London, Feb 24, 2026, 08:44 GMT — Regular session
Anglo American slipped around 0.1% to 3,645 pence in early trading Tuesday, despite a new broker target lift. Shares had opened from a previous 3,650 pence close and traded between 3,638 and 3,686 pence so far. 1
Timing is key here: mining investors have rushed back into copper, and the largest diversified companies are under pressure to shift their portfolios in that direction—fast, but without overspending. Anglo American keeps surfacing in these conversations. Its copper holdings have drawn interest, with larger competitors eyeing those assets for acquisition.
This is crucial, too, as the company pushes ahead with efforts to slim down—doubling down on copper and iron ore, cutting back on the rest. Whether those streamlining moves pay off will define the next rerating. It all hinges on how well they pull it off.
Deutsche Bank Research bumped up its price target on Anglo American to 3,600 pence from 3,500 pence, sticking with its “buy” call, the latest London broker ratings roundup showed Monday. Price targets reflect where brokers think shares might land in about a year. 2
Copper set the stage again. London copper futures settled Monday at $12,868.50 a metric ton—roughly 11% off the January peak, but still riding big gains since last April, per Reuters columnist Clyde Russell. BHP, he noted, made bids for Anglo American in 2024 and 2025, then dropped out of the anticipated $53 billion deal. Anglo, meanwhile, is trying to secure its own $53 billion merger with Canada’s Teck Resources. 3
Anglo American’s overhaul has come at a steep cost. The miner swung to a $3.7 billion loss, driven by a fresh $2.3 billion writedown tied to its De Beers diamond business, plus it slashed its dividend to $0.23 a share, according to Reuters. “There is at the moment a plentiful supply of rough diamonds in the market,” said CEO Duncan Wanblad, as Anglo kept pushing ahead with both the De Beers sale and the Teck deal sign-off. 4
Anglo American has moved to shore up its UK crop nutrients position, inking an investment deal with Mitsubishi Corp for the Woodsmith fertiliser project. Mitsubishi will chip in for the feasibility study and, once Anglo hits a final investment decision—targeted for 2028—will weigh a possible boost in its equity stake. “Mitsubishi has shown such confidence in the enormous potential of Woodsmith,” said Tom McCulley, chief executive of Anglo’s crop nutrients unit. 5
The downside? That’s straightforward. If copper slips, asset sales stall, or De Beers fetches less than hoped, focus quickly shifts back to cash pressures and timing risk—forget the copper narrative for now.
For traders watching the tape, the signals are straightforward: copper prices, fresh headlines from the De Beers process, and whether additional brokers join Deutsche Bank in lifting estimates. Moves from heavyweights like BHP and Rio Tinto factor into the mix, with the market sizing up copper exposure as if tallying points on a scoreboard.
Anglo American is set to release its first-quarter production numbers on April 28 at 06:00 GMT, according to its investor calendar. Copper output will be under scrutiny, with investors also eyeing costs and scanning for any updates on the company’s portfolio plans. 6
