London, Jan 15, 2026, 07:01 GMT — Premarket
- Norges Bank revealed it has increased its stake in Anglo American to over the 3% reporting threshold
- Anglo shares closed Wednesday just shy of a 52-week high
- Copper’s historic rally and looming deal deadlines in mining have returned to traders’ radars
Ahead of Thursday’s London open, Anglo American stock (AAL.L) caught attention after a regulatory filing revealed Norges Bank boosted its stake above the 3% reporting threshold. The bank now holds 3.00352% of voting rights, or 35,383,000 shares, up from 2.99573%. According to the filing, the threshold was crossed on Jan. 9. (TradingView)
The stake shift is minor. Yet it comes as major diversified miners juggle pressure from two fronts: fluctuating metals prices and a fresh drive toward greater scale.
Anglo’s shares are clawing their way back toward recent highs. Coming up in the next few weeks: key production reports, regulatory decisions, and takeover deadlines that could quickly swing market sentiment.
Anglo closed Wednesday up 1.68% at 3,274 pence (32.74 pounds), just shy of its 52-week peak by 0.21%, while the FTSE 100 also gained. Trading volume, however, fell short of the company’s 50-day average, according to MarketWatch data. (MarketWatch)
Copper is carrying much of the weight in the sector. On Wednesday, it surged to a new record near $13,407 a tonne, driven by a wider rally that lifted several metals to fresh peaks, the Financial Times reported. (Financial Times)
For Anglo, the copper angle goes beyond just prices. Investors are also focused on the miner’s proposed merger with Teck Resources, which remains under regulatory review.
EU antitrust authorities are examining the Anglo-Teck merger through a streamlined process, aiming to deliver a formal ruling by Feb. 10, Reuters reported last week, citing a European Commission document. Separately, the deal is under scrutiny through the EU’s Foreign Subsidies Regulation, which evaluates if state aid distorts competition. That review’s deadline is set for Feb. 3, according to Reuters. (Reuters)
Consolidation chatter is rattling the broader mining sector. In Australia, a key Rio Tinto investor flagged concerns about deal-making at cycle highs, following confirmation that Rio and Glencore are in merger talks. “A lot of M&A at the top of the market hasn’t created value in the long term,” AFIC managing director Mark Freeman told Reuters. (Reuters)
That context is key for Anglo, influencing investor appetite for copper-heavy assets and their tolerance for major deals. Rio has until Feb. 5 under UK regulations to make a formal offer for Glencore, Reuters Breakingviews pointed out, ensuring M&A buzz in the sector stays strong through early February. (Reuters)
Thursday’s action will hinge on copper’s ability to maintain its rally and if the recent surge in UK-listed miners can stretch past the opening hour. New regulatory news around major mining deals could quickly shake the sector.
The catch is clear. Metals have surged quickly, and a steep drop in copper prices would challenge whether Anglo’s recent gains are due to the market or its own performance. Regulatory delays are possible, and merger reviews might impose conditions that complicate the numbers.
Anglo’s next key event is coming up soon. The company’s investor calendar shows its Q4 2025 production report will drop on Feb. 5 at 07:00 GMT, with full-year results set for Feb. 20. (Angloamerican)
