By Brazil Stock Guide – Anglo American reported solid 2025 results for its Brazilian operations, with the Minas-Rio iron ore system delivering 24.8 million tons of premium ore — about 1 million tons above plan — and generating EBITDA of $1.137 billion. The figure marks a 6% increase from $1.074 billion in 2024, supported mainly by firmer iron ore prices and stable operational performance throughout the year.
The Minas-Rio complex, one of Brazil’s largest integrated iron ore systems linking mine, beneficiation plant and a 529-kilometer pipeline to the port of Açu, maintained steady output while ramping up investment. Capital expenditures reached $603 million, up 44% year-on-year, driven primarily by the completion of the tailings filtration plant and scheduled equipment replacement. Production guidance for 2026 and 2027 is set between 24 million and 26 million tons, signaling continued operational consistency rather than aggressive expansion.
Ana Sanches, president of Anglo American in Brazil, said the performance reflected “robust and consistent production plans” and a continued focus on safety and operational excellence. She also highlighted environmental initiatives, including the expansion of land acquisition to consolidate an ecological corridor around the operation. The company currently preserves more than 27,000 hectares of native vegetation across Cerrado and Atlantic Forest areas near the mine.
Outside iron ore, the nickel division — which is being prepared for sale — remained operationally stable at 39.7 thousand tons of output, but EBITDA plunged to $6 million from $108 million a year earlier, pressured by lower realized prices and higher rehabilitation provisions. Meanwhile, the planned merger with Teck Resources, which will create Anglo Teck, continues to advance through regulatory review, positioning the group as a larger global supplier of critical minerals.
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