London, April 27, 2026, 15:01 (BST)
Anglo American’s stock was down in London as the company approached Tuesday’s first-quarter production update, with investors zeroed in on whether the miner can maintain momentum on its copper-driven overhaul.
Anglo American’s first-quarter 2026 production numbers are due at 06:00 GMT on April 28, as the miner leans harder into copper, premium iron ore, and a possible tie-up with Teck Resources.
This is coming up now as Anglo keeps working to offload operations it’s looking to exit. Last week, Bloomberg News—via Reuters—said Stanmore Resources, Mitsubishi Corp, and PT Buma Internasional Grup had emerged as possible buyers for Anglo’s Australian steelmaking coal business. That’s months after Peabody Energy dropped its $3.78 billion offer. Steelmaking coal goes into coke, critical for blast-furnace steel.
Investors will be looking to see how Anglo stacks up, especially after Teck’s results last week. Teck topped first-quarter profit forecasts, fueled by record copper sales and stronger prices. Its planned $53 billion merger with Anglo, Reuters reported, is still moving forward.
Anglo slipped 1.8% to 3,628.50 pence Monday afternoon, putting its market cap near 38.88 billion pounds, LSE.co.uk data showed (15-minute delay). Shares had already lost ground Friday—traders weren’t positioned to shrug off a weak production update.
Peer tape action gave little direction. SP Angel’s Monday market update: Anglo slipped 0.9%; BHP edged up 0.1%; Rio Tinto added 0.8%; Glencore dropped 0.4%; Teck was off 1.3%. Copper swings, deal risks, and geopolitics are still muddying the sector’s leaderboard.
Anglo’s February numbers offered a bit of breathing room. The miner put out $6.4 billion in underlying EBITDA from continuing operations—a figure that strips out interest, taxes, depreciation, and amortisation—and flagged annualised cost savings of $1.8 billion. Chief Executive Duncan Wanblad described 2025 as “a transformational year.” Still, the group booked a $3.7 billion loss to shareholders, weighed down by a $2.3 billion pre-tax impairment tied to De Beers. Anglo American
The Teck transaction stands out as the larger opportunity. Both Anglo and Teck confirm the merged Anglo Teck entity would set up headquarters in Canada, crack the global top five for copper production, and push investor exposure to copper above 70%. Following the deal, ownership would split roughly 62.4% for Anglo shareholders and 37.6% for Teck investors.
Regulators aren’t out of the picture yet. Back in March, Anglo’s Brazil chief Ana Sanches said she expected final approval for the Teck deal by year-end. Wanblad, for his part, highlighted that regulators in China and South Korea might not weigh in until sometime between September 2026 and March 2027.
The coal sale still has unresolved details. According to MINING.com, the Queensland mines up for grabs sit in territory where BHP Mitsubishi Alliance and Glencore are major players. That earlier deal with Peabody? It fell apart after a fire broke out at Moranbah North, which is among the assets on the table.
But there’s a bear scenario in play. Regulatory sign-offs might drag on, coal customers could bargain for discounts or push back payments, and cost inflation in Chile looms—especially since Teck flagged the risk of pricier freight and explosives tied to Middle East tensions through Q2. “Very strong start to 2026,” is how Teck CEO Jonathan Price put it, though that hardly erases the execution risk still hanging over Anglo Teck. Teck Resources Limited
Not every analyst is bullish here. According to FT market data, the consensus 12-month target sits at 3,002.96 pence—lower than the most recent listed price. Out of 15 analysts, 10 say hold, six call for outperform, and just two go with a buy, the latest recommendation table shows.
The production numbers out Tuesday won’t resolve the merger or seal the coal asset sale. What they will do is give a sense of whether Anglo’s key mining operations are delivering as management works to push through one of the industry’s bigger portfolio shakeups.
