Wrap Text
Production Report for the second quarter ended 30 June 2026
Anglo American plc
Registered office: 17 Charterhouse Street London EC1N 6RA United Kingdom
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GB00BTK05J60
JSE Share Code: AGL
NSX Share Code: ANM
("the Company")
23 July 2026
Production Report for the second quarter ended 30 June 2026
Duncan Wanblad, CEO of Anglo American, said: "We have delivered another strong quarter across both Copper and
Premium Iron Ore, with performance tracking well to plan. In Copper, both Collahuasi and Quellaveco increased
production from the first quarter, while the restart of the second plant at Los Bronces continues to provide incremental
profitable production. In Premium Iron Ore, Kumba and Minas-Rio maintained stable operational performances. As the
conflict in the Middle East continues to cause global market volatility, we are beginning to see some inflationary pressures
primarily through higher fuel and other mining consumables. Our supply chain is actively managing these input costs and
we have benefited from strong by-product credits in Copper in the first half of the year. This and strong cost control has
driven a reduction in our unit cost guidance for Copper Chile to c.210 c/lb (previously c.230 c/lb) and Copper Peru to
c.65 c/lb (previously c.100 c/lb).
"Our portfolio optimisation gained further momentum during the quarter. In May we announced an agreement to sell our
Steelmaking Coal business in Australia to Dhilmar for up to $3.875 billion in cash, with completion expected by the first
quarter of 2027. We are also progressing the sale process for De Beers, while concurrently advancing streamlining
opportunities to improve cost performance and reduce capital expenditure to minimise the impact from challenging
diamond markets. For the agreed sale of our Nickel business, we are continuing to work through the European
Commission's anti-trust approval process.
"Our merger with Teck is on track to form a copper-focused global metals and minerals champion, with the expected
completion window of September 2026 to March 2027 unchanged. We continue to progress towards completion, with
anti-trust approval from China the final outstanding regulatory milestone. While both companies will operate entirely
separately until completion, integration planning is well advanced, focused on ensuring that once the transaction closes
we will be well positioned to begin the work to realise the material value and synergies we have identified from Anglo Teck."
Q2 2026 overview
Production Q2 2026 Q2 2025 % vs. Q2 2025 Q1 2026 % vs. Q1 2026
Simplified portfolio
Copper (kt)(1) 173 173 0% 170 2%
Premium iron ore (Mt)(2) 15.4 15.9 (3)% 15.2 1%
Manganese ore (kt)(3) 908 746 22% 759 20%
Exiting businesses
Diamonds (Mct)(4) 7.8 4.1 88% 7.1 9%
Steelmaking coal (Mt) 2.0 2.1 (1)% 1.5 32%
Nickel (kt) 9.1 9.5 (4)% 9.1 0%
(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 Kue joint operation which is on an attributable 51% basis.
- Copper production was flat at 173,200 tonnes, primarily due to higher throughput at Los Bronces, offset by processing
lower-grade stockpile ore at Collahuasi and the anticipated lower grades at Quellaveco.
- Premium iron ore production decreased by 3% to 15.4 million tonnes, primarily due to planned plant maintenance at
Kumba and the impact of lower ore grade and mass recovery at Minas-Rio.
- Manganese ore production increased by 22% to 908,300 tonnes, reflecting higher operating levels following the
impacts of a tropical cyclone in Australia which affected the comparative period.
- Rough diamond production increased by 88% to 7.8 million carats, primarily driven by extended maintenance at Orapa
which affected the comparative quarter and planned higher-grade ore at both Jwaneng and Gahcho Kue.
- Steelmaking coal production was broadly flat at 2.0 million tonnes, primarily driven by expected difficult strata
conditions at Aquila offset by the ramp-up of Moranbah North.
- Nickel production decreased by 4% to 9,100 tonnes, reflecting maintenance at Barro Alto and Codemin.
- Production and unit cost guidance remains unchanged for 2026, except for lower Copper Chile unit costs of c.210 c/lb
(previously c.230 c/lb) and Copper Peru unit costs of c.65 c/lb (previously c.100 c/lb). Overall, Copper unit cost
guidance is revised lower to c.145 c/lb (previously c.172 c/lb).
Production and unit cost guidance for 2026(1)
2026 production guidance 2026 unit cost guidance(2)
Simplified portfolio (reaffirmed)
Copper(3) 700-760 kt c.145 c/lb
(previously c.172 c/lb)
Chile 390-420 kt c.210 c/lb
(previously c.230 c/lb)
Peru 310-340 kt c.65 c/lb
(previously c.100 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) 21-26 Mct c.$80/carat
(1) Production guidance is not provided for discontinued operations.
(2) Unit costs exclude royalties, depreciation and include direct support costs only. FX rates used for 2026 unit costs: c.900 CLP:USD, c.3.4 PEN:USD,
c.5.2 BRL:USD, c.16.50 ZAR:USD (previously c.860 CLP:USD, c.3.2 PEN:USD, c.5.3 BRL:USD, c.16.00 ZAR:USD).
(3) On a contained metal basis. Copper Chile production continues to be weighted to the second half of 2026 and is subject to water availability.
Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade profile. Unit cost total reflects a
weighted average using the mid-point of production guidance. The copper unit costs are impacted by FX rates, pricing of by-products, such as
molybdenum, and treatment and refining costs (TC/RCs).
(4) Wet basis. Kumba production remains weighted to the first half of 2026 reflecting the tie-in of the UHDMS project which is planned in the second half
of the year, with sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance is subject to third-party rail
and port availability and performance. Unit cost total reflects a weighted average using the mid-point of production guidance.
(5) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis. De Beers continues to monitor rough
diamond trading conditions in order to align output with prevailing demand. Unit cost is based on De Beers' proportionate consolidated share of
costs and associated production.
Realised prices
H1 2026 H1 2025 H1 2026 vs. H1 2025
Simplified portfolio
Copper (USc/lb)(1) 608 436 39%
Copper Chile (USc/lb)(2) 608 444 37%
Copper Peru (USc/lb) 608 427 42%
Premium iron ore - FOB prices(3) 87 89 (2)%
Kumba Export (US$/wmt)(4) 90 91 (1)%
Minas-Rio (US$/wmt)(5) 82 86 (5)%
Exiting businesses
Diamonds
Consolidated average realised price (US$/ct)(6) 105 155 (32)%
Average price index(7) 69 82 (16)%
Steelmaking coal - HCC (US$/t)(8) 201 172 17%
Steelmaking coal - PCI (US$/t)(8) 157 132 19%
Nickel (US$/lb)(9) 6.89 6.28 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 $91/t
(H1 2025: $93/t), higher than the dry 62% Fe benchmark price of $84/t (FOB South Africa, adjusted for freight).
(5) Average realised export basket price (FOB Acu) (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 H1 2026 increased by 15% to $109/t (H1 2025: $95/t).
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Preliminary H1 2026 financial notes
Underlying EBITDA from De Beers and Steelmaking Coal is expected to be negative in H1 2026.
For more information on Anglo American's announcements since our previous production report, please find links to our announcements below:
https://www.angloamerican.com/media/press-releases/2026
Copper
Copper(1) (tonnes) Q2 Q2 Q2 2026 vs. Q1 Q2 2026 vs. H1 H1 H1 2026 vs.
2026 2025 Q2 2025 2026 Q1 2026 2026 2025 H1 2025
Copper 173,200 173,300 0% 170,400 2% 343,600 342,200 0%
Copper Chile 98,200 96,600 2% 97,000 1% 195,200 185,600 5%
Copper Peru 75,000 76,700 (2)% 73,400 2% 148,400 156,600 (5)%
(1) Copper production shown on a contained metal basis.
Copper production for the second quarter of 2026 continues to track to plan and is in line with the comparative period at
173,200 tonnes, reflecting higher production from Chile, offset by anticipated lower production from Peru.
Chile - Copper production of 98,200 tonnes was 2% higher than the comparative period, reflecting higher throughput at
Los Bronces, partially offset by lower production from Collahuasi due to lower ore grades.
Production from Los Bronces increased by 25% to 46,000 tonnes following the restart of the second plant at the
beginning of the year and sustained recovery in plant performance and mine compliance. Continued mining flexibility at
Donoso 2 largely enabled an 11% increase in ore mined which offset the impact of lower ore grades (0.48% vs 0.50%).
At Collahuasi, Anglo American's attributable share of copper production decreased by 11% to 42,600 tonnes, reflecting
lower grades (0.80% vs 0.96%) associated with processing lower-grade stockpile ore. This was partially offset by higher
throughput, while recovery remained broadly in line with the comparative period (76.0% vs 77.5%). 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. Higher 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 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.
Production from El Soldado decreased by 17% to 9,600 tonnes due to lower throughput and planned lower ore grade
(0.81% vs 0.84%) as the mine transitions between phases.
The H1 2026 average realised price for Copper Chile was 608 c/lb as compared to the average LME price of 593c/lb,
benefiting from provisional pricing adjustments.
Peru - Quellaveco continued to deliver stable mining and processing performance, resulting in higher throughput and
recoveries (86.3% vs 81.5%). Production of 75,000 tonnes was 2% lower than the comparative period, reflecting the
impact of anticipated lower ore grades (0.64% vs 0.73%). In line with the expected grade profile, production remains
weighted to the second half of 2026, and the full year grade is expected to be similar to 2025.
The H1 2026 average realised price for Copper Peru was 608 c/lb as compared to the average LME price of 593 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.145 c/lb(1) (previously c.172 c/lb). The Chile unit cost of c.210 c/lb(1)
(previously c.230 c/lb) and Peru unit cost of c.65 c/lb(1) (previously c.100 c/lb) are expected to be lower as they benefit
from higher by-product credits and favourable FX movements.
(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 (previously c.860 CLP:USD for Chile and c.3.2 PEN:USD for Peru).
Q2 Q1 Q4 Q3 Q2 Q2 2026 Q2 2026 H1 H1 H1 2026
Copper (tonnes) vs. vs. vs.
2026 2026 2025 2025 2025 Q2 2025 Q1 2026 2026 2025 H1 2025
Total copper production 173,200 170,400 169,500 183,500 173,300 0% 2% 343,600 342,200 0%
Total copper sales volumes 163,800 166,500 174,600 185,700 171,300 (4)% (2)% 330,300 344,600 (4)%
Copper Chile
Los Bronces mine(1)
Ore mined 10,269,900 11,403,400 9,215,600 9,684,700 9,271,800 11% (10)% 21,673,300 18,670,300 16%
Ore processed - Sulphide 9,857,900 9,935,800 8,447,000 8,291,400 7,134,800 38% (1)% 19,793,700 14,713,200 35%
Ore grade processed -
Sulphide (% TCu)(2) 0.48 0.49 0.52 0.50 0.50 (4)% (2)% 0.48 0.54 (11)%
Recovery (%) 87.4 88.1 85.9 87.5 88.8 (2)% (1)% 87.8 88.2 0%
Production - Copper in
concentrate 41,000 43,000 37,900 36,500 31,900 29% (5)% 84,000 69,700 21%
Production - Copper cathode 5,000 5,500 4,600 5,300 5,000 0% (9)% 10,500 10,600 (1)%
Total production 46,000 48,500 42,500 41,800 36,900 25% (5)% 94,500 80,300 18%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 15,630,100 13,754,200 15,017,700 12,586,600 9,858,100 59% 14% 29,384,300 18,994,500 55%
Ore processed - Sulphide 15,916,900 16,037,100 17,118,700 15,513,900 14,610,300 9% (1)% 31,954,000 28,695,100 11%
Ore grade processed -
Sulphide (% TCu)(2) 0.80 0.77 0.87 0.92 0.96 (17)% 4% 0.78 0.91 (14)%
Recovery (%) 76.0 71.8 71.6 75.2 77.5 (2)% 6% 74.0 72.3 2%
Anglo American's 44% share of
copper production for Collahuasi 42,600 38,800 47,000 47,400 48,100 (11)% 10% 81,400 83,400 (2)%
El Soldado mine(1)
Ore mined 269,700 500,900 928,800 1,193,500 1,140,400 (76)% (46)% 770,600 2,635,800 (71)%
Ore processed - Sulphide 1,469,500 1,555,600 1,668,300 1,636,700 1,714,600 (14)% (6)% 3,025,100 3,169,000 (5)%
Ore grade processed -
Sulphide (% TCu)(2) 0.81 0.78 0.72 0.84 0.84 (4)% 4% 0.79 0.88 (10)%
Recovery (%) 80.4 79.9 80.6 79.9 81.0 (1)% 1% 80.1 78.9 2%
Production - Copper in
concentrate 9,600 9,700 9,700 11,000 11,600 (17)% (1)% 19,300 21,900 (12)%
Chagres smelter(1)
Ore smelted(3) 26,400 27,700 25,300 28,600 27,800 (5)% (5)% 54,100 50,900 6%
Production 25,700 26,300 24,600 27,800 27,500 (7)% (2)% 52,000 49,500 5%
Total copper production(4) 98,200 97,000 99,200 100,200 96,600 2% 1% 195,200 185,600 5%
Total payable copper production 94,100 93,100 95,300 96,000 92,700 2% 1% 187,200 178,100 5%
Total copper sales volumes 93,500 92,100 106,800 96,500 98,300 (5)% 2% 185,600 191,600 (3)%
Total payable sales volumes 89,500 88,300 102,300 92,600 94,000 (5)% 1% 177,800 183,500 (3)%
Third-party sales(5) 129,600 90,500 107,700 159,100 106,600 22% 43% 220,100 175,400 25%
Copper Peru
Quellaveco mine(6)
Ore mined 13,588,700 12,075,200 10,850,700 11,932,000 11,131,500 22% 13% 25,663,900 22,586,200 14%
Ore processed - Sulphide 13,616,300 12,555,200 12,820,000 13,018,400 12,884,900 6% 8% 26,171,500 25,350,100 3%
Ore grade processed -
Sulphide (% TCu)(2) 0.64 0.68 0.66 0.76 0.73 (12)% (6)% 0.66 0.77 (14)%
Recovery (%) 86.3 85.5 83.1 83.8 81.5 6% 1% 85.9 80.8 6%
Total copper production 75,000 73,400 70,300 83,300 76,700 (2)% 2% 148,400 156,600 (5)%
Total payable copper production 72,500 70,900 67,900 80,500 74,100 (2)% 2% 143,500 151,400 (5)%
Total copper sales volumes 70,300 74,400 67,800 89,200 73,000 (4)% (6)% 144,700 153,000 (5)%
Total payable sales volumes 67,600 71,600 65,300 85,800 70,300 (4)% (6)% 139,300 147,400 (5)%
(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) Q2 Q2 Q2 2026 vs. Q1 Q2 2026 vs. H1 H1 H1 2026 vs.
2026 2025 Q2 2025 2026 Q1 2026 2026 2025 H1 2025
Premium iron ore 15,392 15,936 (3)% 15,208 1% 30,600 31,381 (2)%
Kumba - South Africa(1) 8,844 9,257 (4)% 8,842 0% 17,686 18,247 (3)%
Minas-Rio - Brazil(2) 6,548 6,679 (2)% 6,366 3% 12,914 13,134 (2)%
(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 15.4 million tonnes was 3% lower than the comparative period, due to lower production
from both Kumba and Minas-Rio.
Kumba - Total production decreased by 4% to 8.8 million tonnes primarily driven by a 16% decrease in Kolomela's
production to 2.4 million tonnes, due to a planned plant maintenance shutdown which occurred in line with the scheduled
rail maintenance. This was partly offset by a 1% increase in Sishen's production to 6.5 million tonnes due to improved
plant feedstock and increased plant availability despite challenging conditions with the heaviest rainfall in many
decades experienced during the second quarter.
Total sales decreased by 4% to 9.4 million tonnes(1) due to the 10-day third-party logistics maintenance shutdown in May.
Total finished stock decreased to 7.0 million tonnes(1), compared to Q1 2026 (7.3 million tonnes). Stock at the mines was
4.8 million tonnes (Q1 2026: 4.7 million tonnes), with stock at the port at 2.2 million tonnes (Q1 2026: 2.6 million tonnes).
For the year to date, Kumba's iron (Fe) content averaged 63.6% (H1 2025: 64.1%), while the average lump:fines ratio
was 66:34 (H1 2025: 67:33).
The H1 2026 average realised price of $90/tonne(1) (FOB South Africa, wet basis) was 8% higher than the Fastmarkets
62% Fe benchmark price of $83/tonne (FOB South Africa, adjusted for freight and moisture), primarily reflecting the
benefit of premiums for our lump product and high Fe content.
Minas-Rio - Production was down by 2% to 6.5 million tonnes compared to the comparative period, reflecting the impact
of the lower ore grade and mass recovery, partially offset by improved plant performance supported by increased
stability in the ore feed.
The H1 2026 average realised price of $82/tonne (FOB Brazil, wet basis) was 1% higher than the Fastmarkets 65% Fe
benchmark price of $81/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 from the conflict in the Middle East and provisionally
priced sales volumes.
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
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. 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 H1 2025, total finished stock was 7.4 million tonnes; stock at the mines was 6.4 million tonnes and stock
at the port was 1.0 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 (previously c.16.00 ZAR:USD for Kumba
and c.5.3 BRL:USD for Minas-Rio).
Premium iron ore (000 t) Q2 Q1 Q4 Q3 Q2 Q2 2026 vs. Q2 2026 vs. H1 H1 H1 2026 vs.
2026 2026 2025 2025 2025 Q2 2025 Q1 2026 2026 2025 H1 2025
Premium iron ore production(1) 15,392 15,208 15,113 14,342 15,936 (3)% 1% 30,600 31,381 (2)%
Premium iron ore sales(1) 16,716 14,842 16,166 14,407 16,406 2% 13% 31,558 30,970 2%
Kumba production 8,844 8,842 8,590 9,247 9,257 (4)% 0% 17,686 18,247 (3)%
Sishen 6,479 6,257 6,560 6,347 6,427 1% 4% 12,736 12,382 3%
Kolomela 2,365 2,585 2,030 2,900 2,830 (16)% (9)% 4,950 5,865 (16)%
Kumba sales volumes(2) 9,418 9,140 8,947 9,392 9,770 (4)% 3% 18,558 18,709 (1)%
Lump(2) 6,246 5,961 6,139 6,133 6,463 (3)% 5% 12,207 12,500 (2)%
Fines(2) 3,172 3,179 2,808 3,259 3,307 (4)% 0% 6,351 6,209 2%
Minas-Rio production
Pellet feed 6,548 6,366 6,523 5,095 6,679 (2)% 3% 12,914 13,134 (2)%
Minas-Rio sales volumes
Export - pellet feed 7,298 5,702 7,219 5,015 6,636 10% 28% 13,000 12,261 6%
(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) Q2 Q2 Q2 2026 vs. Q1 Q2 2026 vs. H1 H1 H1 2026 vs.
2026 2025 Q2 2025 2026 Q1 2026 2026 2025 H1 2025
Manganese ore(1) 908,300 745,600 22% 759,100 20% 1,667,400 1,094,000 52%
(1) Anglo American's 40% attributable share of saleable production and sales.
Manganese ore production increased by 22% to 908,300 tonnes, 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 current quarter 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 through the
quarter, partially offsetting these challenges.
Manganese (tonnes)(1) Q2 Q1 Q4 Q3 Q2 Q2 2026 vs. Q2 2026 vs. H1 H1 H1 2026 vs.
2026 2026 2025 2025 2025 Q2 2025 Q1 2026 2026 2025 H1 2025
Production
Manganese ore 908,300 759,100 908,500 972,800 745,600 22% 20% 1,667,400 1,094,000 52%
Sales volumes
Manganese ore 1,043,700 946,000 976,500 1,030,000 608,800 71% 10% 1,989,700 907,200 119%
(1) Anglo American's 40% attributable share of saleable production and sales.
De Beers - Diamonds
Diamonds(1) (000 carats) Q2 Q2 Q2 2026 vs. Q1 Q2 2026 vs. H1 H1 H1 2026 vs.
2026 2025 Q2 2025 2026 Q1 2026 2026 2025 H1 2025
Botswana 5,488 2,651 107% 4,814 14% 10,302 7,223 43%
Namibia 531 535 (1)% 556 (4)% 1,087 1,166 (7)%
South Africa 734 592 24% 740 (1)% 1,474 1,075 37%
Canada 1,028 361 185% 1,023 0% 2,051 750 173%
Total carats recovered 7,781 4,139 88% 7,133 9% 14,914 10,214 46%
(1) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
Operational Performance
Rough diamond production was 88% higher at 7.8 million carats, reflecting the impact of the extended maintenance
shutdown in the comparative period at Orapa in Botswana, as well as the planned mining of higher-grade ore at both
Jwaneng in Botswana and Gahcho Kue in Canada. Planned plant maintenance at Orapa and Jwaneng during the
second half of the year is expected to substantially decrease production levels from current rates.
In Botswana, production increased to 5.5 million carats, due to the impact of the extended maintenance at Orapa in the
comparative period as well as the planned mining of higher-grade ore at Jwaneng to optimise plant throughput.
Production in Namibia was broadly unchanged at 0.5 million carats. The retirement of the Coral Sea vessel in the
comparative period and planned maintenance of the Mafuta vessel at Debmarine Namibia were largely offset by the
planned mining of higher-grade areas at Namdeb.
In South Africa, production at Venetia increased to 0.7 million carats, largely as a result of processing higher volumes of
underground ore. As announced by De Beers on 13 July 2026, a pause in production at Venetia is proposed to start in the
second half of the year.
In Canada, production increased to 1.0 million carats, as Gahcho Kue benefited from the planned processing of higher-
grade ore from the new mining area.
Trading Performance
Rough diamond trading conditions remained challenging in the first half of 2026. The geopolitical and macroeconomic
landscape remains uncertain, with the onset of the conflict in the Middle East adding to economic and consumer
confidence risks. Synthetic lab-grown diamonds also continued to affect demand for lower value natural diamonds
adding pressure in more price-sensitive categories. However, stronger pricing for higher value goods supported a stable
overall average price index throughout the period.
The H1 2026 consolidated average realised price declined by 32% to $105/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 price
index (which is now reported including the impact of the stock rebalancing actions taken throughout 2025).
Rough diamond sales in Q2 2026 totalled 7.1 million carats (6.0 million carats on a consolidated basis)(1) from three
Sights, generating consolidated rough diamond sales revenue of $665 million. This compares with three Sights in Q2
2025 of 7.6 million carats (6.8 million carats on a consolidated basis)(1), generating $1.2 billion of consolidated rough
diamond sales revenue.
2026 Guidance
Production(2) guidance for 2026 is unchanged at 21-26 million carats (100% basis), 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 is unchanged at c.$80/carat(3).
(1) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
(3) FX rate assumption for 2026 unit costs of c.16.50 ZAR:USD (previously c.16.00 ZAR:USD).
Q2 Q1 Q4 Q3 Q2 Q2 2026 Q2 2026 H1 H1 H1 2026
Diamonds(1) vs. vs. vs.
2026 2026 2025 2025 2025 Q2 2025 Q1 2026 2026 2025 H1 2025
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 2,789 2,232 0 3,151 1,859 50% 25% 5,021 4,108 22%
Orapa(2) 2,699 2,582 1,881 2,879 792 241% 5% 5,281 3,115 70%
Total Botswana 5,488 4,814 1,881 6,030 2,651 107% 14% 10,302 7,223 43%
Debmarine Namibia 370 354 286 303 385 (4)% 5% 724 846 (14)%
Namdeb (land operations) 161 202 173 154 150 7% (20)% 363 320 13%
Total Namibia 531 556 459 457 535 (1)% (4)% 1,087 1,166 (7)%
Venetia 734 740 496 659 592 24% (1)% 1,474 1,075 37%
Total South Africa 734 740 496 659 592 24% (1)% 1,474 1,075 37%
Gahcho Kue (51% basis) 1,028 1,023 949 511 361 185% 0% 2,051 750 173%
Total Canada 1,028 1,023 949 511 361 185% 0% 2,051 750 173%
Total carats recovered 7,781 7,133 3,785 7,657 4,139 88% 9% 14,914 10,214 46%
Total sales volume (100%) (000 carats)(3) 7,061 7,723 5,941 5,715 7,555 (7)% (9)% 14,784 12,270 20%
Consolidated sales volume (000 carats)(3) 6,038 6,408 5,383 4,558 6,815 (11)% (6)% 12,446 11,005 13%
Consolidated rough diamond sales value($m)(4) 665 648 571 700 1,185 (44)% 3% 1,313 1,705 (23)%
Average price ($/ct)(5) 110 101 106 154 174 (37)% 9% 105 155 (32)%
Average price index(6) 69 68 74 81 83 (17)% 1% 69 82 (16)%
Number of Sights 3 2 3 2 3 5 5
(1) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
(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) Q2 Q2 Q2 2026 vs. Q1 Q2 2026 vs. H1 H1 H1 2026 vs.
2026 2025 Q2 2025 2026 Q1 2026 2026 2025 H1 2025
Steelmaking coal 2,032 2,056 (1)% 1,545 32% 3,577 4,295 (17)%
(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 decreased by 1% to 2.0 million tonnes, primarily impacted by expected difficult strata
conditions at Aquila and continued impacts from the significant weather event at Dawson open cut operation in Q1
2026. This was offset by Moranbah North as production ramped-up following the incident in March 2025 and increased
production at the Capcoal open cut operation.
Across all the operations, the ratio of hard coking coal production to PCI/semi-soft coking coal was 77:23 during the
quarter, lower than Q2 2025 (85:15), reflecting increased PCI/semi-soft coking volumes from the open cut operations
due to sequencing of coal flows.
The H1 2026 average realised price for hard coking coal was $201/tonne, compared to the benchmark price of
$236/tonne. This resulted in a decrease in the price realisation to 85% (H1 2025: 93%), reflecting lower volumes of
premium hard coking coal from the underground mines.
As previously announced, Anglo American has entered into a definitive agreement to sell the remaining portfolio of
Steelmaking Coal assets in Australia to Dhilmar, subject to relevant approvals, with the transaction expected to complete
by the first quarter of 2027.
Coal, by product (000 t)(1) Q2 Q1 Q4 Q3 Q2 Q2 2026 vs. Q2 2026 vs. H1 H1 H1 2026 vs.
2026 2026 2025 2025 2025 Q2 2025 Q1 2026 2026 2025 H1 2025
Production volumes(2)(3)
Steelmaking coal 2,032 1,545 2,064 1,884 2,056 (1)% 32% 3,577 4,295 (17)%
Hard coking coal(2) 1,559 1,222 1,703 1,524 1,749 (11)% 28% 2,781 3,506 (21)%
PCI / SSCC 473 323 361 360 307 54% 46% 796 789 1%
Thermal coal 276 305 413 269 298 (7)% (10)% 581 542 7%
Sales volumes(2)(3)
Steelmaking coal 1,923 1,471 2,231 1,816 2,206 (13)% 31% 3,394 3,837 (12)%
Hard coking coal(2) 1,409 1,238 1,761 1,498 1,690 (17)% 14% 2,647 3,005 (12)%
PCI / SSCC 514 233 470 318 516 0% 121% 747 832 (10)%
Export thermal coal(3) 253 287 310 361 335 (24)% (12)% 540 807 (33)%
Steelmaking coal, by operation Q2 Q1 Q4 Q3 Q2 Q2 2026 vs. Q2 2026 vs. H1 H1 H1 2026 vs.
(000 t)(1) 2026 2026 2025 2025 2025 Q2 2025 Q1 2026 2026 2025 H1 2025
Steelmaking coal(2)(3) 2,032 1,545 2,064 1,884 2,056 (1)% 32% 3,577 4,295 (17)%
Moranbah North(2) 459 195 173 177 136 238% 135% 654 668 (2)%
Grosvenor - - - - - na n/a - - n/a
Aquila (incl. Capcoal)(2) 1,060 1,071 1,338 970 1,292 (18)% (1)% 2,131 2,378 (10)%
Dawson 513 279 553 737 628 (18)% 84% 792 1,249 (37)%
(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 Q2 2026 and 0.1Mt in Q1 2026.
Nickel
Nickel (tonnes) Q2 Q2 Q2 2026 vs. Q1 Q2 2026 vs. H1 H1 H1 2026 vs.
2026 2025 Q2 2025 2026 Q1 2026 2026 2025 H1 2025
Nickel 9,100 9,500 (4)% 9,100 0% 18,200 19,300 (6)%
Nickel production decreased by 4% to 9,100 tonnes, reflecting the impact of planned maintenance that was brought
forward from later in 2026 at Barro Alto and Codemin. Production is now expected to increase gradually at both
operations from the third quarter.
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 progress through the European Commission's anti-trust approval process.
Nickel (tonnes) Q2 Q1 Q4 Q3 Q2 Q2 2026 vs. Q2 2026 vs. H1 H1 H1 2026 vs.
2026 2026 2025 2025 2025 Q2 2025 Q1 2026 2026 2025 H1 2025
Barro Alto
Ore mined 985,900 333,900 433,500 934,500 809,500 22% 195% 1,319,800 1,324,500 0%
Ore processed 575,100 600,400 618,900 610,700 599,900 (4)% (4)% 1,175,500 1,240,200 (5)%
Ore grade processed - %Ni 1.47 1.41 1.50 1.51 1.43 3% 4% 1.44 1.41 2%
Production 7,300 7,500 8,400 8,200 7,700 (5)% (3)% 14,800 15,800 (6)%
Codemin
Ore mined - - - - - n/a n/a - 1,400 n/a
Ore processed 115,200 113,900 127,900 134,800 138,700 (17)% 1% 229,100 267,900 (14)%
Ore grade processed - %Ni 1.43 1.41 1.45 1.46 1.40 2% 1% 1.42 1.39 2%
Production 1,800 1,600 1,900 1,900 1,800 0% 13% 3,400 3,500 (3)%
Total nickel production 9,100 9,100 10,300 10,100 9,500 (4)% 0% 18,200 19,300 (6)%
Sales volumes 9,100 9,900 11,800 8,600 9,700 (6)% (8)% 19,000 19,800 (4)%
Notes
- This Production Report for the second quarter ended 30 June 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
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prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and
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specific businesses.
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No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability
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For further information, please contact:
Media Investors
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Tel: +27 (0)11 638 3189
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.
http://www.angloamerican.com
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.
(c)Anglo American Services (UK) Ltd 2026. AngloAmerican(TM) are trade marks of Anglo American Services (UK) Ltd.
Legal Entity Identifier: 549300S9XF92D1X8ME43
The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange,
the Botswana Stock Exchange, and the Namibia Stock Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
23 July 2026
Date: 23-07-2026 08:00:00
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