Mining giant AngloAmerican has reported stronger full-year results for 2025, with higher revenue and improved operating performance despite lower production in key parts of the business.
In the financial statement released on Monday, the company revealed that revenue increased to $18.5-billion (R297-billion) in 2025 compared to the $17.7-billion reported in the previous year.
Operating profit increased to $1.4-billion from $1-billion a year earlier, while adjusted earnings before interest, taxes, depreciation, and armortisation (EBITDA) improved slightly to $6.4-billion from $6.3-billion.
Continuing operations’ underlying EBITDA increased by 2% to $6.4-billion.
Gross cost savings
According to the statement, this was driven by $1-billion in favourable realised price benefits from copper and premium iron ore, as well as the delivery of the group’s $1.8 billion cost-out programme.
AngloAmerican said it achieved an additional $600-million in gross cost savings during 2025.
These gains helped offset a $500-million lower EBITDA from De Beers, where trading conditions remain challenging.
Lower sales volumes at Collahuasi in Chile, together with inflationary pressures and foreign exchange movements, also weighed on earnings.
Even so, EBITDA margin remained broadly in line with the prior year at 33%. Continuing operations contributed $900-million to total group underlying earnings of $600-million.
Cash generation was supported by the release of $600-million in working capital, mainly through tighter inventory management.
The balance sheet was further strengthened by proceeds from an accelerated bookbuild offering for the group’s remaining stake in Valterra Platinum, net proceeds from the disposal of Jellinbah, and lower capital expenditure.
As a result, net debt was reduced by $2.1-billion to $8.6-billion, underlining the group’s focus on financial discipline during a period of mixed operational performance.
Production volumes declined by 5% on a copper equivalent basis compared with the previous year, reflecting lower output at Copper Chile and at De Beers.
Copper production fell by 10%, mainly due to lower ore grades and weaker recovery rates at Collahuasi.
Copper Peru delivered solid results, with higher throughput and strong operational execution year on year.
Premium iron ore production was broadly flat. The Northern Cape-based Kumba Iron Ore increased output marginally by 1%, while strong operational performance at Minas-Rio kept production steady despite a planned 23-day pipeline shutdown for inspections.
Manganese production rose sharply by 30%, reflecting more normalised operations following the temporary suspension caused by tropical cyclone Megan in March 2024.
Merger to form Anglo Teck
De Beers’ mining operations demonstrated solid operational performance, even at lower output levels, by aligning production with the prevailing demand. Rough diamond production declined by 12%.
Stuart Chambers, AngloAmerican board chairperson, announced that Anglo American and Teck would merge as equals to form Anglo Teck, creating a global mining leader and major copper producer focused on long-term value, safety, responsibility, and environmental and social progress.
Speaking on operating and financial performance, he said: “In a year characterised by volatile markets and slow economic recovery in China, and with weaker iron ore prices and cyclically low diamond prices, Anglo American delivered a stable operating and financial performance.
“Combined with the strategic progress we are making with the portfolio and a committed $1.8-billion of cost savings, AngloAmerican delivered a far stronger return for shareholders, with a total shareholder return for the year of 44%, ahead of the FTSE 100 Index at 35% and the FTSE 350 Mining Index at 41%,” said Chambers.
