LONDON, June 26, 2026, 12:02 BST
- Anglo American plc (LON:AAL) slipped 0.95% to 3,667p at 12:02 p.m. BST, sitting about 13.5% under its 52-week high from June 2.
- The shares slipped 5.7% from the June 19 close. LME three-month copper’s latest official price fell 2.7% through June 25.
- Los Bronces-Andina has the potential to bring in 120,000 tonnes of copper a year from 2030, as long as permits go through. Based on the split that’s been shared and Anglo’s AAS stake, Anglo plc’s look-through comes out to around 30,000 tonnes a year.
- Anglo is no longer listed on SIX Swiss Exchange after Friday, following a review linked to its proposed Teck deal.
Shares of Anglo American plc (LON:AAL) slipped Friday at midday in London. The stock is down more than copper this week, despite the company finishing a Chile mine plan to boost its long-term copper output.
The shares traded at 3,667p, off 0.95%. They moved between 3,604p and 3,685p so far today. The FTSE 100 fell 0.7% by 0907 GMT. Miners lagged as gains in the dollar weighed on base and precious metals.
Anglo shares dropped harder than copper. Anglo closed at £38.90 on June 19 and traded at £36.67 by Friday midday. Over the same stretch, LME three-month copper slipped from $13,600 to $13,235 a tonne using official prices through June 25. By this metric, Anglo’s stock is down about twice as much as the metal.
Investors care about the gap because Anglo is now pitching itself as a copper play, not a diamonds or coal company. The stock dropped harder than copper prices just after the update on copper. That suggests the market is discounting timing, permits, and the tons Anglo can claim.
Anglo and Codelco said Wednesday they’ve signed a final joint mine plan for Los Bronces and Andina. The agreement aims to deliver 2.7 million tonnes more copper over 21 years, at about 120,000 tonnes extra a year—split between them—and at least $5 billion in pre-tax shared value. The deal still needs environmental permits and other approvals, with implementation targeted for 2030.
The headline number drops when viewed at the Anglo plc level. Half of the 120,000 tonnes is allocated to Anglo American Sur S.A., where Anglo controls 50.1%. That implies an effective share of roughly 30,000 tonnes a year, before any final project agreements. For context, Anglo’s 2026 copper output guidance is between 700,000 and 760,000 tonnes, putting the look-through at about 4% of the range midpoint. This is just a scale comparison, not an official forecast.
Chief Executive Duncan Wanblad said the Codelco deal brings “more copper tonnes” and said they need the “timely receipt of the permits” next. Codelco Chairman Bernardo Fontaine called the approach a “more efficient and responsible way” to develop the district. Angloamerican
Permitting remains the main hurdle. Reuters said in April that the firms are going for separate environmental applications on the shared pit, targeting December filings. The report points out regulator coordination, environmental review delays, and concerns about air, water, and glaciers near Los Bronces as risks.
Anglo’s delisting from the SIX Swiss Exchange took effect Friday. The company announced the move in March after a global review of its listings before the Teck deal, saying low trading volumes and the expense of maintaining more than one secondary listing were reasons for the exit. Tuesday, June 25, was expected to be the final trading day in Switzerland.
Anglo Teck, the combined company from the proposed Teck Resources Limited (TSE:TECK.B) merger, will be based in Canada and have over 70% copper exposure, according to Teck. In its April production report, Anglo put the deal’s expected close between September 2026 and March 2027. As of that report, China was the last key regulatory approval still pending.
Anglo’s copper production climbed 1% in the first quarter to 170,400 tonnes. The miner kept 2026 copper output guidance at 700,000 to 760,000 tonnes. It said most of its Chilean copper is still expected in the second half, depending on water supply.
Anglo’s next operations update, its Q2 production report, is set for July 23.
