LONDON, July 7, 2026, 13:09 BST
- Anglo American LON:AAL dropped 3.22% to 3,662p by 13:04 BST, lagging as the UK market traded higher.
- The stock is about 5.7% under the average 12-month analyst target right now.
- Q1 copper production, on an annualized basis, came in below the lower end of 2026 guidance, leaving the July 23 Q2 production update with more riding on it.
- The London Stock Exchange was open for its regular session at press time. XLON trades from 0800 to 1630 BST.
Anglo American LON:AAL dropped over 3% Tuesday, lagging the FTSE 100. The market cut the miner ahead of a July production test, which will reveal if its copper-driven merger plan is getting support on the ground.
Shares changed hands at 3,662p at 13:04 BST, falling 122p for the session. The stock started at 3,718p and went as low as 3,651p on volume of around 667,000 shares, according to Google Finance. Over the last year, the high hit 4,239p, with the low at 2,042p.
FTSE 100 added 0.2% to 10,673.85 by 1057 GMT, with energy stocks helping counter miner losses as the stronger dollar weighed on gold and silver. Shell LON:SHEL was the biggest boost on the energy side after the company lifted its Q2 gas production outlook, Reuters reported.
The split’s a big deal for Anglo now since the shares don’t look like much of a recovery play anymore. The average 12-month price target is 3,869.1p, according to Investing.com, using estimates from 17 analysts. That’s just about 5.7% higher than Tuesday’s close. The lowest target is 2,201.4p, which is roughly 40% down from the current price.
| Market measure | Latest / forecast | Implied move from 3,662p |
|---|---|---|
| Anglo American last close | 3,662p | — |
| Average 12-month target | 3,869.1p | +5.7% |
| Top price target | 4,845.3p | +32.3% |
| Lowest target | 2,201.4p | -39.9% |
| 52-week best | 4,239p | +15.8% |
The next milestone will be output. Anglo kept its 2026 production and unit cost targets steady for its ongoing operations, sticking with copper at 700,000-760,000 tonnes and premium iron ore at 55 million-59 million tonnes. The company’s Q2 production report lands July 23, with half-year numbers set for July 30.
Q1 copper production came in at 170,400 tonnes, which puts the annual rate at 681,600 tonnes—short of the lower end of the yearly target. Anglo will need around 186,500 tonnes per quarter from Q2 through Q4 to hit the middle of its guidance, about 9.5% more than Q1 levels. For iron ore, output annualises above the guidance range for the year, letting management set up for a planned second-half production cut at Kumba.
| Unit | Q1 2026 output | 2026 guide | Q1 annualised | Q2-Q4 quarterly average needed for midpoint |
|---|---|---|---|---|
| Copper | 170.4 kt | 700-760 kt | 681.6 kt | 186.5 kt |
| Premium iron ore | 15.2 Mt | 55-59 Mt | 60.8 Mt | 13.9 Mt |
| Diamonds | 7.1 Mct | 21-26 Mct | 28.4 Mct | 5.5 Mct |
Chief Executive Duncan Wanblad said in April Anglo had “a strong start” in copper and premium iron ore. Wanblad also said the Teck Resources TSE:TECK.B merger was “on track” to close between September 2026 and March 2027. He said China antitrust sign-off was the last major regulatory step. Anglo American
Teck is still the main story in equities. According to the company’s merger site, the new Anglo Teck would base its headquarters in Vancouver and would land in the top five global copper producers. The company expects copper exposure to top 70%. Canada signed off on the deal under the Investment Canada Act, and shareholders already voted for it.
The selloff comes as Anglo moves to cut assets outside its copper and iron ore focus. In May, the company said it would sell its Australian steelmaking coal mines to Dhilmar for as much as $3.88 billion, with $2.3 billion in cash up front. “We will complete our exit from steelmaking coal,” Wanblad said at the time. Reuters
De Beers is still in focus. Its CEO Al Cook said to Reuters in June that a sale could come in “weeks rather than months” and said the diamond business was “never been closer” to a deal. Anglo holds 85% of De Beers. Botswana owns the rest. Reuters
Commodity prices are not pushing shares much higher. Copper was about $6.18 a pound on July 7, off a bit for the day but up over 9% from the year before, Trading Economics said. Iron ore was near $98.30 a tonne on July 6, while the 12-month estimate from Trading Economics sits at about $101.32.
London-listed miners dropped this morning, Dow Jones Newswires reported. MUFG’s Soojin Kim flagged weakness in gold after attacks close to the Strait of Hormuz drove oil higher and stirred inflation risks. Anglo, which they called a diversified miner, was off 2.1% at the time.
