LONDON, March 27, 2026, 15:04 GMT
Anglo American edged up roughly 0.7% in London trading Friday, following clearance from Chile’s competition watchdog for its joint copper venture with Codelco. Shares were quoted at 3,072 pence as of 1502 GMT, up from Thursday’s close at 3,050 pence. Google
The green light is significant: the Andina-Los Bronces merger is a cornerstone of Anglo’s copper strategy. According to Codelco, the deal paves the way for an extra 120,000 metric tons of copper a year and could pull in a minimum of $5 billion, thanks to boosted production and trimmed expenses. Reuters
This also comes as Anglo reshapes itself, zeroing in on copper and iron ore after it spun off platinum and moved to shed diamonds, nickel, and steelmaking coal. The group is still awaiting final sign-off for its $53 billion Teck Resources tie-up, expected by year-end. Reuters has noted the merged company would be the world’s fifth-largest copper producer, with annual output topping 1.2 million metric tons. Copper remains essential for power infrastructure, construction, and the ramp-up in data-centre demand. Reuters
Anglo outpaced a mostly flat FTSE 100 in the afternoon session, but didn’t top its sector. Rio Tinto advanced 1.5%, Glencore picked up 1.1%, and Antofagasta edged 0.4% higher around the same time. Google
Back in February, Anglo flagged that Chile would play a bigger role. CEO Duncan Wanblad pointed to “strong copper price environment” as the reason the company brought a second Los Bronces plant back online—helping cushion the blow from a projected drop at Collahuasi come 2026. Anglo American
Codelco came out with a new figure on Friday, posting $4.85 billion in pre-tax profit for 2025, while also noting a 0.5% uptick in its copper output to 1.33 million metric tons. Those numbers highlight the heft of the state-run miner sitting across from Anglo’s Chile venture. Reuters
Still, there’s more ahead in Chile. Codelco says environmental permits are pending, and the joint venture will require a fresh coordinating entity. Talks with local communities also have to take place before things progress. Reuters
There’s still plenty unresolved. Anglo is waiting on regulatory nods from China and South Korea for the Teck merger. Earlier this year, the company reported a $3.7 billion loss for the year, hit by a $2.3 billion writedown at De Beers. Back then, Wanblad pointed to “a plentiful supply of rough diamonds in the market,” but also voiced optimism that a De Beers deal could be inked this year. Reuters
Despite Friday’s gain, shares remained roughly 21% under the 52-week peak of 3,877 pence. Investors, it seems, are holding out for evidence that Chile’s cost cuts, boosted production, regulatory green lights and planned asset sales can actually help Anglo’s copper-centric plan deliver clearer profits. Google
