- Company name
- Anglo American
- Sector
- Mining: copper, premium iron ore and manganese
- About
- Anglo American plc is a mining company. Its main products are copper from Chile and Peru, premium iron ore from South Africa (Kumba Iron Ore) and Brazil (Minas-Rio), and manganese ore. It is developing the Woodsmith crop nutrients mine in North Yorkshire, England. It is selling the businesses that it does not want to keep: De Beers (diamonds), steelmaking coal in Australia and nickel in Brazil. In the first half of 2026, continuing operations had revenue of $9,926 million and underlying EBITDA of $4,002 million. Copper gave $2,936 million and Premium Iron Ore $1,169 million, and De Beers had an EBITDA loss of $113 million. In 2025, continuing operations had underlying EBITDA of $6,417 million. On September 9, 2025, Anglo American agreed to merge with Teck Resources to form Anglo Teck, with its head office in Canada. Its ordinary shares trade in London and Johannesburg. In the United States, American depositary receipts (ADRs) trade over the counter under the ticker NGLOY, and one ADR represents one half of an ordinary share. The registered office is in London. Duncan Wanblad is Chief Executive Officer, and Stuart Chambers is Chair.
- Thesis
- Anglo American trades above its intrinsic value because investors pay for high copper prices, its copper growth and the planned merger with Teck. In the first half of 2026, Copper underlying EBITDA rose 67% to $2,936 million with a margin of 60%, after a 39% increase in the copper market price. Copper gave most of the group's $4,002 million of underlying EBITDA. Net debt fell to $8.2 billion, 1.0 times underlying EBITDA. For the shares to earn this price, three things must be true. Copper prices must stay high. The merger with Teck must complete, with approval from China's anti-trust regulator as the last regulatory step, and it must deliver the expected $800 million of yearly pre-tax synergies. The sales of Steelmaking Coal, Nickel and De Beers must complete at good prices and reduce debt. The full-year 2026 results, expected in February 2027, and the merger completion, expected by March 2027, are the next tests. A fall in copper prices or a failed merger can make the premium hard to keep.
- Risks
- Earnings follow copper and iron ore prices. A fall in the copper price from the high level of 2026 can reduce EBITDA, cash flow and dividends fast.
The merger with Teck still needs approval from China's anti-trust regulator. A block, a long delay or difficult conditions can reduce the expected value, and the combination must deliver $800 million of yearly synergies.
The sales of De Beers, Steelmaking Coal and Nickel are not complete. The diamond market is weak, the coal sale needs regulatory approvals, and the nickel sale is in a European Commission review.
The mines are in Chile, Peru, South Africa and Brazil, where taxes, permits and water rules can change. A court in Chile set aside parts of the environmental permit of Collahuasi on May 15, 2026.
The ADR trades over the counter, not on a U.S. exchange, and Anglo American files no reports with the SEC. ADR holders receive dividends in U.S. dollars through the depositary, less its fees.
- Balance sheet
- Cash: $8.9B
Debt: $17.3B
Net debt: $8.2B
Net debt / EBITDA: 1.0× (low)
Undrawn credit line: $6.6B
Debt due within 12 months: $1.2B
At June 30, 2026, net debt, including related derivatives, was $8,234 million, against $8,571 million at December 31, 2025, and it was 1.0 times underlying EBITDA. Borrowings were $17,261 million: short-term borrowings of $1,242 million and medium and long-term borrowings of $16,019 million. Cash and cash equivalents were $8.9 billion and undrawn committed facilities $6.6 billion, so liquidity was $15.5 billion. In March 2026, Anglo American issued $2.3 billion of senior notes due in 2031, 2033 and 2036. Gearing, net debt to total capital, was 26%. In the first half of 2026, attributable free cash flow was $803 million after capital expenditure of $1,489 million. Total equity was $23,402 million, including non-controlling interests of $6,243 million. There were 1,178,050,272 ordinary shares on July 29, 2026. The interim dividend for 2026 is $0.23 per share, 40% of underlying earnings. Before the merger with Teck completes, Anglo American plans a special dividend with a base amount of about $4.5 billion.
As of Jun 30, 2026.
- Checkpoints
- Jul 30, 2026: Results for the first half of 2026. Passed. Watch: Higher underlying EBITDA and lower net debt pass; lower EBITDA or higher net debt fails. Outcome: Underlying EBITDA from continuing operations rose 35% to $4,002 million, and net debt fell to $8.2 billion.
Feb 19, 2027 (estimate): Full-year 2026 results. Pending. Watch: Copper production within the 2026 guidance of 700 to 760 kt and lower net debt pass; lower production or higher debt fails.
Mar 2027 (estimate): Completion of the merger with Teck. Pending. Watch: Approval from China's anti-trust regulator and completion by March 2027 pass; a block or a long delay fails.
- Recent events
- Oct 22, 2026: Anglo American appointed Anne Wade as Senior Independent Director of its board. Ian Tyler, who had the role since April 2022, stays on the board as chair of the Remuneration Committee.
Oct 20, 2026: Anglo American reported Q3 2026 production. Copper production fell 5% to 174,900 tonnes because of record snowfall in Chile and lower-grade stockpile ore at Collahuasi, and premium iron ore production fell 4% to 13.8 million tonnes. The 2026 guidance did not change, except a lower Copper Peru unit cost of about 50 c/lb, from about 65 c/lb, and higher De Beers production of 25 to 28 million carats. Anglo American expects to complete the merger with Teck by March 2027.
Sep 1, 2026: Anglo American gave details of the special dividend that it must approve before the merger with Teck completes. The base amount is about $4.5 billion, adjusted for the ordinary dividends of both companies. The company will also change its name to Anglo Teck plc.
Jul 30, 2026: Anglo American reported results for the first half of 2026. Underlying EBITDA from continuing operations rose 35% to $4,002 million, and net debt fell to $8.2 billion. The loss attributable to shareholders was $858 million, which includes a lower carrying value of Steelmaking Coal after the agreed sale. The interim dividend is $0.23 per share, from $0.07. Anglo American and Teck also named the future management of Anglo Teck, with Duncan Wanblad as Chief Executive Officer.
Jun 24, 2026: Anglo American and Codelco completed their agreement for a joint mine plan for the Los Bronces and Andina copper mines in Chile. The plan is expected to give 2.7 million tonnes of additional copper over 21 years, shared equally, after the environmental permits, which are expected by 2030.
May 18, 2026: Anglo American agreed to sell its steelmaking coal mines in Australia to Dhilmar for up to $3.875 billion in cash: $2.3 billion at completion and up to $1.575 billion linked to future coal prices. Completion is expected by the first quarter of 2027. Anglo American continues its arbitration with Peabody about the earlier agreement for these mines. On the same day, it said that a court ruling in Chile against the 2021 environmental permit of Collahuasi has no immediate effect on production.
Feb 20, 2026: Anglo American reported 2025 results. Underlying EBITDA from continuing operations rose to $6,417 million, and net debt fell to $8.6 billion. The loss attributable to shareholders was $3.7 billion, which includes a pre-tax impairment of $2.3 billion for De Beers. Dividends for 2025 were $0.23 per share.