LONDON, March 26, 2026, 11:13 GMT
Anglo American shares dropped over 5% in London on Thursday, erasing a chunk of Wednesday’s surge that followed Chile’s competition regulator giving the green light to a major copper expansion with Codelco. AJ Bell quoted the stock at 3,010p to sell and 3,012p to buy in delayed trading at 10:57 GMT—down 5.07% from the previous 3,173p close. That comes on the heels of a 3.9% jump the day before.
The shift is key: Chile’s ruling strikes right at the core of Anglo’s copper ambitions. The Andina-Los Bronces project should bring in another 120,000 metric tons per year and generate a minimum of $5 billion through boosted production and cost cuts.
Teck remains in the spotlight. Last week, Ana Sanches, who heads Anglo’s Brazil operations, said the company still anticipates final sign-off on the $53 billion merger near the end of the year.
The London market lost ground Thursday, with the FTSE 100 slipping 1.1% at 1013 GMT. Fresh doubts about a resolution in the Middle East hit sentiment. Miners took a beating in delayed trade—Antofagasta fell 4.46%, Rio Tinto dropped 2.30%, and Glencore slid 1.94%.
Chile’s competition approval isn’t the final hurdle. Codelco noted that environmental permits are still pending, and talks with local communities have yet to happen. There’s also the matter of actually setting up the company to manage the joint venture. According to Anglo’s 2025 agreement, any increase in output will only go ahead once those permits are secured.
The green light comes while competitors push deeper into copper. “We are quite committed to bringing copper on as quickly as we can,” Rio Tinto copper chief Katie Jackson told Reuters this week. Her comments highlight just how tightly investors are tracking mine plans, permits, and new supply across the sector.
Anglo’s efforts to unload unwanted assets continue to weigh. Back in February, the miner reported a $3.7 billion loss, hit by a fresh writedown on De Beers, and slashed its dividend. Even so, it’s sticking with a pivot toward copper and iron ore. Chief Executive Duncan Wanblad said he remained “optimistic” that a De Beers deal could get signed this year.
The stock found support Wednesday after Chile’s news. But by Thursday, gains faded as investors considered copper’s potential versus ongoing uncertainties with permits, asset sales, and the Teck merger timeline.
