Company Reports

Soaring copper and higher byproduct prices drove the 35% increase in Anglo American's first-half adjusted EBITDA from its copper and iron ore businesses to USD 4.1 billion. Copper is 70% of the total. Underlying NPAT, including diamonds but not discontinued operations, rose 110% to USD 820 million.

Teck's 2026 second-quarter adjusted NPAT of CAD 948 million, or CAD 1.93 per share, increased fivefold from a year ago, mainly due to increased copper prices and volumes. However, the CAD 0.125 quarterly dividend stands, due to its upcoming all-equity merger with Anglo American to form Anglo Teck.

In response to BHP's unsuccessful bid for the company in May 2024, Anglo American is restructuring to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. This includes exiting its exposure to consumption-oriented commodities like platinum and diamonds, which will likely make it more exposed to softening commodity demand from China as it rebalances away from infrastructure and construction-led growth.

The copper price is broadly unchanged on last quarter, trading around USD 6 per pound, near historical highs. The iron ore price continues to trade in a narrow range and at around USD 100 per metric ton is also flat as Chinese imports remain strong despite falling steel production.

Anglo American agreed to sell its remaining metallurgical coal interests in Queensland to Dhilmar. It will receive USD 2.3 billion in cash at closing—likely in early 2027—plus up to an additional USD 1.6 billion if future metallurgical coal prices exceed USD 260 per metric ton.

Stronger commodity prices and improved sales volumes led to Teck's 2026 first-quarter adjusted NPAT nearly tripling from a year ago, to CAD 860 million, or CAD 1.75 per share. But the CAD 0.125 quarterly dividend it declared is unchanged due to its upcoming merger with Anglo American.

The iron ore price is broadly flat compared with last quarter. While China's steel production in the first quarter of 2026 is down 5% year on year to about 250 million metric tons, its iron ore imports are up 11% to around 315 million metric tons.

In response to BHP's unsuccessful bid for the company in May 2024, Anglo American is restructuring to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. This includes exiting its exposure to consumption-oriented commodities like platinum and diamonds, which will likely make it more exposed to softening commodity demand from China as it rebalances away from infrastructure and construction-led growth.

2025 adjusted EBITDA for Anglo American's key copper and iron ore businesses increased 6% on a year earlier, to USD 6.9 billion, driven by higher prices. But a combined loss across its other divisions saw adjusted net profit after tax down 70%, to USD 610 million.

In response to BHP's unsuccessful bid for the company in May 2024, Anglo American is restructuring to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. This includes exiting its exposure to consumption-oriented commodities like platinum and diamonds, which will likely make it more exposed to softening commodity demand from China as it rebalances away from infrastructure and construction-led growth.

The iron ore price is up on last quarter as China's imports remain strong despite its steel production falling below 1 billion metric tons in 2025 for the first time since 2019. Its anti-involution campaign is reducing overcapacity, mainly via the closure of smaller, less efficient steelmakers.

In response to BHP's unsuccessful bid for the company in May 2024, Anglo American is restructuring to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. This includes exiting its exposure to consumption-oriented commodities like platinum and diamonds, which will likely make it more exposed to softening commodity demand from China as it rebalances away from infrastructure and construction-led growth.

The respective shareholder meetings to approve the proposed "merger of equals" between Anglo American and Teck to form Anglo Teck are scheduled for Dec. 9, 2025. The deal is also subject to approval by Canadian and other regulators.

Teck's 2025 third-quarter adjusted EBITDA of CAD 1.2 billion is around 20% higher than the same period last year, driven by increased copper and zinc prices. It declared a CAD 0.125 per share quarterly base dividend, but unlike a year ago, no additional special dividend will be paid.

The iron ore price has shrugged off re-escalation of the trade war between the United States and China, though copper is down moderately in response. Both are up about 10% since the last quarterly update of our assumed commodity prices.

In response to BHP's unsuccessful bid for the company in May 2024, Anglo American is restructuring to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. This includes exiting its exposure to consumption-oriented commodities like platinum and diamonds, which will likely make it more exposed to softening commodity demand from China as it rebalances away from infrastructure and construction-led growth.

Anglo has agreed to buy Teck to form copper-focused Anglo Teck, with iron ore and zinc its other major businesses. Teck shareholders will receive 1.3301 shares in Anglo, or a Canadian subsidiary, for each Teck share. Anglo also plans to pay a premerger USD 4.19 (GBX 310) special dividend.

In response to BHP's unsuccessful bid for the company in May 2024, Anglo American is restructuring to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. This includes exiting its exposure to consumption-oriented commodities like platinum and diamonds, which will likely make it more exposed to softening commodity demand from China as it rebalances away from infrastructure and construction-led growth.

In response to BHP's unsuccessful bid for the company in May 2024, Anglo American is restructuring to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. This includes exiting its exposure to consumption-oriented commodities like platinum and diamonds, which will likely make it more exposed to softening commodity demand from China as it rebalances away from infrastructure and construction-led growth.

Anglo American's 2025 first-half underlying EBITDA of USD 3 billion fell 20% from a year ago, driven by lower diamond volumes and prices. Reduced copper volumes also contributed, with copper division EBITDA of USD 1.8 billion down 14%. However, iron ore EBITDA of USD 1.4 billion was flat.