London, April 8, 2026, 13:17 BST
Anglo American shares surged close to 10% in London by Wednesday afternoon, buoyed by a wider relief rally sparked after the US and Iran struck a two-week ceasefire deal and oil prices tumbled. The stock hovered near 3,601 pence, according to Trading Economics. Reuters noted the FTSE 100 touched its highest level in a month. 1
This is notable: over the last year, Anglo’s been stripping out units that complicate its copper narrative. Back in February, Chief Executive Duncan Wanblad insisted the proposed deal with Teck Resources would give shareholders north of 70% copper exposure, putting the company among the world’s top five copper producers. 2
The pitch hit with extra force on Wednesday as sentiment reversed sharply. STOXX 600 shot up over 3%, Brent slid 12.3%, dipping under $100 per barrel, and bets increased on a reopening of shipping through the Strait of Hormuz—the choke point moving roughly a fifth of the world’s oil. 3
Wanblad described 2025 as a “transformational year”. Anglo said it’s pushing forward on the sale of its steelmaking coal unit, advancing regulatory steps for the nickel divestment, and working to split off De Beers. The group plans to zero in on copper, premium iron ore, manganese, and crop nutrients going forward. 2
The clean-up bill was steep. Anglo chalked up a $3.7 billion loss for 2025, hammered by yet another pre-tax writedown—this time $2.3 billion from its diamond arm, De Beers. Still, core earnings landed at $6.4 billion, and the company stuck with its $0.23-per-share dividend. According to Reuters, the numbers highlighted a divide in the mining sector: Antofagasta rode higher copper prices, while more diversified rivals contended with softness in diamonds, coal, and iron ore. 4
Anglo is still waiting on final approvals for its Teck acquisition. Brazil head Ana Sanches said last month that the group was eyeing regulatory clearance by year-end. The company has also announced plans to delist from the SIX Swiss Exchange on June 26, ahead of closing the deal, though London will remain its main listing—pending green lights from the exchanges. 5
The rebound’s fragile. UBS strategist Kiran Ganesh flagged “some of the residual risks are still out there,” and cautioned investors against dismissing a flare-up in rhetoric or weaker energy flows through Hormuz. Back in February, Anglo trimmed its 2026 copper output guidance to between 700,000 and 760,000 metric tons, citing softer production out of Collahuasi, Chile. 3
Investors have made their picks—Quellaveco in Peru, Los Bronces, El Soldado, and Collahuasi in Chile, plus iron ore operations in South Africa and Brazil, and the Woodsmith fertiliser project in northeast England. Judging by Wednesday’s price moves, the market seems content, at least for now, to set aside the question marks around diamonds and incomplete disposals, focusing instead on Anglo’s copper strategy. 6
