London, March 31, 2026, 20:06 BST
Anglo American ended Tuesday at 3,153 pence, rising from Monday’s 3,093 pence finish but remaining a long way off the 3,701 pence it closed at back on Feb. 27. European stocks steadied, with some relief for miners as hints of a possible Iran de-escalation surfaced after a rough stretch.
The rebound is significant, coming as Anglo pushes through an overhaul. The miner is offloading non-core units to sharpen its focus on copper and iron ore, even as it waits on final sign-offs for its $53 billion share-based merger with Teck Resources. Last week, Anglo announced plans to delist from Switzerland on June 26, moving closer to wrapping things up.
Earlier this month, Ana Sanches, who heads Anglo in Brazil, told investors the group is looking for final regulatory sign-off “around the year-end.” For now, all eyes are on what the company gets done: the Teck acquisition, sorting out De Beers—either selling or splitting it off—plus decisions on nickel and steelmaking coal, and keeping copper production steady in Chile. Reuters
Tuesday’s uptick had the feel of a relief bounce rather than a sign of strong buyer conviction. “European shares were in an ‘oversold condition’,” said Fiona Cincotta, senior market analyst at City Index, but she cautioned that any gains could quickly unwind if a ceasefire fails to emerge. For British stocks, the picture remained grim: March closed out with their sharpest monthly drop since 2020. Reuters
Anglo’s copper story still has legs. Chile’s antitrust watchdog last week gave the nod to a plan with state miner Codelco, setting up joint management of Anglo’s Los Bronces and Codelco’s Andina sites. That means the two neighbors would coordinate operations across parts of the complex, aiming to push output higher and keep a lid on costs. If the permits come through, the project could tack on roughly 120,000 metric tons of copper each year and unlock at least $5 billion in value.
Duncan Wanblad, Anglo’s chief executive, described the planned Teck deal back in February as a “defining moment” for the group, adding that management was “committed” to seeing through the portfolio overhaul. According to Anglo, the merger would push shareholders’ copper exposure north of 70%, making the metal the clear focus of its restructured lineup. Anglo American
Don’t let the headline numbers fool you: the balance sheet is sturdier than it looks. Anglo posted $6.4 billion in underlying EBITDA from its continuing businesses for 2025, and net debt came down to $8.6 billion. Still, the group logged a $3.7 billion loss after swallowing another $2.3 billion writedown tied to De Beers.
There’s the catch. Diamond demand is still soft, and Anglo faces the tricky task of offloading De Beers as it untangles its nickel and steelmaking coal operations from the rest of the company.
Short-term hurdles aren’t off the table. Back in February, Anglo pared back its 2026 copper forecast to 700,000–760,000 tons after production slipped at Collahuasi, Chile. The company also pointed to a $200 million hit for environmental rehabilitation tied to its Chilean copper mines.
Last year, BHP tried and failed to acquire Anglo. Since then, Anglo has opted for a leaner structure and struck a deal with Teck—a move both companies claim will forge the fifth-largest copper producer globally.
Shares bounced back a bit on Tuesday, offering only slight relief. They’re still trading far under where they stood in late February. What happens next will depend on approvals, copper output, and if markets can hold steady for more than a single-day bounce.
