London, March 31, 2026, 20:06 BST
Anglo American closed at 3,153 pence on Tuesday, up from 3,093 pence a day earlier but still well below the 3,701 pence close on Feb. 27. The move came as European equities steadied on signs the conflict with Iran might de-escalate, taking some pressure off miners after a punishing month. 1
The bounce matters because Anglo is in the middle of an overhaul. The miner is shedding non-core businesses to focus on copper and iron ore while it waits for the last approvals on its $53 billion merger with Teck Resources, an all-stock deal paid in shares rather than cash. Anglo said last week it would delist from Switzerland on June 26 as it readies the closing steps. 2
Ana Sanches, Anglo’s Brazil chief executive, said this month the group expected final regulatory approval “around the year-end.” Until then, investors are judging the company on execution: the Teck deal, the disposal or separation of De Beers, nickel and steelmaking coal, and steadier copper output in Chile. 3
Tuesday’s move looked more like relief than conviction. Fiona Cincotta, senior market analyst at City Index, said European shares were in an “oversold condition” and warned gains could reverse unless a ceasefire materialises. British stocks still ended March with their worst monthly performance since 2020. 4
Anglo still has a copper growth story to sell. Chile’s antitrust regulator last week cleared a plan with state miner Codelco to coordinate parts of Anglo’s Los Bronces mine and Codelco’s Andina operation. In effect, the neighbours would run parts of the complex together to raise output and trim costs. The project is expected to add about 120,000 metric tons of copper a year and unlock at least $5 billion in value once permits are in place. 5
Chief executive Duncan Wanblad called the Teck tie-up a “defining moment” for Anglo in February and said the company was “committed” to finishing its portfolio overhaul. Anglo has told investors the combination would leave shareholders with more than 70% exposure to copper, the metal at the centre of its reshaped portfolio. 6
The balance sheet is in better shape than the headline earnings suggest. Anglo reported $6.4 billion of underlying EBITDA, a measure of operating profit, from continuing businesses in 2025 and cut net debt to $8.6 billion, but it still booked a $3.7 billion loss after another $2.3 billion writedown on De Beers. 6
That is the snag. The diamond business remains weak, and Anglo still needs a clean exit from De Beers while it works through the separation of nickel and steelmaking coal from the group. 2
There are nearer-term operational risks too. Anglo cut 2026 copper guidance in February to 700,000 to 760,000 tons, mainly because of lower output from Collahuasi in Chile, and flagged a $200 million environmental rehabilitation charge at its Chilean copper operations. 7
Bigger rival BHP failed to buy Anglo last year. Anglo’s answer has been to slim down and pair with Teck in a deal the companies say would create the world’s fifth-largest copper producer. 8
Tuesday’s rebound eased the pressure a little, not much more. The shares remain well below late-February levels, and the next leg will turn on approvals, copper volumes and whether calmer markets last longer than a one-day relief rally. 9
