London, Feb 7, 2026, 08:10 GMT — Market’s shut.
- Anglo American closed off 0.75% on Friday, settling at 3,435 pence.
- BofA Global Research downgraded the miner to “neutral” but bumped its price objective up to 3,600 pence.
- This week’s production update trimmed 2026 copper guidance, while also pointing to ongoing softness at De Beers.
Shares of Anglo American slipped on Friday. Bank of America dialed back its optimism on the miner, coming just as investors weighed a new downward revision to copper guidance—and yet another red flag out of its De Beers diamond unit.
The stock’s timing couldn’t be trickier. Anglo wants investors on board as it pivots to copper and iron ore, slicing off assets and working through sales. Any slip in output hits the valuation argument head-on.
London’s closed for the weekend, so when trading kicks off Monday, it’ll be clear if investors see the recent guidance reset as just tidying up — or a warning sign for a rougher 2026 in Chile. Collahuasi could keep weighing on volumes.
Shares of Anglo American ended the session at 3,435 pence on Feb. 6, slipping 0.75%. 1
On Friday, BofA Global Research cut its rating on Anglo to “neutral” and nudged the price target up to 3,600 pence from 3,500, citing valuation concerns, uncertain execution schedules, and open questions over asset sales. Analysts also highlighted doubts tied to the proposed Teck Resources tie-up and the De Beers spinout, saying the journey from restructuring to any meaningful earnings boost still looks lengthy. 2
Just a day before, Anglo slashed its 2025 copper output forecast by 10%, now targeting 695,000 metric tons. For 2026, the company’s guidance fell as well—to a range of 700,000 to 760,000 tons, down from a previous 760,000–820,000 ton estimate, citing weaker numbers at Collahuasi among the reasons. The miner also flagged roughly $200 million in charges coming in the second half of 2025, related to rehabilitation provisions for its copper sites in Chile. “We are committed to seeing our portfolio transformation through to its conclusion,” chief executive Duncan Wanblad said. 3
Anglo, citing “solid progress” and a “strong copper price environment” in its production update, said it’s temporarily restarting the second plant at Los Bronces. The move is meant to cushion against the lower output it expects from Collahuasi in 2026. 4
De Beers is still under strain. Anglo reported a 12% drop in rough diamond output at the unit for 2025, and lowered its 2026 production outlook, blaming sluggish demand and elevated stockpiles.
The risk cuts both ways here. Should Collahuasi fall short again, another copper reset could be on the table. And if De Beers takes another hit, attention stays glued to what Anglo might offload — and for how much — instead of any talk about growth.
Looking to the week, traders have their eyes on copper’s direction, the next round of broker calls, and any fresh details from Anglo about how and when it plans to handle its disposals and separations.
Feb. 20 marks the next big moment—Anglo’s full-year 2025 numbers are due. Investors want fresh production and cost guidance, and a sharper look at De Beers, along with how quickly the portfolio might shift. 5
