- Operations normalise at Minas-Rio post maintenance downtime
- CY’26 iron ore production guidance increased to 55-59 mnt
Anglo American, a major global iron ore miner, announced its operational results for the fourth quarter of 2025. The company’s total iron ore production rose 5.7% to 15.11 million tonnes (mnt) in Q4CY’25 from 14.3 mnt in Q3CY’25. On a y-o-y basis, output was up 5.3% compared to 14.3 mnt in Q4CY’24. The quarterly improvement in volumes was primarily driven by a recovery at Minas-Rio, where operations normalised following the completion of the scheduled pipeline inspection shutdown that had curtailed production in the previous quarter, allowing Brazil’s high-grade supply to return to steady throughput.
On a full-year basis, Anglo American’s total iron ore production stood at 60.83 mnt in CY’25, remaining broadly stable y-o-y compared to 60.76 mnt in CY’24. Kumba’s output increased 1.0% y-o-y to 36.08 mnt against 35.73 mnt in 2024, while Minas-Rio’s production declined 1.1% y-o-y to 24.75 mnt against 25.03 mnt in the previous year, reflecting the impact of maintenance-related disruptions earlier in the period.
Kumba iron ore output eases q-o-q but rises y-o-y
Kumba’s iron ore production stood at 8.59 mnt in Q4CY’25, down 7.1% q-o-q from 9.25 mnt in Q3CY’25, as output remained aligned with rail and port capacity. However, production was up 9.7% y-o-y from 7.83 mnt in Q4CY’24, reflecting improved mining stability despite logistics constraints.
Kumba’s sales moderate q-o-q
Kumba’s export sales reached 8.94 mnt, down 4.9% q-o-q from 9.4 mnt in Q3CY’25 and down 3.8% y-o-y compared to 9.29 mnt in Q4CY’24. Shipment performance continued to be shaped by evacuation capacity rather than production-led growth.
Minas-Rio pellet feed output rebounds sharply
Minas-Rio produced 6.52 mnt of pellet feed in Q4CY’25, marking a 28.1% q-o-q increase from 5.09 mnt in Q3CY’25 as operations normalised post maintenance. On a y-o-y basis, output was broadly stable, up 1% from 6.47 mnt in Q4CY’24.
Minas-Rio pellet feed sales exceed output
Sales from Minas-Rio totalled 7.22 mnt, surging 43.9% q-o-q from 5.02 mnt and up 4.2% y-o-y from 6.93 mnt. This was higher than the 6.52 mnt of pellet feed produced. Higher shipments were supported by smoother pipeline utilisation and drawdown of inventories accumulated during the shutdown phase.
Production guidance set higher
Iron ore production guidance for CY’26 has been increased to 55-59 mnt (earlier 54-58 mnt), with Kumba at 31-33 mnt and Minas-Rio at 24-26 mnt (earlier 23-25 mnt).
Additionally, Kumba’s 2026 production is expected to be lower y-o-y due to the H2 UHDMS project tie-in, though sales should remain unaffected on planned stock drawdowns, with output continuing to depend on third-party rail and port performance.
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