London, Feb 15, 2026, 11:49 GMT — Market closed
- Anglo American shares ended Friday up 0.06% at 3,586 pence
- Full-year results and a sustainability strategy update are due on Feb. 20
- Copper prices and the De Beers exit plan sit near the top of the agenda
Anglo American shares finished little changed on Friday, closing up 0.06% at 3,586 pence, as London investors headed into a week packed with mining earnings. (Investing)
The miner reports full-year results on Feb. 20, and plans a sustainability strategy update the same day, according to its investor calendar. Markets will treat that as the next real checkpoint on cash returns and the pace of the group’s reshaping. (Anglo American)
The setup is messy. Copper on the London Metal Exchange was around $12,883 a metric ton on Friday, well off January’s record peak, while inventories across the big exchanges have climbed past 1 million tons — a reminder that prices can run ahead of near-term demand. “Macro-driven risk-off sentiment and broad profit-taking continue to unwind the strong early-year rally,” said Ewa Manthey, commodities strategist at ING in London. (Reuters)
That tension is why miners’ guidance matters this week. Reuters’ “Take Five” column flagged results from Rio Tinto, Glencore, Anglo American and Antofagasta in the coming days, after a burst of record highs across metals earlier in the year. (Reuters)
Anglo already lowered the bar on production earlier this month. It said on Feb. 5 that 2025 copper output fell 10% to 695,000 metric tons and it cut 2026 copper guidance — its output forecast — to 700,000-760,000 tons from 760,000-820,000. The company also flagged about $200 million of charges tied to rehabilitation provisions at its Chilean copper sites and said De Beers’ diamond production fell 12% in 2025, with weaker demand and high inventory pushing it to cut De Beers’ 2026 output forecast; CEO Duncan Wanblad said, “We are committed to seeing our portfolio transformation through to its conclusion.” (Reuters)
De Beers remains the awkward asset in the story, partly because investors want a price and a timetable. De Beers CEO Al Cook told Reuters in January that Botswana, Angola and Namibia were among those that had shown interest in taking a stake, along with “a number of business-led groups,” while Anglo has valued De Beers at about $4.9 billion. (Reuters)
On the deal front, EU authorities have also been moving through the paper trail. A notice published in the EU’s Official Journal said the European Commission decided on Jan. 29 not to oppose the Anglo American/Teck deal and to declare it compatible with the internal market.
But the risk is that Friday’s “flat” close is a false calm. Anglo walks into results with copper prices still high by historical standards, yet increasingly sensitive to shifts in manufacturing demand, China holiday liquidity and any change in U.S. trade policy chatter. A stumble in diamonds — or another delay in asset sales — would put more weight on the balance sheet and could revive questions about how much the group can afford to hand back to shareholders.
Traders will also keep an eye on how base metals trade while China’s Shanghai Futures Exchange shuts from Feb. 15 for the Lunar New Year break and reopens on Feb. 24, which can thin out price signals at the margin.
The next catalyst is Anglo American’s Feb. 20 results at 0700 GMT, followed by its sustainability strategy update — where any shift on copper output targets, De Beers progress or cash plans is likely to set the tone for the stock into the following week.
