LONDON, July 6, 2026, 15:01 (BST)
- Anglo American plc LON:AAL slipped 0.53% to 3,765p during regular London trading.
- Roughly 1.09 million shares traded, close to 26% of normal volume. The stock is around 11% under its 52-week high.
- Median 12-month target from 15 analysts suggests roughly 6% upside from Monday’s close.
- Q2 production numbers are due July 23. Half-year earnings come out July 30.
Anglo American plc LON:AAL slipped late in London on Monday. But the bigger takeaway wasn’t the drop—it was that after a sharp re-rating, there’s little space left above consensus for the stock.
At 3,765p, Anglo traded 84% higher than its 52-week low at 2,042p, about 11% below its recent 4,239p high. Volume hit 1.09 million on Monday, well off the average 4.25 million, according to Google Finance. The shares are moving like a copper play, but liquidity hasn’t kept up with price.
Consensus stays tight if you go by Monday’s price.
| Measure | Value | Implied move from 3,765p |
|---|---|---|
| Monday’s close | 3,765p | — |
| Median target for next 12 months | 3,997.73p | +6.2% |
| Top 12-month target | 4,897.94p | +30.1% |
| Lowest 12-month target | 1,998.87p | -46.9% |
The key detail is the skew. There could be a big move up, but most targets don’t show that. Data from Investors Chronicle as of July 2 listed two buy ratings, six outperforms, eight holds and a single sell. The median price target was 3,997.73p.
Peer forecasts point to the same risk. MarketScreener’s sector snapshot puts Anglo’s forecast spread at close to 3%, coming in lower than Rio Tinto plc LON:RIO, Glencore plc (LON:GLEN) and Fresnillo plc (LON:FRES).
| Company | Consensus implied upside/downside |
|---|---|
| Anglo American LON:AAL | up 2.96% |
| BHP Group ASX:BHP | up 2.31% |
| Rio Tinto LON:RIO | up 9.08% |
| Glencore (LON:GLEN) | up 22.43% |
| Teck Resources TSE:TECK.B | down 1.10% |
| Fresnillo (LON:FRES) | up 29.16% |
Anglo didn’t get much lift from the broader UK market. The FTSE 100 slipped 0.1% to 10,663.68 by 1037 GMT as miners pulled down the index. David Morrison, senior market analyst at Trade Nation, told Reuters there’s “plenty of” U.S. and Chinese money eyeing UK assets, and called the market a “good opportunity” to buy UK companies. Reuters
The focus for Anglo American has shifted from BHP Group Ltd ASX:BHP’s bid to execution. Anglo and Teck Resources Limited TSE:TECK.B now aim for a merger of equals that would form Anglo Teck, to be based in Canada and offering investors over 70% copper exposure.
The Chile copper play is central to that price case. Anglo and Codelco wrapped up the Los Bronces-Andina deal on June 24. Their joint mine plan aims to deliver 2.7 million tonnes of copper across 21 years, or about 120,000 tonnes a year. Pre-tax shared value is set at a minimum of $5 billion. Anglo CEO Duncan Wanblad said it’s “one of the most significant copper adjacency opportunities in the world.” Angloamerican
The clean-up trade keeps going. Anglo in May said it would sell its Australian steelmaking coal assets to Dhilmar for as much as $3.875 billion, with $2.3 billion upfront and up to $1.575 billion tied to prices. CEO Duncan Wanblad said the sale will “complete our exit from steelmaking coal.” Anglo plans to use the proceeds to cut debt. Angloamerican
De Beers is still the overhang for the equity case beyond copper. In June, Reuters reported a sale of the diamond business looked nearer, with the CEO saying a deal could come within weeks.
Production is up next. Anglo is set to post its Q2 production numbers on July 23, with half-year results following on July 30. At these levels, beating copper forecasts could hold up the rating. If not, the shares will have to rely on deal value instead of new volumes.
