London, Jan 12, 2026, 08:21 GMT — Regular session
- Anglo American shares climbed in early London trading, hitting a new 52-week peak.
- Talk of mergers among major miners has brought copper-focused stocks back into the spotlight.
- Investors are focused on February’s regulatory decisions, along with Anglo’s upcoming production and results dates.
Anglo American shares (AAL.L) climbed 1.7% to 3,270 pence early Monday, hitting 3,281p at one point—a fresh 52-week peak. The stock had closed at 3,216p on Friday. (London South East)
This matters because mining investors have shifted their focus back to scale. When major deals start to seem feasible, the biggest miners usually get a boost first—often ahead of any concrete figures.
Anglo finds itself at the heart of this trade. Its upcoming merger with Canada’s Teck Resources would ramp up its copper exposure, and the regulatory timeline now offers traders a tangible milestone to factor in.
Talks between Rio Tinto and Glencore have reignited merger speculation, with several analysts, investors, and bankers telling Reuters this could spark wider consolidation in the mining sector. “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.” (Reuters)
Last week’s EU filing revealed that Brussels is examining the Anglo-Teck merger through a simplified procedure, a fast-track process applied when no obvious competition issues arise. The European Commission must rule by Feb. 10. Separately, it’s conducting a review under the Foreign Subsidies Regulation, targeting potentially distorting state aid, with a decision expected by Feb. 3. Meanwhile, Canada has already given the green light. (Reuters)
Anglo shareholders are banking on copper remaining the rare growth metal in the industry. Since new supply can take years to come online, the market tends to favor acquisitions as the quicker option.
M&A headlines can flip fast. If regulators step in with demands or if negotiations in other parts of the sector hit roadblocks, the stock often sheds its gains as rapidly as it won them.
Operational risk remains a key concern. Any slip in production, rising costs, or swings in commodity prices could quickly reveal if the recent rally is grounded in fundamentals or just deal-driven calculations.
Anglo will release its Q4 2025 production report on Feb. 5 at 0700 GMT, followed by its full-year results on Feb. 20, per the company’s investor calendar. These updates are expected to bring more clarity on costs, spending plans, and cash returns as the Teck process proceeds through regulatory review. (Angloamerican)
