London, Feb 13, 2026, 07:42 GMT — Premarket
- Anglo American ended Thursday’s session 2.3% lower, coming in below the FTSE 100’s performance.
- CEO Duncan Wanblad called the sale of De Beers a top priority, pointing to ongoing weakness in the diamond market.
- Anglo American’s full-year numbers are on deck next week, and investors are already watching closely.
Anglo American AAL.L heads into Friday’s London session under scrutiny, following a 2.3% drop to 35.84 pounds per share on Thursday. Trading volumes lagged their recent norms, with the broader UK market also losing ground that day.
The miner steps in carrying a soft diamond market and full-year results just over the horizon. Traders are watching for signals that could shift the timing of asset sales or alter the group’s broader overhaul plans.
De Beers, the diamond arm of Anglo, drew attention Wednesday at the Africa Mining Indaba in Cape Town after Botswana’s state diamond company announced plans to push more of its gems through contract sales—considered less volatile than auctions. Speaking on site, Anglo CEO Duncan Wanblad said moving ahead with a De Beers sale remains his focus, pointing out that a consortium buyer is the most probable route since big strategic players just aren’t in the market these days.
London markets leaned risk-off late Thursday. The FTSE 100 dropped 0.7%, as defensive sentiment took hold in global equities. Investors weighed disappointing UK growth figures and renewed speculation about a possible Bank of England rate cut in March.
De Beers is a headache for Anglo American, caught as it is between shaky consumer appetites, tricky financing, and political entanglements. Selling it off isn’t quick work; the final price hinges less on who shows up to bid and more on whether anyone believes demand has finally found its floor.
The mining landscape isn’t getting any simpler for the company. Platinum prices have soared, but miners are still voicing doubts about how long the rally will last. Valterra Platinum, which separated from Anglo American last year, weighed in during an industry review this week, saying it’s holding fast to a strict approach and prioritizing returns to shareholders—even after the recent price run. “Whatever additional value that we create, we return it back to shareholders,” Valterra CEO Craig Miller told Reuters. Reuters
Other companies in the platinum group metals sector have sounded much the same. Executives are hesitant to move forward on fresh projects unless there’s firmer long-term price backing, pointing to higher costs and missteps from previous cycles.
Still, there’s risk on the table. Diamond demand might stay sluggish, De Beers negotiations could drag out—or close at a valuation that’s less than investors are counting on. And if the market cools on commodity stocks, the diversified mining giants won’t be immune.
All eyes now shift to Feb. 20, when Anglo American drops its full-year 2025 numbers at 07:00 GMT. Investors will be watching for any fresh details on De Beers and other changes across the group’s portfolio—those areas are set to draw the most scrutiny.
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