London, May 19, 2026, 11:03 BST
- Anglo American was down 1.3% at 3,733 pence in London trading.
- The miner agreed to sell its Australian steelmaking coal business to Dhilmar for up to $3.875 billion.
- Rio Tinto and Glencore also fell as miners lagged a firmer FTSE 100.
Anglo American shares slipped on Tuesday, underperforming a stronger London market, as investors weighed a $3.875 billion deal to exit Australian steelmaking coal against weaker metals prices and a fresh permit uncertainty in Chile.
The stock was down 1.3% at 3,733 pence by 11:01 a.m. in London, while its 52-week high stood at 4,118.50 pence. Google Finance data showed the shares opened at 3,695 pence and traded between 3,678 pence and 3,771 pence in the session. Google
The move matters now because Anglo is trying to simplify itself before its planned combination with Canada’s Teck Resources. The sale removes coal from the portfolio, brings in cash to cut net debt — debt after cash is deducted — and leaves the company more exposed to copper, iron ore and crop nutrients.
Anglo said on Monday it would sell its Australian steelmaking coal portfolio to Dhilmar Limited for up to $3.875 billion in cash. The price includes $2.3 billion due on completion and an earnout — a later payment tied to future prices — of up to $1.575 billion. Chief Executive Duncan Wanblad said the deal was “another major step in the simplification of our portfolio” and would complete Anglo’s exit from steelmaking coal. Anglo American
Steelmaking coal, also known as coking coal, is used in blast furnaces to make steel. The assets are in Queensland’s Bowen Basin, one of the world’s main steelmaking coal regions, and the deal is expected to complete by the first quarter of 2027, subject to conditions.
Reuters reported that proceeds would be used to reduce Anglo’s debt and that the company is still pursuing arbitration against Peabody Energy over a previous failed sale of the same coal assets. Peabody had withdrawn from a $3.78 billion bid after the companies failed to agree on a lower price following a mine fire. Reuters
The sale also sharpens the market’s focus on Anglo’s Teck merger. Teck says the agreed combination would create Anglo Teck, a Canada-headquartered group and one of the world’s top five copper producers, with expected copper exposure of more than 70%. Teck also says shareholders have voted in favour of the merger and that Canada has approved it under the Investment Canada Act. Teck Resources Limited
The stock’s fall was not isolated. Alliance News said Rio Tinto fell 1.8%, Glencore 1.6% and Anglo 1.1% in early London trade as weaker metal prices hit miners. That gave the move a sector cast, not just a deal reaction. Morningstar
The wider FTSE 100 rose about 0.5%, Trading Economics said, helped by defence, utilities and healthcare shares, while mining stocks lagged. The same update showed copper down 1.3%, a direct pressure point for investors buying Anglo for its post-Teck copper profile. Trading Economics
But the risk is not just price action. Anglo also said on Monday that Chile’s Second Environmental Tribunal had purported to set aside an environmental authorisation for a Collahuasi project that includes a nearly complete desalination plant. Anglo said it did not currently expect an immediate production impact, but Collahuasi was seeking clarity from the tribunal and Chile’s environmental assessment service. Anglo American
That leaves investors with a cleaner story, but not a simple one. The coal sale adds cash and focus before Teck. The market’s first response, though, was to mark down Anglo with the rest of the miners while it waits for regulatory approvals, coal-price-linked proceeds and the outcome of the Chile permit issue.
