London, Jan 13, 2026, 08:08 GMT — Regular session
- Anglo American shares dipped 0.5% in early London trading
- BHP appears cautious on Glencore amid swirling deal rumors across the mining sector
- Traders eye Rio and Glencore’s upcoming moves alongside Anglo’s timeline for the Teck merger
Anglo American (AAL.L) shares edged down 0.5% to 3,236 pence in early London trading on Tuesday, after finishing the previous session at 3,252 pence. So far today, the stock has fluctuated between 3,235 and 3,252 pence. Investing.com
The sector is absorbing fresh deal rumors, with BHP reportedly opting out of Rio Tinto’s push to acquire Glencore, according to two insiders. They say BHP has no plans to launch a competing bid. Sources also note that BHP favors Anglo American’s copper division over Glencore’s and intends to wait for clearer signals before making any moves. Reuters
Anglo’s position is pivotal in the copper land-grab, and the market is quick to factor in who might be forced to move. “The mining space is consolidating,” said Mark Kelly, CEO of advisory firm MKI Global. Berenberg analyst Richard Hatch pointed to BHP as “the most likely interloper” as Rio eyes Glencore. Rio has until Feb. 5 to submit a formal offer, a deadline that could keep the sector’s attention locked in for weeks. Reuters
Copper is drawing all the attention. A combined Rio and Glencore would create the top copper producer, fueling a heated race for supply as prices spike and demand projections rise. The metal’s role in power grids and data centers keeps pushing interest higher. Financial Times
Anglo’s merger plans with Teck Resources have already shifted the bar for how aggressively miners are pursuing copper expansion.
Traders are now focused on whether the Rio-Glencore talks will attract a disruptor or just prompt other players to shift their attention. BHP’s previous chase of Anglo remains a shadow on the market, while investors repeatedly highlight one key issue: copper-heavy assets are in short supply.
There’s a more down-to-earth side to this. Even absent a bid premium, chatter about major mergers can boost mood among miners — only to evaporate fast once tough questions on execution arise.
The downside is straightforward. Rio and Glencore have met before with no agreement, and regulators could push for asset sales if a deal moves forward; should momentum fade, the market could quickly lose faith in the M&A prospects.
Anglo investors are eyeing any shift from mere consolidation chatter to actual pricing moves in specific assets, particularly copper, where valuations have already run high.
The EU is next up to weigh in on the Anglo-Teck deal, with regulators aiming to deliver a verdict by Feb. 10. A related decision under the bloc’s Foreign Subsidies Regulation is set for Feb. 3. These rulings could signal just how tough the next round of mining mega-mergers will face in getting approval. Reuters
