme winter weather in Chile. We are on track to meet our 2026 guidance, supported by the planned improvement in copper ore grades in the fourth quarter. In Copper, Quellaveco production increased from the second quarter, benefiting from the expected improvement in the ore grades, while record snowfall and related unplanned maintenance later in the third quarter affected production in Chile. In Premium Iron Ore, Minas-Rio benefited from higher plant availability, while Kumba's tie-in of its first ultra-high-dense-media-separation (UHDMS) module reduced production as planned, albeit with sales largely unaffected as stockpiles were drawn down. We continue to manage controllable costs tightly, particularly in the context of pressures from energy input cost volatility and higher ocean freight rates impacting spot iron ore price realisations. However, strong by-product credits and cost performance see Copper Peru unit cost guidance improved to c.50 c/lb (previously c.65 c/lb).
"We continue to make progress on our portfolio optimisation. The sale of our Steelmaking Coal business in Australia to Dhilmar for up to $3.875 billion in cash is on track to complete by the first quarter of 2027, while we continue to work through the European Commission's regulatory approval process for the agreed sale of our Nickel business. At De Beers, we continue to work towards a transaction in a challenging market, having taken decisive action to protect cash and preserve value.
"Our merger with Teck to form a copper-focused global metals and minerals champion continues to progress and integration planning is now at an advanced stage. We continue to engage constructively with China's anti-trust regulator, with this being the final outstanding regulatory milestone required for completion. Expected completion timing by March 2027 remains unchanged."
Q3 2026 overview
|
Production |
Q3 2026 |
Q3 2025 |
% vs. Q3 2025 |
YTD 2026 |
YTD 2025 |
% vs. YTD 2025 |
|
Simplified portfolio |
|
|
|
|
|
|
|
Copper (kt)(1) |
175 |
184 |
(5)% |
519 |
526 |
(1)% |
|
Premium iron ore (Mt)(2) |
13.8 |
14.3 |
(4)% |
44.4 |
45.7 |
(3)% |
|
Manganese ore (kt)(3) |
1,031 |
973 |
6% |
2,699 |
2,067 |
31% |
|
Exiting businesses |
|
|
|
|
|
|
|
Diamonds (Mct)(4) |
6.8 |
7.7 |
(11)% |
21.7 |
17.9 |
22% |
|
Steelmaking coal (Mt) |
2.9 |
1.9 |
53% |
6.5 |
6.2 |
4% |
|
Nickel (kt) |
10.4 |
10.1 |
3% |
28.6 |
29.4 |
(3)% |
• Copper production decreased by 5% to 174,900 tonnes, primarily driven by unprecedented weather events in Chile, and processing lower-grade stockpile ore at Collahuasi.
• Premium iron ore production decreased by 4% to 13.8 million tonnes, due to commencing the tie-in of the first UHDMS module at Kumba, partially offset by higher plant availability at Minas-Rio, reflecting the planned shutdown in the comparative period.
• Manganese ore production increased by 6% to 1,031,400 tonnes, reflecting increased operating levels in Australia and improved productivity and operating improvements in South Africa.
• Rough diamond production decreased by 11% to 6.8 million carats, primarily driven by planned plant maintenance at Orapa and a slowdown at Venetia ahead of the previously announced production pause.
• Steelmaking coal production increased by 53% to 2.9 million tonnes, primarily driven by the ramp-up of longwall production at Moranbah North.
• Nickel production increased by 3% to 10,400 tonnes, reflecting timing of maintenance at Barro Alto.
• Production and unit cost guidance remains unchanged for 2026, except for lower Copper Peru unit costs of c.50 c/lb (previously c.65 c/lb) and De Beers production of 25-28 million carats (previously 21-26 million carats), with unit costs revised accordingly to c.$70/carat (previously c.$80/carat).
Production and unit cost guidance for 2026(1)
|
|
2026 production guidance |
2026 unit cost guidance(2) |
|
|
Simplified portfolio |
|
|
|
|
Copper(3) |
700-760 kt |
c.139 c/lb |
|
|
(previously c.145 c/lb) |
|||
|
Chile |
390-420 kt |
c.210 c/lb |
|
|
Peru |
310-340 kt |
c.50 c/lb |
|
|
(previously c.65 c/lb) |
|||
|
Premium Iron Ore(4) |
55-59 Mt |
c.$41/tonne |
|
|
Kumba |
31-33 Mt |
c.$45/tonne |
|
|
Minas-Rio |
24-26 Mt |
c.$36/tonne |
|
|
Exiting businesses |
|
|
|
|
Diamonds(5) |
25-28 Mct |
c.$70/carat |
|
|
(previously 21-26 Mct) |
(previously c.$80/carat) |
(1) Production guidance is not provided for discontinued operations.
(2) Unit costs exclude royalties, depreciation and include direct support costs only. FX rates used for 2026 unit costs: c.900 CLP:USD, c.3.4 PEN:USD, c.5.2 BRL:USD, c.16.50 ZAR:USD.
(3) On a contained metal basis. Copper Chile production continues to be weighted to the second half of 2026 and is subject to water availability. Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade profile. Unit cost total reflects a weighted average using the mid-point of production guidance. The copper unit costs are impacted by FX rates, pricing of by-products, such as molybdenum, and treatment and refining costs (TC/RCs).
(4) Wet basis. Kumba production remains weighted to the first half of 2026 reflecting the tie-in of the UHDMS project in the second half of the year, with sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance is subject to third-party rail and port availability and performance. Unit cost total reflects a weighted average using the mid-point of production guidance.
(5) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. Gahcho Kué production will be reported on a 100% basis from the Q4 2026 Production Report. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand. Unit cost is based on De Beers' proportionate consolidated share of costs and associated production.
Footnotes to front page
(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. Gahcho Kué production will be reported on a 100% basis from the Q4 2026 Production Report
Realised prices
|
|
Q3 YTD 2026 |
Q3 YTD 2025 |
Q3 YTD 2026 vs. Q3 YTD 2025 |
|
Simplified portfolio |
|||
|
Copper (USc/lb)(1) |
623 |
446 |
40% |
|
Copper Chile (USc/lb)(2) |
628 |
451 |
39% |
|
Copper Peru (USc/lb) |
617 |
441 |
40% |
|
Premium iron ore - FOB prices(3) |
82 |
92 |
(11)% |
|
Kumba Export (US$/wmt)(4) |
86 |
94 |
(8)% |
|
Minas-Rio (US$/wmt)(5) |
77 |
88 |
(12)% |
|
Exiting businesses |
|||
|
Diamonds |
|
|
|
|
Consolidated average realised price (US$/ct)(6) |
97 |
155 |
(37)% |
|
Average price index(7) |
67 |
82 |
(18)% |
|
Steelmaking coal - HCC (US$/t)(8) |
207 |
162 |
28% |
|
Steelmaking coal - PCI (US$/t)(8) |
160 |
133 |
20% |
|
Nickel (US$/lb)(9) |
6.88 |
6.24 |
10% |
(1) Average realised total copper price is a weighted average of the Copper Chile and Copper Peru realised prices.
(2) Realised price for Copper Chile excludes third-party sales volumes.
(3) Average realised total premium iron ore price is a weighted average of the Kumba and Minas-Rio realised prices.
(4) Average realised export basket price (FOB Saldanha) (wet basis as product is shipped with ~1.5% moisture). The realised prices could differ to Kumba's stand-alone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is $87/t (Q3 YTD 2025: $95/t), higher than the dry 62% Fe benchmark price of $80/t (FOB South Africa, adjusted for freight).
(5) Average realised export basket price (FOB Açu) (wet basis as product is shipped with ~9% moisture).
(6) Consolidated average realised price based on 100% selling value post-aggregation.
(7) Average of the De Beers price index for the Sights within the period. The 2025 indices have been restated to include the effect of the stock rebalancing actions. The De Beers price index is relative to 100 as at December 2006.
(8) The average realised price for export thermal coal by-product for Q3 YTD 2026 increased by 25% to $116/t (Q3 YTD 2025: $93/t).
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Summary of updates during the quarter
For more information on Anglo American's announcements since our previous production report, please find links to our announcements below.
- 01 September 2026 | Total Voting Rights and Merger-related Information
- 30 July 2026 | Anglo American and Teck announce future Anglo Teck Executive Leadership Team
- 30 July 2026 | Anglo American Interim Results 2026
- 30 July 2026 | Notice of Interim Dividend (No.49)
- 28 July 2026 | Kumba Iron Ore interim results 2026
Copper
|
Copper(1) (tonnes) |
Q3 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q2 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Copper |
174,900 |
183,500 |
(5)% |
173,200 |
1% |
518,500 |
525,700 |
(1)% |
|
Copper Chile |
94,200 |
100,200 |
(6)% |
98,200 |
(4)% |
289,400 |
285,800 |
1% |
|
Copper Peru |
80,700 |
83,300 |
(3)% |
75,000 |
8% |
229,100 |
239,900 |
(5)% |
(1) Copper production shown on a contained metal basis.
Copper production in the third quarter of 174,900 tonnes was 5% lower than the comparative period, reflecting lower production from Chile and Peru.
Chile - Copper production of 94,200 tonnes was 6% lower than the comparative period, reflecting extreme winter weather together with planned lower ore grades at Collahuasi and El Soldado, partially offset by higher throughput and recovery at Los Bronces from the restart of the second plant.
Production from Los Bronces of 42,500 tonnes was 2% higher than the comparative period. However, throughput and mining rates were more than 10% lower quarter-on-quarter following record snowfall and related challenges with plant maintenance towards the end of the third quarter.
At Collahuasi, Anglo American's attributable share of copper production decreased by 11% to 42,000 tonnes. Throughput remained slightly below the comparative period, mainly reflecting the impact of severe weather conditions experienced in the Tarapacá Region which have continued into the fourth quarter and the continued processing of lower-grade stockpile ore and its related impact on recovery.
Collahuasi has now re-entered the higher-grade phases of the Rosario pit, supporting an increase in planned copper production rates through the remainder of the year and into 2027. Throughput was supported by increased water availability compared to the prior period, despite the ruling in May 2026 from the Second Environmental Tribunal which has seen the Environmental Authorization partially set aside for the desalination plant. The operation will continue to utilise water supply from existing alternative water sources. Collahuasi continues to work in coordination with the relevant authorities and stakeholders to restart the desalination plant.
Production from El Soldado decreased by 12% to 9,700 tonnes due to lower throughput and planned lower ore grade (0.80% vs 0.84%) as the mine transitions between phases. Despite experiencing record rainfall and severe weather conditions in July, the operation effectively managed the impacts through proactive mitigation measures, minimising operational disruptions.
The average YTD realised price for Copper Chile was 628 c/lb as compared to the average LME price of 609 c/lb, reflecting provisional pricing adjustments.
Peru - Quellaveco continued to deliver stable mining and processing performance, with consistent throughput and improved recoveries (85.6% vs 83.8%). Production of 80,700 tonnes was 3% lower than the comparative period, reflecting the anticipated lower ore grades (0.73% vs 0.76%). In line with the expected grade profile, production remains weighted to the second half of 2026, with the full year grade expected to be similar to 2025.
We continue to progress studies to optimise the planned transition from the current higher-grade supergene ore to the hypogene ore. This is expected to maximise value by smoothing out the production profile to provide more stable production rates in the first half of the 2030s.
The YTD average realised price for Copper Peru was 617 c/lb as compared to the average LME price of 609 c/lb, benefiting from provisional pricing adjustments.
2026 Guidance
Production guidance for 2026 is unchanged at 700,000-760,000 tonnes (Chile 390,000-420,000 tonnes; Peru 310,000-340,000 tonnes). Copper Chile production continues to be weighted to the second half of 2026 and is subject to water availability. Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade profile.
Unit cost guidance for 2026 is revised lower to c.139 c/lb(1) (previously c.145 c/lb). Copper Peru unit cost improved to c.50 c/lb(1) (previously c.65 c/lb), reflecting strong by-product realisations and controllable cost management. Copper Chile unit cost remains unchanged at c.210 c/lb(1) with by-product realisations offset by the impact of challenging weather conditions.
(1) The copper unit costs are impacted by FX rates, pricing of by-products, such as molybdenum, and treatment and refining costs (TC/RCs). FX rate assumption for 2026 unit costs of c.900 CLP:USD for Chile and c.3.4 PEN:USD for Peru.
|
Copper (tonnes) |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2026 |
2026 |
2025 |
2025 |
2026 |
2025 |
||||
|
Total copper production |
174,900 |
173,200 |
170,400 |
169,500 |
183,500 |
(5)% |
1% |
518,500 |
525,700 |
(1)% |
|
Total copper sales volumes |
183,100 |
163,800 |
166,500 |
174,600 |
185,700 |
(1)% |
12% |
513,400 |
530,300 |
(3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Chile |
|
|
|
|
|
|
|
|
|
|
|
Los Bronces mine(1) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
8,852,400 |
10,269,900 |
11,403,400 |
9,215,600 |
9,684,700 |
(9)% |
(14)% |
30,525,700 |
28,355,000 |
8% |
|
Ore processed - Sulphide |
8,825,600 |
9,857,900 |
9,935,800 |
8,447,000 |
8,291,400 |
6% |
(10)% |
28,619,300 |
23,004,600 |
24% |
|
Ore grade processed - Sulphide (% TCu)(2) |
0.46 |
0.48 |
0.49 |
0.52 |
0.50 |
(8)% |
(4)% |
0.48 |
0.52 |
(8)% |
|
Recovery (%) |
89.7 |
87.4 |
88.1 |
85.9 |
87.5 |
3% |
3% |
88.3 |
88.2 |
0% |
|
Production - Copper in concentrate |
36,700 |
41,000 |
43,000 |
37,900 |
36,500 |
1% |
(10)% |
120,700 |
106,200 |
14% |
|
Production - Copper cathode |
5,800 |
5,000 |
5,500 |
4,600 |
5,300 |
9% |
16% |
16,300 |
15,900 |
3% |
|
Total production |
42,500 |
46,000 |
48,500 |
42,500 |
41,800 |
2% |
(8)% |
137,000 |
122,100 |
12% |
|
Collahuasi 100% basis (Anglo American share 44%) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
15,793,100 |
15,630,100 |
13,754,200 |
15,017,700 |
12,586,600 |
25% |
1% |
45,177,400 |
31,581,100 |
43% |
|
Ore processed - Sulphide |
14,979,300 |
15,916,900 |
16,037,100 |
17,118,700 |
15,513,900 |
(3)% |
(6)% |
46,933,300 |
44,209,000 |
6% |
|
Ore grade processed - Sulphide (% TCu)(2) |
0.87 |
0.80 |
0.77 |
0.87 |
0.92 |
(5)% |
9% |
0.81 |
0.92 |
(12)% |
|
Recovery (%) |
73.2 |
76.0 |
71.8 |
71.6 |
75.2 |
(3)% |
(4)% |
73.7 |
73.3 |
1% |
|
Anglo American's 44% share of copper production for Collahuasi |
42,000 |
42,600 |
38,800 |
47,000 |
47,400 |
(11)% |
(1)% |
123,400 |
130,800 |
(6)% |
|
El Soldado mine(1) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
478,100 |
269,700 |
500,900 |
928,800 |
1,193,500 |
(60)% |
77% |
1,248,700 |
3,829,300 |
(67)% |
|
Ore processed - Sulphide |
1,500,600 |
1,469,500 |
1,555,600 |
1,668,300 |
1,636,700 |
(8)% |
2% |
4,525,700 |
4,805,700 |
(6)% |
|
Ore grade processed - Sulphide (% TCu)(2) |
0.80 |
0.81 |
0.78 |
0.72 |
0.84 |
(5)% |
(1)% |
0.80 |
0.86 |
(7)% |
|
Recovery (%) |
81.2 |
80.4 |
79.9 |
80.6 |
79.9 |
2% |
1% |
80.5 |
79.2 |
2% |
|
Production - Copper in concentrate |
9,700 |
9,600 |
9,700 |
9,700 |
11,000 |
(12)% |
1% |
29,000 |
32,900 |
(12)% |
|
Chagres smelter(1) |
|
|
|
|
|
|
|
|
|
|
|
Ore smelted(3) |
24,200 |
26,400 |
27,700 |
25,300 |
28,600 |
(15)% |
(8)% |
78,300 |
79,500 |
(2)% |
|
Production |
23,400 |
25,700 |
26,300 |
24,600 |
27,800 |
(16)% |
(9)% |
75,400 |
77,300 |
(2)% |
|
Total copper production(4) |
94,200 |
98,200 |
97,000 |
99,200 |
100,200 |
(6)% |
(4)% |
289,400 |
285,800 |
1% |
|
Total payable copper production |
90,400 |
94,100 |
93,100 |
95,300 |
96,000 |
(6)% |
(4)% |
277,600 |
274,100 |
1% |
|
Total copper sales volumes |
99,700 |
93,500 |
92,100 |
106,800 |
96,500 |
3% |
7% |
285,300 |
288,100 |
(1)% |
|
Total payable sales volumes |
95,500 |
89,500 |
88,300 |
102,300 |
92,600 |
3% |
7% |
273,300 |
276,100 |
(1)% |
|
Third-party sales(5) |
108,400 |
129,600 |
90,500 |
107,700 |
159,100 |
(32)% |
(16)% |
328,500 |
334,500 |
(2)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Peru |
|
|
|
|
|
|
|
|
|
|
|
Quellaveco mine(6) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
14,029,900 |
13,588,700 |
12,075,200 |
10,850,700 |
11,932,000 |
18% |
3% |
39,693,800 |
34,518,200 |
15% |
|
Ore processed - Sulphide |
12,914,900 |
13,616,300 |
12,555,200 |
12,820,000 |
13,018,400 |
(1)% |
(5)% |
39,086,400 |
38,368,500 |
2% |
|
Ore grade processed - Sulphide (% TCu)(2) |
0.73 |
0.64 |
0.68 |
0.66 |
0.76 |
(4)% |
14% |
0.68 |
0.76 |
(11)% |
|
Recovery (%) |
85.6 |
86.3 |
85.5 |
83.1 |
83.8 |
2% |
(1)% |
85.8 |
81.8 |
5% |
|
Total copper production |
80,700 |
75,000 |
73,400 |
70,300 |
83,300 |
(3)% |
8% |
229,100 |
239,900 |
(5)% |
|
Total payable copper production |
78,000 |
72,500 |
70,900 |
67,900 |
80,500 |
(3)% |
8% |
221,400 |
231,900 |
(5)% |
|
Total copper sales volumes |
83,400 |
70,300 |
74,400 |
67,800 |
89,200 |
(7)% |
19% |
228,100 |
242,200 |
(6)% |
|
Total payable sales volumes |
80,400 |
67,600 |
71,600 |
65,300 |
85,800 |
(6)% |
19% |
219,600 |
233,200 |
(6)% |
(1) Anglo American ownership interest of Los Bronces, El Soldado and the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American consolidates these operations.
(2) TCu = total copper.
(3) Copper contained basis. Includes third-party concentrate.
(4) Total copper production includes Anglo American's 44% interest in Collahuasi.
(5) Relates to sales of copper not produced by Anglo American operations.
(6) Anglo American ownership interest of Quellaveco is 60%. Production is stated at 100% as Anglo American consolidates this operation.
Premium Iron Ore
|
Premium iron ore (000 t) |
Q3 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q2 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Premium iron ore |
13,798 |
14,342 |
(4)% |
15,392 |
(10)% |
44,398 |
45,723 |
(3)% |
|
Kumba - South Africa(1) |
7,500 |
9,247 |
(19)% |
8,844 |
(15)% |
25,186 |
27,494 |
(8)% |
|
Minas-Rio - Brazil(2) |
6,298 |
5,095 |
24% |
6,548 |
(4)% |
19,212 |
18,229 |
5% |
(1) Volumes are reported as wet metric tonnes. Product is shipped with ~1.5% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
Premium iron ore production of 13.8 million tonnes was 4% lower than the comparative period due to lower production from Kumba, partially offset by Minas-Rio.
Kumba - Total production decreased by 19% to 7.5 million tonnes, primarily driven by a 22% decrease in Sishen's production to 4.9 million tonnes following the planned shutdown of the dense-media-separation (DMS) plant to accommodate the main tie-in of the UHDMS plant. Kolomela's production decreased by 12% to 2.6 million tonnes, due to low levels of plant feedstock.
Total sales increased by 3% to 9.7 million tonnes(1) supported by the planned drawdown of finished stock.
Total finished stock decreased to 5.1 million tonnes(1), compared to Q2 2026 (7.0 million tonnes). Stock at the mines was 2.9 million tonnes (Q2 2026: 4.8 million tonnes), with stock at the port flat at 2.2 million tonnes.
For the YTD, Kumba's iron (Fe) content averaged 63.6% (2025 YTD: 64.0%), while the average lump:fines ratio was 67:33 (2025 YTD: 66:34).
The YTD average realised price of $86/tonne(1) (FOB South Africa, wet basis) was 9% higher than the Fastmarkets 62% Fe benchmark price of $79/tonne (FOB South Africa, adjusted for freight and moisture), primarily reflecting the benefit of premiums for high Fe content and the rising premium for our lump product.
Minas-Rio - Production increased by 24% to 6.3 million tonnes, driven by higher plant availability following the planned shutdown to complete the pipeline inspection campaign in the prior year.
The YTD average realised price of $77/tonne (FOB Brazil, wet basis) was 1% higher than the Fastmarkets 65% Fe benchmark price of $76/tonne (FOB Brazil, adjusted for freight and moisture), benefiting from the premium for grade (~67%) Fe content, partially offset by the impact of redirected sales away from the conflict area in the Middle East and provisionally priced sales volumes.
Rising freight rates ($38/tonne as at 30 September, Platts Iron Ore Freight Brazil-China index) continue to negatively impact realised prices.
2026 Guidance
Production guidance for 2026 is unchanged at 55-59 million tonnes (Kumba 31-33 million tonnes; Minas-Rio 24-26 million tonnes). Kumba production remains weighted to the first half of 2026 reflecting the tie-in of the UHDMS project in the second half of the year, with sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance is subject to third-party rail and port availability and performance.
Unit cost guidance for 2026 is unchanged at c.$41/tonne(2) (Kumba c.$45/tonne(2); Minas-Rio c.$36/tonne(2)).
(1) Production and sales volumes, stock and realised price are reported on a wet basis and could differ to Kumba's stand-alone results due to sales to other Group companies. At Q3 2025, total finished stock was 7.3 million tonnes; stock at the mines was 5.5 million tonnes and stock at the port was 1.8 million tonnes.
(2) FX rate assumption for 2026 unit costs of c.16.50 ZAR:USD for Kumba and c.5.2 BRL:USD for Minas-Rio.
|
Premium iron ore (000 t) |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2026 |
2026 |
2025 |
2025 |
2026 |
2025 |
||||
|
Premium iron ore production(1) |
13,798 |
15,392 |
15,208 |
15,113 |
14,342 |
(4)% |
(10)% |
44,398 |
45,723 |
(3)% |
|
Premium iron ore sales(1) |
15,750 |
16,716 |
14,842 |
16,166 |
14,407 |
9% |
(6)% |
47,308 |
45,377 |
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kumba production |
7,500 |
8,844 |
8,842 |
8,590 |
9,247 |
(19)% |
(15)% |
25,186 |
27,494 |
(8)% |
|
Sishen |
4,947 |
6,479 |
6,257 |
6,560 |
6,347 |
(22)% |
(24)% |
17,683 |
18,729 |
(6)% |
|
Kolomela |
2,553 |
2,365 |
2,585 |
2,030 |
2,900 |
(12)% |
8% |
7,503 |
8,765 |
(14)% |
|
Kumba sales volumes(2) |
9,702 |
9,418 |
9,140 |
8,947 |
9,392 |
3% |
3% |
28,260 |
28,101 |
1% |
|
Lump(2) |
6,756 |
6,246 |
5,961 |
6,139 |
6,133 |
10% |
8% |
18,963 |
18,633 |
2% |
|
Fines(2) |
2,946 |
3,172 |
3,179 |
2,808 |
3,259 |
(10)% |
(7)% |
9,297 |
9,468 |
(2)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Minas-Rio production |
|
|
|
|
|
|
|
|
|
|
|
Pellet feed |
6,298 |
6,548 |
6,366 |
6,523 |
5,095 |
24% |
(4)% |
19,212 |
18,229 |
5% |
|
Minas-Rio sales volumes |
|
|
|
|
|
|
|
|
|
|
|
Export - pellet feed |
6,048 |
7,298 |
5,702 |
7,219 |
5,015 |
21% |
(17)% |
19,048 |
17,276 |
10% |
(1) Total premium iron ore is the sum of Kumba and Minas-Rio and reported in wet metric tonnes. Kumba product is shipped with ~1.5% moisture and Minas-Rio product is shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's stand-alone results due to sales to other Group companies.
Manganese
|
Manganese (tonnes) |
Q3 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q2 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Manganese ore(1) |
1,031,400 |
972,800 |
6% |
908,300 |
14% |
2,698,800 |
2,066,800 |
31% |
(1) Anglo American's 40% attributable share of saleable production.
Manganese ore production increased by 6% to 1,031,400 tonnes, reflecting increased operating levels at the Australian operations, supported by higher throughput, ore availability and recoveries. In South Africa, improved productivity and operating improvements supported production during the quarter.
|
Manganese (tonnes)(1) |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2026 |
2026 |
2025 |
2025 |
2026 |
2025 |
||||
|
Production |
|
|
|
|
|
|
|
|
|
|
|
Manganese ore |
1,031,400 |
908,300 |
759,100 |
908,500 |
972,800 |
6% |
14% |
2,698,800 |
2,066,800 |
31% |
|
Sales volumes |
|
|
|
|
|
|
|
|
|
|
|
Manganese ore |
911,000 |
1,043,700 |
946,000 |
976,500 |
1,030,000 |
(12)% |
(13)% |
2,900,700 |
1,937,200 |
50% |
(1) Anglo American's 40% attributable share of saleable production and sales.
De Beers - Diamonds
|
Diamonds(1) (000 carats) |
Q3 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q2 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Botswana |
4,830 |
6,030 |
(20)% |
5,488 |
(12)% |
15,132 |
13,253 |
14% |
|
Namibia |
495 |
457 |
8% |
531 |
(7)% |
1,582 |
1,623 |
(3)% |
|
South Africa |
418 |
659 |
(37)% |
734 |
(43)% |
1,892 |
1,734 |
9% |
|
Canada |
1,064 |
511 |
108% |
1,028 |
4% |
3,115 |
1,261 |
147% |
|
Total carats recovered |
6,807 |
7,657 |
(11)% |
7,781 |
(13)% |
21,721 |
17,871 |
22% |
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. Gahcho Kué production will be reported on a 100% basis from the Q4 2026 Production Report.
Operational Performance
Rough diamond production was 11% lower at 6.8 million carats, primarily driven by planned plant maintenance at Orapa in Botswana and a slowdown at Venetia in South Africa ahead of a planned two-year production pause.
In Botswana, production decreased to 4.8 million carats, as a result of the planned plant maintenance at Orapa. Planned plant maintenance at Jwaneng in Q4 2026 is expected to substantially decrease production levels from Q3 2026 rates.
In Namibia, production remained stable at 0.5 million carats.
In South Africa, production decreased to 0.4 million carats, as Venetia ramped down production and processing ahead of its production pause. While activities to support the production pause will continue into early 2027, no further carat production is expected in 2026.
In Canada, production increased to 1.1 million carats, due to the planned processing of higher-grade ore at Gahcho Kué. As of 16 October 2026, De Beers has assumed full ownership of the Gahcho Kué mine following the enforcement of security over Mountain Province Diamonds' 49% interest in the joint operation. As a result, De Beers will in future report 100% of Gahcho Kué mine production and sales rather than 51%. Whilst this does not impact global supply, this will result in an increase in De Beers' reported attributable production.
Trading Performance
Rough diamond trading conditions showed signs of stability during the third quarter, reflecting a more balanced supply-demand landscape and improved consumer demand across the US and India. Synthetic lab-grown diamonds continued to affect demand for lower-value natural diamonds, adding pressure in more price-sensitive categories.
The YTD consolidated average realised price declined by 37% to $97/carat, as a result of an 18% decrease in the average rough price index and the return to a more balanced sales mix (a higher proportion of higher value goods were sold in the comparative period).
Rough diamond sales in Q3 2026 totalled 9.8 million carats (8.7 million carats on a consolidated basis)(1) from two Sights, generating consolidated rough diamond sales revenue of $731 million. This compares with two Sights in Q3 2025 of 5.7 million carats (4.6 million carats on a consolidated basis)(1), generating $700 million of consolidated rough diamond sales revenue.
2026 Guidance
Production(2) guidance for 2026 is revised to 25-28 million carats (100% basis) (previously 21-26 million carats), reflecting De Beers assuming full ownership of the Gahcho Kué mine. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand.
Unit cost guidance for 2026 is revised to c.$70/carat(3) (previously c.$80/carat), reflecting the increased contribution from Gahcho Kué, the impact of the Venetia production pause and ongoing cost control across all operations.
(1) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. Gahcho Kué production will be reported on a 100% basis from the Q4 2026 Production Report.
(3) FX rate assumption for 2026 unit costs of c.16.50 ZAR:USD.
|
Diamonds(1) |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2026 |
2026 |
2025 |
2025 |
2026 |
2025 |
||||
|
Carats recovered (000 carats) |
|
|
|
|
|
|
|
|
|
|
|
100% basis (unless stated) |
|
|
|
|
|
|
|
|
|
|
|
Jwaneng |
2,978 |
2,789 |
2,232 |
- |
3,151 |
(5)% |
7% |
7,999 |
7,259 |
10% |
|
Orapa(2) |
1,852 |
2,699 |
2,582 |
1,881 |
2,879 |
(36)% |
(31)% |
7,133 |
5,994 |
19% |
|
Total Botswana |
4,830 |
5,488 |
4,814 |
1,881 |
6,030 |
(20)% |
(12)% |
15,132 |
13,253 |
14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debmarine Namibia |
366 |
370 |
354 |
286 |
303 |
21% |
(1)% |
1,090 |
1,149 |
(5)% |
|
Namdeb (land operations) |
129 |
161 |
202 |
173 |
154 |
(16)% |
(20)% |
492 |
474 |
4% |
|
Total Namibia |
495 |
531 |
556 |
459 |
457 |
8% |
(7)% |
1,582 |
1,623 |
(3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Venetia |
418 |
734 |
740 |
496 |
659 |
(37)% |
(43)% |
1,892 |
1,734 |
9% |
|
Total South Africa |
418 |
734 |
740 |
496 |
659 |
(37)% |
(43)% |
1,892 |
1,734 |
9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gahcho Kué (51% basis) |
1,064 |
1,028 |
1,023 |
949 |
511 |
108% |
4% |
3,115 |
1,261 |
147% |
|
Total Canada |
1,064 |
1,028 |
1,023 |
949 |
511 |
108% |
4% |
3,115 |
1,261 |
147% |
|
Total carats recovered |
6,807 |
7,781 |
7,133 |
3,785 |
7,657 |
(11)% |
(13)% |
21,721 |
17,871 |
22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales volume (100%) (000 carats)(3) |
9,767 |
7,061 |
7,723 |
5,941 |
5,715 |
71% |
38% |
24,551 |
17,985 |
37% |
|
Consolidated sales volume (000 carats)(3) |
8,713 |
6,038 |
6,408 |
5,383 |
4,558 |
91% |
44% |
21,159 |
15,563 |
36% |
|
Consolidated rough diamond sales value ($m)(4) |
731 |
665 |
648 |
571 |
700 |
4% |
10% |
2,044 |
2,405 |
(15)% |
|
Average price ($/ct)(5) |
84 |
110 |
101 |
106 |
154 |
(45)% |
(24)% |
97 |
155 |
(37)% |
|
Average price index(6) |
65 |
69 |
68 |
74 |
81 |
(20)% |
(6)% |
67 |
82 |
(18)% |
|
Number of Sights |
2 |
3 |
2 |
3 |
2 |
|
|
7 |
7 |
|
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. Gahcho Kué production will be reported on a 100% basis from the Q4 2026 Production Report.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa. Letlhakane was placed on care and maintenance in March 2025, and Damtshaa has been on care and maintenance since 2021.
(3) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(4) Consolidated rough diamond sales value includes De Beers Group's 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and the Namibia Diamond Trading Company.
(5) Consolidated average realised price based on 100% selling value post-aggregation.
(6) Average of the De Beers price index for the Sights within the period. The 2025 indices have been restated to include the effect of the stock rebalancing actions. The De Beers price index is relative to 100 as at December 2006.
Steelmaking Coal
|
Steelmaking coal(1) (000 t) |
Q3 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q2 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Steelmaking coal |
2,875 |
1,884 |
53% |
2,032 |
41% |
6,452 |
6,179 |
4% |
(1) Anglo American's attributable share of saleable production. Steelmaking coal production volumes may include some product sold as thermal coal and includes production relating to third-party product purchased and processed at Anglo American's operations.
Steelmaking coal production increased by 53% to 2.9 million tonnes, primarily due to the ramp-up of longwall production at Moranbah North following the incident in March 2025. Production at the Aquila underground and Capcoal open cut operations was slightly higher than Q3 2025, while production at Dawson open cut operation was in line with the comparative period.
Across the portfolio, the ratio of hard coking coal production to PCI/semi-soft coking coal was 80:20 during the quarter, in line with Q3 2025 (81:19).
The YTD 2026 average realised price for hard coking coal was $207/tonne, compared to the benchmark price of $241/tonne. This reflects a price realisation of 86% (YTD 2025: 88%) which is broadly in line with the comparative period.
As previously announced, Anglo American has entered into a definitive agreement to sell its remaining portfolio of Steelmaking Coal assets in Australia to Dhilmar Limited, subject to relevant approvals, for up to $3.875 billion in cash, with the transaction expected to complete by the first quarter of 2027.
|
Coal, by product (000 t)(1) |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2026 |
2026 |
2025 |
2025 |
2026 |
2025 |
||||
|
Production volumes(2)(3) |
|
|
|
|
|
|
|
|
|
|
|
Steelmaking coal |
2,875 |
2,032 |
1,545 |
2,064 |
1,884 |
53% |
41% |
6,452 |
6,179 |
4% |
|
Hard coking coal(2) |
2,302 |
1,559 |
1,222 |
1,703 |
1,524 |
51% |
48% |
5,083 |
5,030 |
1% |
|
PCI / SSCC |
573 |
473 |
323 |
361 |
360 |
59% |
21% |
1,369 |
1,149 |
19% |
|
Thermal coal |
452 |
276 |
305 |
413 |
269 |
68% |
64% |
1,033 |
812 |
27% |
|
Sales volumes(2)(3) |
|
|
|
|
|
|
|
|
|
|
|
Steelmaking coal |
2,913 |
1,923 |
1,471 |
2,231 |
1,816 |
60% |
51% |
6,307 |
5,653 |
12% |
|
Hard coking coal(2) |
2,444 |
1,409 |
1,238 |
1,761 |
1,498 |
63% |
73% |
5,091 |
4,503 |
13% |
|
PCI / SSCC |
469 |
514 |
233 |
470 |
318 |
47% |
(9)% |
1,216 |
1,150 |
6% |
|
Export thermal coal(3) |
336 |
253 |
287 |
310 |
361 |
(7)% |
33% |
876 |
1,168 |
(25)% |
|
|
||||||||||
|
Steelmaking coal, by operation (000 t)(1) |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2026 |
2026 |
2025 |
2025 |
2026 |
2025 |
||||
|
Steelmaking coal(2)(3) |
2,875 |
2,032 |
1,545 |
2,064 |
1,884 |
53% |
41% |
6,452 |
6,179 |
4% |
|
Moranbah North(2) |
1,119 |
459 |
195 |
173 |
177 |
532% |
144% |
1,773 |
845 |
110% |
|
Grosvenor |
- |
- |
- |
- |
- |
n/a |
n/a |
- |
- |
n/a |
|
Aquila (incl. Capcoal)(2) |
1,034 |
1,060 |
1,071 |
1,338 |
970 |
7% |
(2)% |
3,165 |
3,348 |
(5)% |
|
Dawson |
722 |
513 |
279 |
553 |
737 |
(2)% |
41% |
1,514 |
1,986 |
(24)% |
(1) Anglo American's attributable share of saleable production.
(2) Includes production relating to third-party product purchased and processed at Anglo American's operations.
(3) Steelmaking coal production volumes may include some product sold as thermal coal. Export thermal coal sales excludes domestic thermal coal sales of 0.1Mt in Q3 2026, 0.1Mt in Q2 2026 and 0.1Mt in Q1 2026.
Nickel
|
Nickel (tonnes) |
Q3 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q2 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Nickel |
10,400 |
10,100 |
3% |
9,100 |
14% |
28,600 |
29,400 |
(3)% |
Nickel production increased by 3% to 10,400 tonnes, benefiting from higher plant availability at Barro Alto as the planned shutdown was brought forward to the second quarter in 2026.
As previously announced, Anglo American has entered into a definitive agreement to sell the Nickel business to MMG Singapore Resources Pte. Ltd, and we continue to work through the European Commission's regulatory approval process.
|
Nickel (tonnes) |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
YTD |
YTD |
YTD 2026 vs. YTD 2025 |
|
2026 |
2026 |
2026 |
2025 |
2025 |
2026 |
2025 |
||||
|
Barro Alto |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
846,300 |
985,900 |
333,900 |
433,500 |
934,500 |
(9)% |
(14)% |
2,166,100 |
2,259,000 |
(4)% |
|
Ore processed |
642,600 |
575,100 |
600,400 |
618,900 |
610,700 |
5% |
12% |
1,818,100 |
1,850,900 |
(2)% |
|
Ore grade processed - %Ni |
1.49 |
1.47 |
1.41 |
1.50 |
1.51 |
(1)% |
1% |
1.44 |
1.45 |
(1)% |
|
Production |
8,600 |
7,300 |
7,500 |
8,400 |
8,200 |
5% |
18% |
23,400 |
24,000 |
(3)% |
|
Codemin |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
2,500 |
- |
- |
- |
- |
n/a |
n/a |
2,500 |
1,400 |
79% |
|
Ore processed |
114,700 |
115,200 |
113,900 |
127,900 |
134,800 |
(15)% |
0% |
343,800 |
402,700 |
(15)% |
|
Ore grade processed - %Ni |
1.47 |
1.43 |
1.41 |
1.45 |
1.46 |
1% |
3% |
1.42 |
1.42 |
0% |
|
Production |
1,800 |
1,800 |
1,600 |
1,900 |
1,900 |
(5)% |
0% |
5,200 |
5,400 |
(4)% |
|
Total nickel production |
10,400 |
9,100 |
9,100 |
10,300 |
10,100 |
3% |
14% |
28,600 |
29,400 |
(3)% |
|
Sales volumes |
9,200 |
9,100 |
9,900 |
11,800 |
8,600 |
7% |
1% |
28,200 |
28,400 |
(1)% |
Notes
• This Production Report for the third quarter ended 30 September 2026 is unaudited.
• Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
• Please refer to page 16 for information on forward-looking statements.
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.
For further information, please contact:
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Media |
Investors |
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UK James Wyatt-Tilby james.wyatt-tilby@angloamerican.com Tel: +44 (0)20 7968 8759
Marcelo Esquivel marcelo.esquivel@angloamerican.com Tel: +44 (0)20 7968 8891
Rebecca Meeson-Frizelle rebecca.meeson-frizelle@angloamerican.com Tel: +44 (0)20 7968 1374
South Africa Nevashnee Naicker nevashnee.naicker@angloamerican.com Tel: +27 (0)11 638 3189
Ernest Mulibana ernest.mulibana@angloamerican.com Tel: +27 (0)82 263 7372
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UK Tyler Broda tyler.broda@angloamerican.com Tel: +44 (0)20 7968 1470
Emma den Hollander emma.denhollander@angloamerican.com Tel: +44 (0)20 7968 1452
Wade Haggarty wade.haggarty@angloamerican.com Tel: +44 (0)20 7968 1464
Nathan Morgan nathan.morgan@angloamerican.com Tel: +44 (0)20 7968 2154
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Notes:
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.
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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