Anglo American Holds Talks With Tech Companies Seeking Copper Equity Stakes

Anglo American has held talks with technology companies interested in buying equity in the miner to secure metals used in data centres, chief executive Duncan Wanblad said at the Financial Times' Metals and Mining Summit in London on October 15, 2026. MINING.COM reported the discussions, which Wanblad said were "absolutely being had".

Wanblad Details the Copper Supply Talks

Wanblad said the question from the technology side is whether to lock in long-term offtake directly or take an equity position to secure a stake in future supply. No stakes have been taken, he said, but there had been "deep expressions of interest" in doing so. "Given the scarcity issue that we've been speaking about, a lot of people are looking for ways to secure supply," Wanblad told the summit.

Comex copper for December delivery traded near $6.52 a pound, about $14,370 a tonne, on October 15, a third straight decline, after stronger than expected US inflation data put a Federal Reserve rate hike that month back on the table. Cash copper on the LME settled at a record $14,822 on October 12, and the most-active Comex contract remains within 6% of its September 9 record settlement of $6.89.

Anglo's New York-listed shares added 0.6% to $26.86 in early trade on October 15 for a market value of $58.0 billion, while Teck Resources edged up 0.3% to $64.96 and is worth $31.9 billion. At those prices Anglo-Teck would carry a combined nominal value of just under $90 billion, up from the $53 billion the two companies put on the merger of equals when it was announced in September last year.

Anglo American's Copper Portfolio Moves

According to akta.pro company records, Anglo American and Chile's state-owned miner Codelco finalized a partnership in June 2026 to develop their neighboring Los Bronces and Andina copper mines, with a joint mine plan expected to yield an extra 2.7 million tonnes of copper over 21 years. The same records show Anglo American agreed in May 2026 to sell its Australian steelmaking coal mines to Dhilmar Limited for up to $3.875 billion, comprising a $2.3 billion upfront payment and a price-linked earnout of up to $1.575 billion.

Earlier Anglo American Portfolio Steps

Anglo American said in October 2026 that South Africa remains a premier mining jurisdiction, citing its R11.2-billion investment in the Sishen iron-ore project, Mining Weekly reported. Codelco created a new integration management unit in October 2026 to oversee the joint operation of its Andina mine with Anglo American's Los Bronces, with the companies planning to add about 120,000 metric tons of copper annually between 2030 and 2051, Reuters reported. Exxaro Resources agreed in September 2026 to buy Anglo American's 50% stake in the Moranbah South coal project and sell the entire project to Stanmore Resources for $105 million, BusinessLIVE reported.

China Clearance and Nickel Sale Timeline

China's State Administration for Market Regulation has asked Anglo to commit to a steady flow of copper concentrate to Chinese smelters as a condition for clearing the Teck merger, Reuters reported on October 2. The parties still expect to close by March 2027. Anglo is also likely to shut its nickel business in Brazil if the European Union does not approve the planned $500 million sale of the assets to China's MMG, Wanblad said.