Duncan Wanblad, CEO of Anglo American, said: "We've delivered another solid quarter in Copper and Iron Ore, tracking to our plans and we are well positioned to meet 2025 guidance, with the full year outlook increased at our Minas-Rio iron ore operation in Brazil. In Copper, strong operational momentum and higher grades at both Quellaveco and Los Bronces underpinned performance, offsetting the current lower production phase at Collahuasi which is expected to recover by the end of 2026. In Iron Ore, Kumba had another solid quarter, with sales benefiting from improved rail performance, while at Minas-Rio we are increasing 2025 production guidance to 23-25Mt on the back of strong operational performance and following the successful completion of the 5-yearly pipeline inspection.

“In Steelmaking Coal, we continue to make progress towards a safe and structured restart and ramp up at Moranbah North ahead of resuming normal operations. At Grosvenor, we received approval from the regulator in August for first stage re-entry, marking a significant milestone in the recovery journey. Preparations are under way to restart the formal sale process of the Steelmaking Coal business in the coming months.

"We made further progress with our portfolio simplification, successfully divesting our residual c.19.9% interest in Valterra Platinum, raising cash proceeds of c.$2.5 billion. We continue to work through the regulatory approvals for the Nickel transaction and, for De Beers, we are making good progress with the dual track separation and a structured sale process is currently under way.

"Looking ahead, and building on the substantial value we have already unlocked through our own portfolio transformation, our agreement1 to merge with Teck represents our next major strategic step to accelerate value accretive growth, with the combined company forming a global critical minerals champion offering more than 70% copper exposure. Our recent agreement2 with Codelco to implement a joint mine plan for the adjacent Los Bronces and Andina operations in Chile serves as another example of delivering compelling industrial synergies as a means to drive our copper growth ambitions."

Q3 2025 overview

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https://www.angloamerican.com/media/press-releases/2025/28-10-2025