LONDON, March 25, 2026, 11:44 GMT
Anglo American shares climbed to 3,171 pence by 11:43 GMT on Wednesday from Tuesday’s 3,054 pence close, as mining stocks led gains in London. The FTSE 100 rose 1.1% and the miners index was up 3.4%. 1
The move matters because Anglo is trying to complete a stock-for-stock merger with Teck Resources that would create the world’s fifth-largest copper producer. Copper, used widely in power and transport systems, sits at the centre of mining dealmaking, and Reuters has reported that rivals BHP and Rio Tinto have also been trying to add more of the metal. 2
Wednesday’s lift came as oil prices fell about 5% on reports that Washington had sent Iran a 15-point proposal aimed at securing a month-long ceasefire. Cheaper oil eased some inflation fears, helping gold and other metal-linked shares recover after recent losses. 3
Peter Fertig, an analyst at Quantitative Commodity Research, said money markets suggested “the market is expecting that there isn’t a hike of central bank interest rates.” That shift has mattered for mining shares because fears of higher rates were part of the recent pressure on metals. 4
Anglo also gave investors a fresh corporate update this week. The company said on Monday it will delist from the SIX Swiss Exchange on June 26, ahead of completing the Teck deal, while keeping London as its primary listing and planning secondary listings in Johannesburg, Toronto and New York after the merger, subject to approvals. 5
The timetable is still in view. Anglo’s Brazil CEO Ana Sanches said last week the miner expected final regulatory approval “around the year-end,” bringing the focus back to execution. 6
Copper remains the bigger draw. Freeport-McMoRan CEO Kathleen Quirk told Reuters this week that “the things that are driving copper demand are more secular in nature,” or longer-lasting, even after the Iran conflict shook markets. That view has helped keep investors focused on copper names despite the recent swings in commodities. 7
Anglo is still carrying operational baggage. In February it cut 2026 copper guidance to 700,000-760,000 tons from 760,000-820,000, citing lower output at Collahuasi in Chile, even as it pressed ahead with plans to sell or separate De Beers, steelmaking coal and nickel to sharpen its focus on copper and iron ore. 8
But the rally is not clean. Tehran has denied negotiations with Washington, so another swing higher in oil could quickly revive inflation worries; Anglo is also carrying lower copper guidance and a weak diamond market after a $2.3 billion write-down at De Beers helped push it to a $3.7 billion loss in February. 9
