LONDON, March 16, 2026, 17:36 GMT
Anglo American inched 0.23% higher to 3,116 pence on Monday, falling short of gains posted by the broader London market and some other miners. According to Reuters and market data, shares swung from 3,063 up to 3,175 pence. A dip in copper and a late technical hiccup at the London Metal Exchange muddied direction across the sector.
Here’s why it’s key: Anglo has shifted into the frame of a restructuring play, not just a mining bet. The company’s push to boost copper exposure—lining up a deal with Teck Resources and putting De Beers on the block—means investors are combing through every quiet move in the stock for signals on that strategy.
The rest of the market looked more forgiving. FTSE 100 closed up 0.6% with oil easing, while Rio Tinto advanced 0.44%, BHP climbed 0.65%, and Antofagasta picked up 0.51%, market data showed. Anglo, though, lagged behind.
Copper slipped 0.5% on Reuters data, a nod to softer industrial appetite. The LME reported that copper and other metal prices froze just after 1500 GMT, blaming a technical issue for halting its electronic market. To set closing prices, it switched to a backup approach.
Anglo is still in a tough spot. Last month, the company booked a $3.7 billion loss after taking yet another $2.3 billion write-down at De Beers. Core earnings came in at $6.4 billion—EBITDA, their preferred profit measure—and the board slashed the dividend to $0.23 per share, down sharply from $0.64 a year ago.
Chief executive Duncan Wanblad told reporters there’s “a plentiful supply of rough diamonds in the market,” adding that De Beers’ sale process has moved into advanced stages. In a separate production update, Wanblad said Anglo remains “committed to seeing our portfolio transformation through to its conclusion.” Reuters
Copper remains the main target. Back in February, Anglo trimmed its 2026 copper output estimate to 700,000-760,000 tons, down from a previous 760,000-820,000, citing weaker production at Chile’s Collahuasi. Even so, the company is moving forward with a $53 billion all-share merger with Teck, greenlit by shareholders in December, aiming to break into the top five among global copper producers.
The catch? S&P slashed Botswana’s rating to BBB- back on March 13, citing structural issues in diamonds. That’s a headache for Anglo, since De Beers—the company’s big asset—is still up for sale.
Macro risks aren’t off the table. Earlier this month, Aberdeen’s chief economist Paul Diggle flagged the potential for the global cycle to slip into a more “stagflationary feel” even if oil prices retreat. Kathleen Brooks, research director at XTB, also pointed out that a coordinated G7 emergency reserve release might just deliver a “temporary impact”. Reuters
The stock is still trading under its 3,877 pence high for the year. With the Bank of England, Federal Reserve, and European Central Bank all set to announce decisions this week, miners face another immediate hurdle. Anglo edged up only slightly on Monday, a move that points to investors holding back until they see clearer evidence that the copper strategy can offset both softness in diamonds and weaker Chile output.
