Anglo American has delivered strong copper and iron ore production results for the March 2025 quarter as it powers ahead with its portfolio shake-up.
Anglo’s copper production hit 168,900 tonnes for the March quarter, with strong output coming from Peru. However, lower grades from Anglo’s Chile assets saw overall volumes decrease 15 per cent year-on-year.
Iron ore production rose two per cent to 15.4 million tonnes, thanks to strong performances at the Kumba mine in South Africa and the Minas-Rio mine in Brazil.
“We have had a strong start to the year in copper and iron ore, with both businesses performing in line with guidance,” Anglo American chief executive Duncan Wanblad said.
“In copper, Quellaveco and Los Bronces are both performing well, helping to offset the expected lower grades and variability in recoveries at Collahuasi.
“In iron ore, Kumba posted another solid quarter and increased iron ore sales as Transnet saw better rail logistics performance, and Minas-Rio had another excellent quarter.”
Wanblad said the company’s focus on operational excellence is delivering valuable stability to our simplified portfolio which provides a strong base for the rest of the year.
Anglo American currently going through a portfolio transformation, which Wanblad said is picking up pace.
“We are making good progress with our portfolio simplification as we prepare to complete the transactions through which we will exit our PGMs, steelmaking coal and nickel businesses,” he said.
“The demerger of Anglo American Platinum is expected to be effective from May 31, subject to shareholder approval on April 30.”
Anglo is also making major moves in diamonds, with the major locking in a new long-term sales agreement with the Government of Botswana and pushing ahead with the planned divestment of De Beers.
“2025 is undoubtedly a year of portfolio and organisational transition for Anglo American and we will emerge as a highly differentiated, sustainably higher margin and higher return on capital employed investment proposition, well positioned for our next phase of growth and value delivery,” Wanblad said.
“While the impact of tariffs on the global economy is uncertain in the short-term, we have conviction in the strong longer-term outlook for our products, which have scope to become even more important to the changing global economy in coming years.”