London, Feb 17, 2026, 08:30 GMT — Regular session
- Anglo American slipped roughly 1% at the open in London, echoing a weaker tone in copper prices.
- All eyes shift to the Feb 20 results for clues on guidance and any news tied to the De Beers overhaul.
- Earnings from the heavyweights—BHP and Antofagasta—have put big miners firmly in the spotlight.
Anglo American slipped 1.1% to 3,539 pence by 08:30 GMT, down from Monday’s 3,578 pence close. Shares bounced between 3,525 and 3,574 pence earlier in the session, tracking softer copper prices and waning miner demand.
Anglo is sliding just as a crucial week arrives for the stock. The miner’s 2025 full-year results are scheduled for release at 07:00 GMT on Feb. 20.
Investors are pressing for more specifics on production, spending, and cash payouts following the company’s move to lower its 2026 copper output forecast earlier this month. Adding to the pressure, Anglo flagged a probable 2025 loss for its De Beers diamond business. The company is also reassessing De Beers’ valuation, with weak demand and bloated inventories weighing on the unit.
Copper-focused rivals took the lead. Antofagasta posted a 52% surge in 2025 core profit—EBITDA, the firm’s preferred cash metric—hitting a record $5.2 billion on the back of all-time-high copper prices. The miner left 2026 output guidance steady. “Our major construction projects … continue to be on time and on budget,” said CEO Ivan Arriagada. Reuters
BHP threw copper back into the spotlight overnight, delivering a half-year profit that beat forecasts and handing investors a 73-cent interim dividend per share. That news sent the stock soaring 7%, hitting an all-time high. “They smashed everyone’s expectations from a dividend perspective,” said Argo Investments portfolio manager Andy Forster. CEO Mike Henry, for his part, said the company wasn’t in any rush to chase large acquisitions, a stance unchanged since last year’s abandoned bid for Anglo American. Reuters
It’s a straightforward equation for Anglo. Investors crave copper for its growth story, but with that comes volatility—sharp price moves can rattle the stock without much warning.
Investors won’t just be glancing at the profit headline—they’ll be picking apart unit costs, capital spending plans, and how (or if) management updates its 2026 production targets. The pace of the ongoing portfolio overhaul is also in focus.
But there’s a risk here. If copper guidance gets cut again or diamonds take a sharper blow, even solid numbers could get lost—especially if investors start factoring in slower asset sales or less cash coming in.
