London, June 8, 2026, 10:05 BST
- Anglo American fell 0.86% to 3,823p in early London trade.
- The move came after a 5.16% slide on Friday, when the stock pulled back from a recent 52-week high.
- Investors are weighing the Teck merger, De Beers sale talks and weaker risk appetite across European markets.
Anglo American shares slipped in early London trading on Monday, extending Friday’s sharp fall as investors tested the miner’s copper-led overhaul against a weaker market backdrop and fresh questions around the sale of De Beers.
The stock was down 0.86% at 3,823p by 10:05 a.m. in London, according to Davy data. It fell 5.16% on Friday after touching a 52-week high earlier last week, MarketWatch data showed.
The move matters because Anglo’s valuation has become tied less to its old sprawl of coal, diamonds and platinum, and more to whether Chief Executive Duncan Wanblad can land a cleaner copper-heavy group through the planned Teck Resources merger and the disposal of De Beers.
The broader market offered little help. London’s FTSE 100 opened lower on Monday as fresh Middle East tension, higher oil prices and pressure on technology shares hit risk appetite across global equities. Mining stocks are cyclical, meaning they tend to move with expectations for world growth and commodity demand.
The newest pressure point is De Beers. Botswana is in talks with the United Arab Emirates and Oman to help it buy a “strategic” stake in the diamond company from Anglo, Bloomberg reported, according to a Reuters-linked market notice. Botswana already owns 15% of De Beers and is central to any deal because the country accounts for most of the group’s rough-diamond supply. TradingView
Diamonds remain the weak part of the story. Anglo posted a $3.7 billion loss in February after another De Beers writedown, and Wanblad told reporters there was a “plentiful supply” of rough diamonds in the market. Rough-diamond prices have been hurt by weak demand, high inventories and competition from lab-grown stones. Reuters
Copper is the reason investors are still paying attention. Anglo and Teck have agreed to combine in a nil-premium, all-share merger that would create Anglo Teck, a top-five global copper producer headquartered in Canada, with more than 70% copper exposure. Copper is used in power grids, construction, electric vehicles and data-centre infrastructure.
Wanblad called the tie-up a “true merger of equals,” while Teck Chief Executive Jonathan Price said it would create a larger, higher-quality copper, iron ore and zinc business. Adam Matthews of the Church of England Pensions Board, an Anglo shareholder, called it a “consolidation that makes sense.” Reuters
Analysts have started to mark that in. Deutsche Bank last week lifted its Anglo target price to 4,500p from 3,800p and kept a buy rating after modelling the Teck combination, while also flagging operational challenges and assuming completion by the end of 2026.
Anglo is also pushing ahead with its coal exit. In May it agreed to sell its Australian steelmaking-coal assets to Dhilmar for up to $3.875 billion, including $2.3 billion upfront and a price-linked earnout. Wanblad said the deal would “complete our exit” from steelmaking coal, with proceeds earmarked for debt reduction. Anglo American
There is housekeeping, too. Anglo plans to delist its shares from the SIX Swiss Exchange on June 26, with the last trading day set for June 25, while keeping London as its primary listing as the Teck transaction moves through approvals.
But the downside case is clear. Copper prices could soften if growth fears deepen, regulators could slow the Teck timetable, and De Beers may fetch less than Anglo wants if diamond demand stays weak. Anglo has also faced a Chilean court ruling affecting environmental approval for work linked to Collahuasi, while earlier production guidance already pointed to lower copper output from that mine.
For now, the share price is caught between the promise of a simpler copper group and the grind of getting there. The next markers are De Beers bids, Teck approvals and Anglo’s July production update.
