Anglo American’s iron ore output rises 2% y-o-y in Q1CY’25

• Minas-Rio posts record Q1 performance
• CY’25 production guidance remains stable

Anglo American, a major global iron ore miner, revealed its operational results for the first quarter of 2025 (Q1CY’25). The company’s total iron ore production touched 15.45 million tonnes (mnt), marking an 8% increase from 14.30 mnt in Q4CY’24. On a y-o-y basis, production rose 2% from 15.14 mnt in Q1CY’24. The strong performance was led by operational stability and recovery improvements at Minas-Rio.

Kumba iron ore output down y-o-y in Q1CY’25

Kumba’s iron ore production in Q1CY’25 stood at 8.99 mnt, an increase of 15% q-o-q from 7.83 mnt in Q4CY’24. However, production declined by 3% y-o-y from 9.28 mnt in Q1CY’24. This marginal decline was attributed to a flexible production strategy aimed at balancing output between Sishen and Kolomela mines. While Sishen’s output dipped by 9% y-o-y, Kolomela saw a 12% increase, resulting in a net balance.

Kumba sales up 7% y-o-y in Q1CY’25

Sales volume from Kumba rose 7% y-o-y to 8.94 mnt in Q1CY’25 from 8.38 mnt in Q1CY’24, supported by improved rail logistics by Transnet. However, sales dipped by 4% q-o-q as compared to 9.29 mnt in the same period last year. Finished stock at the end of the quarter stood at 7.8 mnt, with mine stocks drawn down to 6.2 mnt and port inventories at 1.6 mnt.

Minas-Rio pellet feed output up 10% y-o-y in Q1CY’25

Minas-Rio delivered 6.46 mnt of pellet feed production in Q1CY’25, unchanged from 6.47 mnt in Q4CY’24. On a y-o-y basis, production rose 10% from 5.87 mnt, marking a record Q1 performance, driven by improved beneficiation plant recovery and higher ore quality.

Minas-Rio’s pellet feed sales rise y-o-y

Sales from Minas-Rio were recorded at 5.63 mnt in Q1CY’25, a 22% increase y-o-y compared to 4.61 mnt in Q1CY’24. However, sales were down 19% q-o-q from 6.93 mnt in Q4CY’24 due to shipping schedule variations.

Realised prices supported by premium quality

The average realised price from Kumba in Q1CY’25 was $98/wet metric tonne (wmt), up 13% y-o-y from $87/wmt. Minas-Rio recorded a realised price of $94/wmt, a 22% increase y-o-y from $77/wmt. The price improvement was supported by the increased premium for high Fe 67% content and lump-rich material.

Production guidance remains stable

Iron ore production guidance for CY’25 remained unchanged at 57-61 mnt, with

Kumba at 35-37 mnt

Minas-Rio at 22-24 mnt

Additionally, Kumba’s output remains subject to third-party rail and port availability, while Minas-Rio’s guidance factors in a planned Q3CY’25 pipeline inspection.

Mining operations performance

Kumba delivered operational flexibility through the integrated management of Sishen and Kolomela, effectively balancing output. While Sishen’s production declined by 9%, Kolomela offset this with a 12% increase. Enhanced rail logistics from Transnet facilitated a strategic stock drawdown, bringing mine stocks down to 6.2 mnt and normalising port stocks at 1.6 mnt.

At Minas-Rio, performance was boosted by improved mass recovery at the beneficiation plant, reduced ore variability, and fewer unplanned maintenance interruptions – resulting in a record Q1 output of 6.46 mnt.