LONDON, March 26, 2026, 11:13 GMT
Anglo American shares fell more than 5% in London on Thursday, giving back part of Wednesday’s sharp rally after Chile’s competition watchdog cleared a key copper growth plan with state miner Codelco. AJ Bell showed the stock at 3,010p to sell and 3,012p to buy in delayed trade at 10:57 GMT, down 5.07% from a 3,173p previous close, after Wednesday’s 3.9% gain. 1
The swing matters because the Chile decision goes to the heart of Anglo’s push into copper. The Andina-Los Bronces plan is expected to add 120,000 metric tons a year and unlock at least $5 billion from more output and lower costs.
It also keeps the Teck story in view. Anglo’s Brazil chief executive, Ana Sanches, said last week the group expected final regulatory approval for the $53 billion merger around year-end.
Thursday’s drop came in a weaker London market. The FTSE 100 was down 1.1% by 1013 GMT as renewed uncertainty over a possible end to the Middle East conflict weighed on sentiment, while mining peers Antofagasta, Rio Tinto and Glencore were down 4.46%, 2.30% and 1.94%, respectively, in delayed trade.
Chile’s competition clearance is not the end of the road. Codelco said the project still needs environmental permits, consultations with local communities and the creation of the company that will run the joint operation, while Anglo’s 2025 agreement said the extra output depends on those permits being in place.
The approval lands as rivals keep pressing into copper. Rio Tinto copper chief Katie Jackson told Reuters this week, “We are quite committed to bringing copper on as quickly as we can,” underscoring how closely investors are watching mine plans, permits and new supply across the sector.
Anglo, though, is still carrying baggage from businesses it is trying to shed. The miner posted a $3.7 billion loss in February after another writedown on De Beers and cut its dividend, while sticking to its shift toward copper and iron ore; Chief Executive Duncan Wanblad said he was “optimistic” a De Beers deal would be signed this year.
Wednesday’s Chile headline gave the stock a reason to bounce. Thursday’s reversal leaves the market weighing copper upside against timing risk around permits, asset sales and the Teck merger.
