Anglo American’s iron ore output rises 2% y-o-y in Q2CY’25

• Minas-Rio’s strong performance boosts output
• CY’25 production guidance remains stable

Anglo American, a major global iron ore miner, revealed its operational results for the second quarter of 2025 (Q2CY’25). The company’s total iron ore production touched 15.9 million tonnes (mnt), marking a 3% increase from 15.45 mnt in Q1CY’25. On a y-o-y basis, production rose 2% from 15.6 mnt in Q2CY’24. The strong performance was led by operational stability and recovery improvements at Minas-Rio.

Kumba iron ore output remains firm y-o-y

Kumba’s iron ore production in Q2CY’25 stood at 9.3 mnt, a marginal 3% increase from 8.99 mnt in Q1CY’25. However, production remained stable y-o-y, with a nominal rise of 1% from 9.2 mnt in Q2CY’24. The steady output reflects a flexible approach to managing Sishen and Kolomela as an integrated operation. While production at Sishen dipped 3% y-o-y due to maintenance, this was offset by an 11% increase at Kolomela.

Kumba sales stay flat y-o-y

Sales volume from Kumba held largely stable y-o-y at 9.77 mnt in Q2CY’25 compared to 9.70 mnt in the same period last year. However, sales edged up significantly by 9% q-o-q as compared to 8.94 mnt in Q1CY’24. Finished stock at the end of the quarter stood at 7.4 mnt, with mine stocks drawn down to 6.4 mnt and port inventories at 1 mnt.

Minas-Rio pellet feed output up 4% y-o-y

Minas-Rio delivered 6.68 mnt of pellet feed production in Q2CY’25, 3% higher from 6.45 mnt in Q4CY’24. On a y-o-y basis, production rose 4% from 6.39 mnt, The q-o-q growth was driven by better mass recovery at the beneficiation plant and stronger operational discipline.

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

Sales from Minas-Rio reached 6.64 mnt in Q2CY’25, marking an 18% increase q-o-q from 5.62 mnt in Q1CY’25. However, on a y-o-y basis, sales dipped 2% from 6.80 mnt in Q2CY’24, attributed to variations in the shipping schedule.

Superior quality supports average realised prices 

The average realised price from Minas-Rio in H1CY’25 was $86/wet metric tonne (wmt) (FOB Brazil). The premium was driven by the high-quality nature of the product, including higher Fe content (~67%), though partially offset by provisionally priced sales volumes.

Production guidance remains stable

Iron ore production guidance for CY’25 remained unchanged at 57-61 mnt, with Kumba at 35-37 mnt and 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.