Anglo American (AAL) Status update summary

Operational highlights

• Copper production was flat year-on-year at 173,200 tonnes, with higher throughput at Los Bronces offset by lower grades at Collahuasi and Quellaveco.

• Premium iron ore output decreased 3% to 15.4 million tonnes due to planned maintenance and lower ore grades.

• Manganese ore production rose 22% to 908,300 tonnes, recovering from prior weather disruptions.

• Rough diamond production surged 88% to 7.8 million carats, driven by higher-grade ore and recovery from prior maintenance.

• Nickel production fell 4% to 9,100 tonnes due to planned maintenance at Barro Alto and Codemin.

Financial and market performance

• Realised copper prices increased 39% year-on-year to 608c/lb in H1 2026.

• Premium iron ore realised prices were $90/tonne at Kumba and $82/tonne at Minas-Rio, both above benchmark indices.

• Diamond average realised price dropped 32% to $105/carat, reflecting a higher proportion of lower-value goods and a 16% decrease in the price index.

• Steelmaking coal realised prices rose 17% for HCC and 19% for PCI, but production was broadly flat.

• Underlying EBITDA from De Beers and Steelmaking Coal expected to be negative in H1 2026.

Guidance and outlook

• 2026 production guidance reaffirmed for copper (700–760 kt), premium iron ore (55–59 Mt), and diamonds (21–26 Mct).

• Copper unit cost guidance revised lower to c.145c/lb (previously c.172c/lb), with Chile at c.210c/lb and Peru at c.65c/lb.

• Premium iron ore unit cost guidance unchanged at c.$41/tonne.

• Diamond unit cost guidance unchanged at c.$80/carat.

• Portfolio optimisation continues, with sales of steelmaking coal and nickel businesses progressing and De Beers sale process underway.