View ValuationAnglo American 将来の成長Future 基準チェック /36Anglo American利益と収益がそれぞれ年間38.2%と3.5%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に13.4% 38.5%なると予測されています。主要情報38.2%収益成長率38.53%EPS成長率Metals and Mining 収益成長18.5%収益成長率3.5%将来の株主資本利益率13.38%アナリストカバレッジGood最終更新日14 Jul 2026今後の成長に関する最新情報お知らせ • Feb 07Anglo American plc Revises Production Guidance for the Year 2026 and 2027 and Provides Production Guidance for the Year 2028Anglo American plc revised production guidance for the year 2026 and 2027 and provided production guidance for the year 2028. For the year 2026, the company now expects Copper production of 700 kt to760 kt compared to previous guidance of 760kt to 820 kt, Premium Iron Ore of 55 Mt to 59 Mt compared to previous guidance of 54 Mt to 58 Mt and Diamonds of 21 Mct to 26 Mct compared to previous guidance of 26 Mct to 29 Mct. For the year 2027, the company now expects Copper production of 750 kt to 810 kt compared to previous guidance of 760 kt to 820 kt and Premium Iron Ore of 59 Mt to 63 Mt. For the year 2028, the company now expects Copper production of 790 kt to 850 kt and Premium Iron Ore of 58 Mt to 62 Mt.お知らせ • Oct 29Anglo American plc Provides Production Guidance for Year 2025Anglo American plc provided production guidance for year 2025. For the year, the company's Copper production is expected to 690 kt-750 kt, diamonds production is expected to 20 Mct - 23 Mct, Iron Ore production is expected to 58 Mt - 62 Mt.お知らせ • Feb 06Anglo American plc Provides Production Guidance for the Year 2025, 2026 and 2027Anglo American plc provided production guidance for the year 2025, 2026 and 2027. For the year 2025, the company's Copper production is expected to 690kt - 750 kt, Nickel production is expected to 37 kt - 39kt(previously 35kt -37kt), Platinum Group Metals production is expected to 3.0 Moz - 3.4 Moz, diamonds production is expected to 20 Mct - 23 Mct (previously 30 Mct to 33 Mct), Iron Ore production is expected to 57 Mt - 61 Mt, Steelmaking Coal production is expected to 10 Mt - 12 Mt (previously 17-19Mt). For the year 2026, the company's Copper production is expected to 760 kt - 820 kt, Nickel production is expected to 37 kt - 39kt(previously 35kt -37kt), Platinum Group Metals production is expected to 3.0 Moz - 3.4 Moz, diamonds production is expected to 26 Mct - 29 Mct (previously 32 Mct to 35 Mct), Iron Ore production is expected to 54 Mt - 58 Mt. For the year 2027, the company's Copper production is expected to 760 kt - 820 kt, Nickel production is expected to 36 kt – 38 kt, Platinum Group Metals production is expected to 3.0 Moz - 3.5 Moz, diamonds production is expected to 28 Mct - 31 Mct, Iron Ore production is expected to 59 Mt - 63 Mt.お知らせ • Oct 24Anglo American plc Revises Production Guidance for Year 2024Anglo American plc revised production guidance for Year 2024. For the period, the company expects to produce Copper of 730 kt - 790 kt, Platinum Group Metals production is expected to 3.3 Moz - 3.7 Moz, diamonds production is expected to 23 Mct - 26 Mct, Iron Ore production is expected to 58 Mt - 62 Mt, Steelmaking Coal production is expected to 14 Mt - 15.5 Mt. The company now expects nickel production of 38 kt -39 kt against a previous guidance of 36 kt- 39 kt.お知らせ • Jul 18Anglo American plc Provides Production Guidance for Year 2024Anglo American plc provided production guidance for year 2024. For the year, the company's Copper production is expected to 730 kt - 790 kt, Nickel production is expected to 36 kt - 38 kt, Platinum Group Metals production is expected to 3.3 Moz - 3.7 Moz, diamonds production is expected to 26 Mct - 29 Mct, Iron Ore production is expected to 58 Mt - 62 Mt, Steelmaking Coal production is expected to 14 Mt - 15.5 Mt (previously 15-17 Mt).お知らせ • Jul 01Anglo American Suspends Production At Grosvenor in Queensland, Australia Due to Underground Coal Gas Ignition IncidentAnglo American has suspended production at its Grosvenor steelmaking coal mine in Queensland, Australia, following an underground coal gas ignition incident on 29 June 2024. All emergency protocols were followed and the workforce was safely evacuated from the mine without injury. The mine team is working with specialist teams from the Queensland Mines Rescue Service and the regulatory authorities to extinguish the underground fire, prior to being able to assess the steps towards a safe re-entry into the mine. These procedures are expected to take several months as a result of the likely damage underground. Anglo American's steelmaking coal business expects to produce c.8 million tonnes of product in the first half of 2024, of which Grosvenor will contribute c.2.3 million tonnes. For 2024 as a whole, production guidance for the steelmaking coal business is 15 to 17 million tonnes, of which Grosvenor was expected to contribute c.3.5 million tonnes, representing lower production in the second half of the year due to a planned longwall move. An update to steelmaking coal production guidance will be provided once more information is available.すべての更新を表示Recent updatesライブニュース • Jul 01Teck and Anglo American Move Forward With Share Exchange in Court-Approved MergerTeck Resources has mailed a Letter of Transmittal to its shareholders to begin the share exchange process for the court-approved merger of equals with Anglo American, allowing each Teck share to be exchanged for 1.3301 Anglo American ordinary shares or, for eligible Canadian holders, exchangeable shares. The share exchange step is a key procedural milestone in completing the merger, because it sets out the mechanics, documentation and deadlines Teck shareholders must follow to receive Anglo American or exchangeable shares. Anglo American’s share price is around £36.97, with the stock up about 21.6% year to date. This phase of the Teck and Anglo American merger turns the high-level deal into specific ownership terms, so the exchange ratio and timelines now become central for anyone assessing how their Teck exposure will translate into Anglo American equity once the transaction closes.ナラティブ更新 • Jun 30AAL: Copper Shift And Chile Projects Will Support Future ReratingAnglo American's analyst fair value estimate has moved from £46.07 to £50.29 as analysts factor in revised revenue growth and margin assumptions, alongside a series of higher price targets, even as some ratings shift to Hold on valuation grounds and changing commodity mix views. Analyst Commentary Recent Street research on Anglo American shows a mix of caution on the rating side and optimism on valuation, with several bullish analysts lifting price targets even as some move to Hold.ナラティブ更新 • Jun 16AAL: Copper Shift And Iron Ore Risks Will Shape Fairly Balanced OutlookAnglo American's fair value estimate has moved from £36.80 to £38.39 as analysts adjust price targets higher by several hundred pence and highlight a shift in growth focus toward copper over iron ore, while also reflecting updated assumptions for revenue growth, profit margins and future P/E. Analyst Commentary Recent research on Anglo American highlights a split view, with several bullish analysts lifting price targets while more cautious voices flag earnings pressure in iron ore and execution risks around the shift toward copper.ナラティブ更新 • Jun 02AAL: Copper And Iron Ore Downside Risks Will Drive Cautious OutlookAnglo American's analyst fair value estimate has edged up from £36.53 to £36.80 as analysts refine their assumptions around discount rates, profit margins and future P/E expectations. Street price targets have been adjusted in a tight range between about £28.00 and £40.00.お知らせ • May 20Anglo American plc Updates on Collahuasi Environmental Permit in ChileAnglo American PLC noted the 15 May 2026 ruling in Chile by the Second Environmental Tribunal which purports to set aside the Environmental Authorization issued by the Environmental Assessment Service to the independently managed Collahuasi copper mine in 2021 for the Infrastructure Development and Production Capacity Improvement project that includes the development of a water desalination plant for Collahuasi, which is now almost complete. Anglo American understands from the Tribunal´s own press release that its ruling is limited to two specific aspects relating to analysis on the effects on a local community and on the marine environment. Collahuasi is currently in the process of seeking full clarification from the Tribunal in order to determine the specific effects of its ruling, the matters that it requires Environmental Assessment Service to re-examine, and any impact on Collahuasi's operations. Based on the information currently available and subject to the existing alternative water sources for Collahuasi, Anglo American does not currently expect any immediate impact on production. Collahuasi is seeking clarity on the ruling from both the Tribunal and the Environmental Assessment Service, and Anglo American will provide further updates as appropriate. Collahuasi has confirmed that the environmental permitting process for the project was carried out in accordance with local regulations and under the relevant environmental framework. The Environmental Authorization was obtained in December 2021, following a rigorous assessment process led by the Environmental Assessment Service, including the indigenous consultation defined by the competent authority. This was subsequently confirmed by the Ministers Committee in August 2023. Collahuasi has stated that it will continue to work in coordination with the relevant authorities and stakeholders, acting responsibly and in accordance with the legal framework, in order to determine the appropriate next steps.ナラティブ更新 • May 17AAL: Teck Merger Progress And Commodity Risks Will Shape Balanced OutlookAnalysts have raised the fair value estimate for Anglo American to £36.53 from £35.09, citing updated price targets, a higher assumed profit margin and a slightly lower future P/E multiple across recent research. Analyst Commentary Recent Street research on Anglo American shows a mix of optimism and caution as analysts reassess valuation, the merger with Teck Resources and sector risks tied to commodities and geopolitics.ナラティブ更新 • May 02AAL: Geopolitical And Commodity Risks Will Limit Post Teck Merger UpsideAnalysts have raised the fair value estimate for Anglo American from £21.07 to £21.89 per share. This reflects a combination of recent price target changes, rating revisions, and updated views on revenue, margins and future P/E assumptions across the Street.ナラティブ更新 • Apr 18AAL: Teck Merger And Commodity Risks Will Shape Balanced Future ProfileThe analyst fair value estimate for Anglo American edges up to £35.09 from £35.05 as analysts weigh slightly higher assumed revenue growth and a modestly higher discount rate against a small trim to projected profit margins and future P/E, informed by a mix of recent target cuts and upgrades following the Teck merger progress and shifting sector risk views. Analyst Commentary Recent Street research around Anglo American is mixed, with several price target changes, rating shifts and comments on the proposed Teck merger feeding into the updated fair value estimate.ナラティブ更新 • Apr 04AAL: Teck Merger And Revised Production Guidance Will Support Future ReratingThe updated analyst work on Anglo American nudges the fair value estimate up by about £0.33 per share to £46.07, as analysts factor in higher projected revenue growth, a slightly lower profit margin, a modestly lower future P/E and a higher discount rate, set against a mixed series of recent price target changes across the Street. Analyst Commentary Recent Street research around Anglo American presents a mixed picture, with some caution from large global banks sitting alongside more optimistic views from bullish analysts who see value support and potential upside tied to execution and corporate actions.お知らせ • Mar 23Anglo American PLC Announces Delisting Of Ordinary Shares From SIX Swiss ExchangeAnglo American PLC confirms that SIX Swiss Exchange Regulation has approved an application for the delisting of the Company's 1,178,050,272 ordinary shares of USD 0.6239 each from the SIX Swiss Exchange. Anglo American PLC has decided to seek the Swiss Delisting as part of a review of its global share listings in connection with the proposed merger with Teck Resources Limited, and because of a prolonged period of low trading volumes of shares on the SIX Swiss Exchange and the regulatory burden associated with multiple secondary listings. Following the Swiss Delisting it will no longer be possible to trade shares on the SIX Swiss Exchange. The last day of trading for shares on the SIX Swiss Exchange is expected to be June 25, 2026. The Swiss Delisting is expected to be effective as of June 26, 2026. It is recommended that shareholders who trade shares on the SIX Swiss Exchange consult with their investment advisors, brokers or other applicable professional advisors on the actions that should be taken as a result of the Swiss Delisting. As previously announced on September 9, 2025, on completion of the merger, the company expects to retain its primary listing on the London Stock Exchange as well as listings on the Johannesburg Stock Exchange, the Toronto Stock Exchange and the New York Stock Exchange (to be implemented as a listing of American Depositary Receipts), subject to the approval or acceptance of the applicable exchanges in the case of the Toronto Stock Exchange and the New York Stock Exchange.ナラティブ更新 • Mar 21AAL: Teck Merger Outcome Will Shape Future Risk Reward ProfileAnglo American's updated fair value estimate has increased from £33.82 to £35.05 per share as analysts adjust price targets in light of mixed rating changes, revised commodity scenarios, and the anticipated impact of the Teck merger. Analyst Commentary Recent Street research on Anglo American points to a split view, with some analysts leaning into the potential of the Teck merger and others focusing on macro risks and more conservative commodity assumptions.ナラティブ更新 • Mar 06AAL: Teck Merger And Production Guidance Will Drive Future ReratingThe analyst fair value estimate for Anglo American has inched up to £45.74 from £45.56, as analysts balance recent target moves between about £36.00 and £43.00 with updated views on revenue growth, profit margin prospects, and a lower future P/E assumption. Analyst Commentary Bullish analysts have been revisiting their views on Anglo American, with several recent price target moves and upgrades pointing to a more constructive stance on the shares.Reported Earnings • Feb 23Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: US$1.13 loss per share (improved from US$2.87 loss in FY 2024). Revenue: US$18.5b (down 32% from FY 2024). Net loss: US$1.28b (loss narrowed 58% from FY 2024). Production and reserves: Diamond Production: 4.331 t (4.272 t in FY 2024) Copper Production: 0.369 Mt (0.735 Mt in FY 2024) Proved and probable reserves (ore): 2,600 Mt (7,500 Mt in FY 2024) Number of mines: 4 (3 in FY 2024) Manganese Production: 3 Mt (2.288 Mt in FY 2024) Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance.ナラティブ更新 • Feb 20AAL: Teck Merger And Upgraded Outlook Will Drive Future ReratingAnglo American’s updated analyst price target has risen to about £46 per share from roughly £37, as analysts point to revised fair value estimates, higher projected profit margins and recent target upgrades from several banks. Analyst Commentary Recent research has tilted more positive on Anglo American, with several bullish analysts revisiting their models and outcome ranges.Buy Or Sell Opportunity • Feb 18Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 34% to UK£36.61. The fair value is estimated to be UK£29.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making.お知らせ • Feb 07Anglo American plc Revises Production Guidance for the Year 2026 and 2027 and Provides Production Guidance for the Year 2028Anglo American plc revised production guidance for the year 2026 and 2027 and provided production guidance for the year 2028. For the year 2026, the company now expects Copper production of 700 kt to760 kt compared to previous guidance of 760kt to 820 kt, Premium Iron Ore of 55 Mt to 59 Mt compared to previous guidance of 54 Mt to 58 Mt and Diamonds of 21 Mct to 26 Mct compared to previous guidance of 26 Mct to 29 Mct. For the year 2027, the company now expects Copper production of 750 kt to 810 kt compared to previous guidance of 760 kt to 820 kt and Premium Iron Ore of 59 Mt to 63 Mt. For the year 2028, the company now expects Copper production of 790 kt to 850 kt and Premium Iron Ore of 58 Mt to 62 Mt.ナラティブ更新 • Feb 06AAL: Deal Outcomes And Margin Assumptions Will Shape Future Risk Reward BalanceNarrative Update The analyst price target for Anglo American has increased to £33.82 from £29.54. Analysts attribute this to updated assumptions around profit margins, a lower future P/E multiple, and recent Street research highlighting a £3,000 GBp target and an upgraded stance on the stock.ナラティブ更新 • Jan 22AAL: Iron Ore Outlook And Teck Merger Path Will Shape Rerating ProspectsAnglo American's analyst fair value estimate has increased from £35.01 to £36.92, as analysts factor in updated assumptions on growth, margins and a higher implied future P/E multiple, alongside recent Street price target increases to £30.00 and £31.00. Analyst Commentary Recent Street commentary has tilted more optimistic on Anglo American, with bullish analysts lifting price targets into the £30.00 range.お知らせ • Jan 19Anglo American plc to Report First Half, 2026 Results on Jul 30, 2026Anglo American plc announced that they will report first half, 2026 results on Jul 30, 2026ナラティブ更新 • Jan 08AAL: Rejected Bid And Teck Merger Plans Will Constrain Upside PotentialAnalysts have lifted their fair value estimate for Anglo American from £18.70 to about £21.07 per share. They point to updated price targets in the £30.00 to £31.00 range and a reassessment of discount rates, revenue expectations, profit margins and future P/E assumptions to support the change.ナラティブ更新 • Dec 24AAL: Iron Ore Upside And Merger Progress Will Drive Bullish ReratingAnalysts have lifted their price target on Anglo American to about $35 from roughly $28, reflecting improved expectations for revenue growth, higher margins, and a more favorable long term iron ore and valuation outlook following a series of recent target increases from major brokerages. Analyst Commentary Recent research updates highlight a clear shift toward a more constructive stance on Anglo American, with a series of price target increases signaling rising confidence in the company’s earnings trajectory and asset quality.お知らせ • Dec 24Anglo American plc, Annual General Meeting, Apr 29, 2026Anglo American plc, Annual General Meeting, Apr 29, 2026.お知らせ • Dec 16Anglo American and Teck Resources Receives Government of Canada Approval for Merger of Equals Under Investment Canada ActAnglo American plc and Teck Resources Limited have received regulatory approval from the Government of Canada under the Investment Canada Act ("ICA") for the merger of equals between Anglo American and Teck which was announced on 9 September 2025. Anglo American and Teck believe that the formation of Anglo Teck in a merger of equals will provide exceptional and enduring benefits for Canada, founded upon establishing a global critical minerals champion headquartered in Canada.ナラティブ更新 • Dec 10AAL: Iron Ore Outlook And Merger Decisions Will Shape Future Risk Reward BalanceThe analyst price target for Anglo American has been raised to approximately $29.54 from about $29.18. This reflects analysts' more constructive view on long term iron ore demand and supply dynamics, despite slightly higher discount rates and some pressure on forecast margins.ナラティブ更新 • Nov 25AAL: Sector Consolidation And Potential Supply Constraints Will Shape Merger OutlookAnglo American's analyst price target has been raised from approximately $29.48 to $29.18, reflecting a modest increase that analysts attribute to improved forecast profit margins as well as ongoing optimism around iron ore demand and potential supply constraints. Analyst Commentary Recent Street research has showcased evolving sentiment around Anglo American, as analysts adjust their views and price targets in light of sector developments and company actions.お知らせ • Nov 24BHP Group Reportedly Made Renewed Bid Approach to Anglo AmericanMining company BHP Group Limited (ASX:BHP) has made a renewed takeover approach to rival Anglo American plc (LSE:AAL), a source familiar with the matter told Reuters on November 23, 2025, just months after the London-listed miner agreed merger plans with Canada's Teck Resources to create a global copper-focused heavyweight. Anglo American declined to comment. BHP did not immediately respond to a request for comment outside regular business hours. BHP has made overtures to Anglo American in recent days, Bloomberg News reported earlier, citing people familiar with the matter, adding that deliberations are ongoing and there is no certainty of a deal. Anglo American's market capitalisation is about $41.80 billion, while BHP's is around $132.18 billion, based on LSEG data. In September, Anglo American agreed plans to merge with Teck in an all-share deal, marking the sector's second-biggest M&A deal ever. The deal came just over a year after BHP scrapped a $49 billion bid for Anglo, a deal that would have boosted the Australian miner's holdings of copper, the metal seen as essential for the transition to greener energy. If the BHP/Anglo deal had gone ahead, the combined entity would have been the world's largest copper producer, with a total annual production of around 1.9 million metric tons. The new Anglo Teck group is expected to have a combined annual copper production capacity of approximately 1.2 million tons, still second to BHP.ナラティブ更新 • Nov 07AAL: Sector Consolidation And Resource Demand Will Shape Outlook Following Major MergerAnalysts have raised their price target for Anglo American from approximately $28.36 to $29.48. They cite improved sentiment on future iron ore demand and ongoing sector consolidation as key drivers for the upward revision.お知らせ • Oct 31Anglo American plc to Report Fiscal Year 2025 Results on Feb 20, 2026Anglo American plc announced that they will report fiscal year 2025 results on Feb 20, 2026お知らせ • Oct 30Anglo American Reportedly Hunts for Potential Buyers for Its Steel Making Coal AssetsAnglo American plc (LSE:AAL) has told investors that it is back on the hunt for potential buyers for its steel making coal assets after initiating the arbitration process against former suitor Peabody Energy. The group hopes to receive compensation from Peabody after it pulled out of its $3.8 billion offer to buy Anglo's Australian coal portfolio. "At Moranbah North, we continue to make progress towards a safe and structured remote restart and ramp up this year, ahead of transitioning to normal longwall operations," the company said. It added that preparations were under way to restart the formal sale process in the coming months. Anglo CEO Duncan Wanblad proposed the portfolio transformation plan last year in an effort to keep shareholders on his side, after the group rebuffed a R700bn-plus buyout offer from mining behemoth BHP as unattractive and convoluted. This year Anglo has sold its minority interest in coal producer Jellinbah Group for AUD 1.6 billion, disposed of its nickel business for $500 million and divested platinum group metals unit Valterra Platinum. However, it is yet to find a suitable buyer for diamond business De Beers, with the rapid market growth of lab-grown diamonds putting downward pressure on the demand for natural diamonds in recent years. We continue to work through the regulatory approvals for the Nickel transaction and, for De Beers, we are making good progress with the dual track separation and a structured sale process is currently under way," Wanblad said.お知らせ • Oct 29Anglo American plc Provides Production Guidance for Year 2025Anglo American plc provided production guidance for year 2025. For the year, the company's Copper production is expected to 690 kt-750 kt, diamonds production is expected to 20 Mct - 23 Mct, Iron Ore production is expected to 58 Mt - 62 Mt.お知らせ • Oct 24Anglo American plc Announces Hixonia Nyasulu Step Down as A Non-Executive Director of the Board, Effect from 31 December 2025Anglo American plc announced that Hixonia Nyasulu has decided to step down as a non-executive director of the Board of Anglo American with effect from 31 December 2025, after six years of service to focus on her wider board portfolio. Hixonia Nyasulu has served as an independent non-executive director since November 2019, also serving on the Board's Nomination and Remuneration committees. Hixonia also serves as senior independent director of SSE plc, as a non-executive director, vice chair and chair of the sustainability committee of Olam Agri Holdings, and as a member of the Council on Sustainability Transformation. The Anglo American plc Board of Directors will comprise, from 1 January 2026: Chair: Stuart Chambers. Executive directors: Duncan Wanblad- chief executive officer. John Heasley- chief financial officer. Non-executive directors: Magali Anderson, Ian Ashby, Marcelo Bastos,Hilary Maxson, Nonkululeko Nyembezi, Ian Tyler and Anne Wade.ナラティブ更新 • Oct 24Copper Demand And New Merger Will Drive Mining Sector Momentum ForwardAnalysts have raised their price target for Anglo American, increasing the fair value estimate from approximately $27.00 to $28.36. This adjustment reflects improved profit margin expectations and a slightly more optimistic outlook on iron ore demand.Buy Or Sell Opportunity • Oct 10Now 22% undervaluedOver the last 90 days, the stock has risen 28% to UK£28.80. The fair value is estimated to be UK£36.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making.ナラティブ更新 • Oct 10Electrification And Decarbonization Will Boost Copper And Iron Ore DemandThe analyst price target for Anglo American has been raised significantly from approximately $24.69 to $27.00, as analysts grow more optimistic on improving iron ore demand and favorable supply dynamics. Analyst Commentary Recent analyst activity surrounding Anglo American reveals both optimism about the company's prospects and cautions about the evolving sector landscape.ナラティブ更新 • Sep 26Electrification And Decarbonization Will Boost Copper And Iron Ore DemandAnalysts have raised Anglo American’s price target from £23.13 to £24.69, citing the transformative merger with Teck Resources, enhanced copper exposure, and anticipated sector consolidation as key drivers of increased confidence and long-term growth prospects. Analyst Commentary The merger of equals between Anglo American and Teck Resources is viewed as transformative, creating the world's fifth-largest copper producer and altering the group's strategic profile.ナラティブ更新 • Sep 11Electrification And Decarbonization Will Boost Copper And Iron Ore DemandThe consensus price target for Anglo American has been raised to £23.13 as analysts cite the transformative merger with Teck Resources—making it a top-five global copper producer—as a catalyst for improved scale, growth prospects, and earnings outlook. Analyst Commentary The merger of equals between Anglo American and Teck Resources transforms the company into the world’s fifth-largest copper producer, significantly improving scale and growth prospects.お知らせ • Sep 11Yancoal Reportedly Digging for Anglo MinesYancoal Australia Ltd. (ASX:YAL) is believed to have moved its acquisition aspirations to Anglo American plc (LSE:AAL)'s Queensland coal assets that had been slated for a sale to Peabody Energy. This while also negotiating to buy the Kestrel coal mine in Queensland, estimated to be worth about USD 3 billion ($4.62 billion). The $7 billion Yancoal has been a bridesmaid at almost every major Australian coal mine auction in recent years. Vendors have been spooked over a sale to the Australian-listed but China-backed coal group due to concerns that a deal may be weighed down with regulatory risks. But now it appears to be potentially in the driver's seat after the coal price has come off the boil and other prospective buyers of assets are concerned about embarking on large acquisitions in such an uncertain environment. Anglo last month told the market its $5.8 billion sale of Queensland coal mines to Peabody Energy had not been finalised, as the US-based Peabody argues a fire at one of its major mines, Moranbah North, amounts to a material adverse change in conditions that enables the group to walk away from the contract. The two are seeking to settle the matter through legal arbitration. Anglo indicated that it may sell the assets to another party and take legal action against Peabody to recover the difference, which is where Yancoal comes in. DataRoom earlier reported that underbidders in the initial auction last year, won by Peabody, had made approaches to the parties to see if they would be prepared to reach an alternative deal. Yancoal had been also been in serious talks over a deal to buy the EMR Capital-controlled Kestrel coal mine in Queensland. While International Resources Holding from Abu Dhabi, which operates in mining through Africa, had been in talks, Yancoal had been angling for bilateral discussions to buy the asset after an initial sale process plan was shelved amid the weaker coal price environment. EMR Capital owns 52% and is a seller, while Adaro Energy owns the remainder and has pre-emptive rights to buy out the asset. But it is understood Adaro would sell at the right price.お知らせ • Sep 09+ 2 more updatesAnglo American plc (LSE:AAL) agreed to acquire Teck Resources Limited (TSX:TECK.B) from Temagami Mining Company Limited, Sumitomo Metal Mining Co., Ltd. (TSE:5713), Dr. Norman B. Keevil and others in a merger of equals transaction for CAD 27.9 billion.Anglo American plc (LSE:AAL) agreed to acquire Teck Resources Limited (TSX:TECK.B) from Temagami Mining Company Limited, Sumitomo Metal Mining Co., Ltd. (TSE:5713), Dr. Norman B. Keevil and others in a merger of equals transaction for CAD 27.9 billion on September 8, 2025. The Merger will be implemented by means of a plan of arrangement through which Anglo American will issue 1.3301 ordinary shares. Anglo American shareholders to own 62.4% and Teck shareholders to own 37.6% of Anglo Teck plc immediately post completion. A termination fee in the amount of CAD 456.3009 million will be payable by Anglo American or Teck in certain circumstances. At or prior to completion, Anglo American and Teck will each nominate for appointment 50% of the non-executive directors of the Anglo Teck plc board, with Sheila Murray to serve as Chair of Anglo Teck upon completion. Upon completion, the executive directors of Anglo Teck plc will be Duncan Wanblad as CEO, Jonathan Price as Deputy CEO, and John Heasley as CFO. The CEO, Deputy CEO, and CFO, and a significant majority of the senior executive team will be based in and reside in Canada, with the senior executive team including meaningful representation from South Africa and the UK. Prior to completion, Anglo American will seek shareholder approval to change its legal name to “Anglo Teck plc” from completion of the Merger and, from and after completion of the Merger, Anglo Teck will conduct its business under the “Anglo Teck” trade name. In connection with the Merger, Temagami Mining Company Limited, SMM Resources Incorporated, Dr. Norman B. Keevil and certain of the directors and executive officers of Teck and Anglo American, in respect of approximately 79.8% of the outstanding Teck class A common shares, 0.02% of the outstanding Teck class B subordinate voting shares, and 0.1% of the Anglo American shares, as applicable, have entered into customary voting agreements agreeing to vote those Teck or Anglo American shares, respectively, in favour of the Merger and against any competing acquisition proposals, which agreements prohibit voting for, supporting or participating in a competing transaction unless the applicable board has changed its recommendation that the shareholders vote to approve the Merger or the Arrangement Agreement is otherwise terminated. The global headquarters of Anglo Teck will be located in Vancouver, British Columbia, Canada. The Merger is subject to completion conditions customary for a transaction of this nature, including approval under the Investment Canada Act, competition and regulatory approvals, Teck and Anglo board approvals, customary court approval in Canada,approval of at least 662/3% of the votes cast in person or by proxy by class A common and class B subordinate voting shareholders of Teck, Anglo shareholder approvals. Merger is expected to close in 2026. The Merger is expected to deliver annual pre-tax synergies of approximately CAD 1,106 million by the end of the fourth year following completion of the transaction, with approximately 80% expected to be realised on a run rate basis by the end of the second year following completion, driven by economies of scale, operational efficiencies, and commercial and functional excellence. Centerview Partners, Morgan Stanley, Goldman Sachs and RBC Capital Markets as financial advisor, Charles Ruck, Sam Newhouse, Ed Barnett, Andrew Elken, Anna Ngo, Andrew Clark, Koushik Prasad, Paul Dudek, Helen Lethaby, Pardis Zomorodi, Christine Mainguy, Ghaith Mahmood, Christian McDermott, Sarah Gadd, Julie Crisp, David Little, Ludmilla Le Grand, Amanda Reeves, Paul Rosen, Jana Dammann, Betty Huber, Michael Green, Nikki Buffa, Clare Nida and Andrew Galdes of Latham & Watkins, Torys LLP, and Webber Wentzel are acting as legal advisers to Anglo American. Scotiabank provided an independent fairness opinion, Ardea Partners LP and BMO Capital Markets served as financial advisors and fairness opinion, Wachtell, Lipton, Rosen & Katz, Stikeman Elliott LLP, Stephen Hewes and Jessamy Gallagher of Freshfields LLP and Felesky Flynn LLP acted as legal advisor to Teck Resources Limited.Reported Earnings • Aug 03First half 2025 earnings released: EPS: US$0.33 (vs US$1.08 loss in 1H 2024)First half 2025 results: EPS: US$0.33 (up from US$1.08 loss in 1H 2024). Revenue: US$8.95b (down 6.6% from 1H 2024). Net income: US$395.0m (up US$1.55b from 1H 2024). Profit margin: 4.4% (up from net loss in 1H 2024). Revenue is expected to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to grow by 1.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance.Declared Dividend • Aug 03Dividend of US$0.07 announcedShareholders will receive a dividend of US$0.07. Ex-date: 21st August 2025 Payment date: 30th September 2025 Dividend yield will be 15%, which is higher than the industry average of 7.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (59% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments.お知らせ • Jul 31Anglo American plc Proposes Interim Dividend for the Six Months Ended 30 June 2025, Payable on 30 September 2025Anglo American plc proposed interim dividend for the six months ended 30 June 2025 of 40% of first half total underlying earnings, equal to $0.07 per share (30 June 2024: $0.42 per share), equivalent to $0.1 billion (30 June 2024: $0.5 billion). Ex-dividend on the London Stock Exchange from the commencement of trading is 21 August 2025; Record date (applicable to both the principal register and branch registers) is 22 August 2025; Payment date of dividend is 30 September 2025.お知らせ • Jun 19Anglo American plc Announces Executive Appointments, Effective July 1, 2025Anglo American plc has streamlined its executive leadership team to reflect substantial progress with the simplification of its portfolio, with the demerger of Valterra Platinum completed and the sales agreed for the steelmaking coal and nickel businesses. In addition to the two executive directors Duncan Wanblad (Chief Executive Officer) and John Heasley (Chief Financial Officer), Anglo American's executive leadership team will comprise, from 1 July 2025: Chief Operating Officer is Ruben Fernandes; Chief Legal & Corporate Affairs Officer is Richard Price; Chief People & Organisation Officer is Monique Carter; Chief Projects & Development Officer is Alison Atkinson; Chief Strategy & Sustainability Officer is Helena Nonka; Chief Technical Officer is Tom McCulley. Themba Mkhwanazi, currently Regional Director Africa and Australia, will step down at the end of June having overseen the successful demerger of Valterra Platinum.新しいナラティブ • May 01Portfolio Simplification And Copper Expansion Will Unlock Value Strategic partnerships and portfolio simplification focus on resource optimization and core minerals, aiming to enhance earnings, margins, and future growth. お知らせ • Apr 30De Beers-Investor Botswana Says Serious Buyers Showing InterestBotswana’s government (Botswana) said it’s optimistic that Anglo American plc (LSE:AAL) will find a buyer for its diamond unit De Beers (De Beers SA) this year. “We are very confident that partners are coming forward,” Botswana Vice President Ndaba Gaolathe said in an interview in Washington, without identifying prospective investors. “Some are countries, some are funds, some are companies that have a deep interest. I’m comfortable, I’m confident that we are on the right track.” Botswana owns 15% of De Beers, which sources the bulk of its diamonds from the southern African nation. Anglo owns the rest and is looking to offload the stake following a slump in prices for natural diamonds, partly a result of the rising popularity of lab-grown stones. Anglo wrote down the value of De Beers for a second time in February, to about $4.1 billion. The London-listed company said it aims to exit De Beers — either via a trade sale or a listing — in the second half of 2025. Botswana, which depends on diamonds for the majority of its exports and about one-third of government revenue, has a decades-long partnership with De Beers. They signed a 10-year deal in February to fund a marketing campaign to resuscitate demand for natural diamonds. Gaolathe, who also serves as Botswana’s finance minister, said the country should have a say over whoever takes on Anglo’s 85% stake. The country, he said, wanted them to have “deep pockets” and be in the diamond industry for the long haul. “We are looking for partners that are not coming into it for the quick buck,” he said. “Whoever wants to take over the Anglo shares, it’s not just the takeover of shares. It’s actually the consummation of a relationship with the government of Botswana. And I want to impress upon you, we take relationships very seriously.” It’s possible, he said, that Botswana looks to increase its De Beers stake to as much as 50%. “We’re definitely not going lower than 15%,” he said. The vice president, who was in the US attending the International Monetary Fund-World Bank Spring Meetings, also said higher American tariffs on diamond imports would backfire. “The US does not have diamonds,” he said. “But the US has been able to create an entire diamond sector, a jewelry sector. It’s large, it creates jobs for Americans. So the US has benefited from Botswana diamonds and a sudden pushback on Botswana diamonds will and can hurt the US more than it imagines”.Upcoming Dividend • Mar 09Upcoming dividend of US$0.22 per shareEligible shareholders must have bought the stock before 13 March 2025. Payment date: 07 May 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.1%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (4.2%).Recent Insider Transactions Derivative • Mar 05CEO & Executive Director exercised options and sold UK£542k worth of stockOn the 24th of February, Duncan Wanblad exercised options to acquire 23k shares at no cost and sold these for an average price of UK£23.88 per share. This trade did not impact their existing holding. For the year to December 2022, Duncan's total compensation was 31% salary and 69% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2024, Duncan's direct individual holding has increased from 557.46k shares to 583.05k. Company insiders have collectively bought UK£428k more than they sold, via options and on-market transactions, in the last 12 months.Declared Dividend • Feb 23Final dividend of US$0.22 announcedShareholders will receive a dividend of US$0.22. Ex-date: 13th March 2025 Payment date: 7th May 2025 Dividend yield will be 2.2%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (31% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments.Reported Earnings • Feb 21Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: US$2.53 loss per share (down from US$0.23 profit in FY 2023). Revenue: US$27.3b (down 11% from FY 2023). Net loss: US$3.07b (down US$3.35b from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance.お知らせ • Feb 20Anglo American plc Proposes Final Dividend for the Year to 31 December 2024, Payable on 07 May 2025The Board of Anglo American plc has proposed a final dividend of 40% of second half underlying earnings, equal to $0.22 per share for the year to 31 December 2024 (2023: $0.41 per share), equivalent to $0.3 billion (2023: $0.5 billion). Ex-dividend on the JSE from the commencement of trading is 12 March 2025. Record date (applicable to both the principal register and branch registers) is 14 March 2025. Payment date of dividend is 07 May 2025. Ex-dividend on the Botswana Stock Exchange (BSE) from the commencement of trading is 12 March 2025 and Ex-dividend on the London Stock Exchange from the commencement of trading is 13 March 2025.お知らせ • Feb 06Anglo American plc Provides Production Guidance for the Year 2025, 2026 and 2027Anglo American plc provided production guidance for the year 2025, 2026 and 2027. For the year 2025, the company's Copper production is expected to 690kt - 750 kt, Nickel production is expected to 37 kt - 39kt(previously 35kt -37kt), Platinum Group Metals production is expected to 3.0 Moz - 3.4 Moz, diamonds production is expected to 20 Mct - 23 Mct (previously 30 Mct to 33 Mct), Iron Ore production is expected to 57 Mt - 61 Mt, Steelmaking Coal production is expected to 10 Mt - 12 Mt (previously 17-19Mt). For the year 2026, the company's Copper production is expected to 760 kt - 820 kt, Nickel production is expected to 37 kt - 39kt(previously 35kt -37kt), Platinum Group Metals production is expected to 3.0 Moz - 3.4 Moz, diamonds production is expected to 26 Mct - 29 Mct (previously 32 Mct to 35 Mct), Iron Ore production is expected to 54 Mt - 58 Mt. For the year 2027, the company's Copper production is expected to 760 kt - 820 kt, Nickel production is expected to 36 kt – 38 kt, Platinum Group Metals production is expected to 3.0 Moz - 3.5 Moz, diamonds production is expected to 28 Mct - 31 Mct, Iron Ore production is expected to 59 Mt - 63 Mt.お知らせ • Jan 30Zashvin Pty. Ltd. completed the acquisition of an additional 33.30% stake in Jellinbah Group Pty Ltd from Anglo American plc (LSE:AAL).Zashvin Pty. Ltd. agreed to acquire an additional 33.30% stake in Jellinbah Group Pty Ltd from Anglo American plc (LSE:AAL) for AUD 1.6 billion on November 4, 2024. A cash consideration of AUD 1.6 billion will be paid by Zashvin Pty. Ltd. As part of consideration, AUD 1.6 billion is paid towards common equity of Jellinbah Group Pty Ltd. Upon completion, Zashvin Pty. Ltd. will own 66.60% stake in Jellinbah Group Pty Ltd. The transaction is subject to approval by regulatory board / committee and is expected to complete in the second quarter of 2025. Morgan Stanley acted as the financial advisor to Anglo American. Corrs Chambers Westgarth acted as legal advisor to Zashvin Pty Ltd. The Corrs Chambers Westgarth was led by transaction partner Alexandra Feros and Zashvin relationship partner Joshua Paffey, and supported by partners James Morley, Franka Cheung, Cameron Blackwood, Jennee Chan, Anna White and Ian Reynolds. Zashvin Pty. Ltd. completed the acquisition of an additional 33.30% stake in Jellinbah Group Pty Ltd from Anglo American plc (LSE:AAL) on January 29, 2025.お知らせ • Dec 25Anglo American plc, Annual General Meeting, Apr 30, 2025Anglo American plc, Annual General Meeting, Apr 30, 2025.お知らせ • Dec 10Anglo American plc Announces Appointment of Anne Wade as Non-Executive Director and A Member of Its Board Audit and Sustainability Committees, Effective 1 January 2025Anglo American plc announced Anne Wade will join its Board as a non-executive director and a member of its Board Audit and Sustainability committees, with effect from 1 January 2025. Anne Wade is chair of Man Group plc, the London listed investment management group, and is a non-executive director of Summit Materials Inc., the New York listed infrastructure materials company. Anne spent the majority of her career in the asset management industry, largely with Capital Group focused on infrastructure investment. In her non-executive career, Anne has formerly served on the boards of Holcim Ltd. and John Laing Group plc.お知らせ • Dec 03Vale S.A. (BOVESPA:VALE3) acquired 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL).Vale S.A. (BOVESPA:VALE3) agreed to acquire 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL) on February 22, 2024. Under the Transaction’s terms, Vale will contribute Serpentina and $157.5 million in cash to acquire a 15% shareholding in the enlarged Minas-Rio, subject to normal completion adjustments. Vale will also have an option to acquire an additional 15% shareholding in the enlarged Minas-Rio for cash (at fair value calculated at the time of exercise of the option), if and when certain events relating to a future expansion occur. Additionally, depending on the future iron ore prices, there may be an adjustment in the transaction price and the fair value adjustments of this mechanism will be recognized in the Company's income statements accordingly. Upon completion of the transaction, Anglo American Brasil will be an associate of Vale and the investment will be accounted for under the equity method. The combination of Minas-Rio with the scale and quality of the Serpentina endowment also offers considerable expansion opportunities, including the potential to double production towards 60Mtpa. The Transaction is subject to regulatory conditions and is expected to complete in Q4 2024. Rory O'Halloran, Lara Aryani, Cynthia Urda Kassis, Maegen Morrison and Nick Withers of Shearman & Sterling LLP acted as legal advisor to Anglo American plc (LSE:AAL). Morgan Stanley acted as the financial advisor to Anglo American. Vale S.A. (BOVESPA:VALE3)completed the acquisition of 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL) on December 2, 2024. Anglo American will continue to control, manage and operate Minas-Rio, including any future expansion.お知らせ • Nov 27+ 1 more updatePeabody Energy Corporation (NYSE:BTU) agreed to acquire Steelmaking Coal Business in Australia of Anglo American plc from Anglo American plc (LSE:AAL) for $3.8 billion.Peabody Energy Corporation (NYSE:BTU) agreed to acquire Steelmaking Coal Business in Australia of Anglo American plc from Anglo American plc (LSE:AAL) for $3.8 billion on November 25, 2024. A cash consideration of $2.05 billion will be paid by Peabody Energy Corporation. As per the transaction, Peabody’s agreed cash consideration of up to $3.775 billion comprises an upfront cash consideration of $2.05 billion at completion, deferred cash consideration of $725 million, the potential for up to US$550 million in a price-linked earnout and contingent cash consideration4 of $450 million linked to the reopening of the Grosvenor mine. Anglo American plc (LSE:AAL) has secured a bridge facility commitment to finance the acquisition. The transaction is subject to regulatory approvals. The transaction is expected to close in mid 2025 to Q3 2025. Moelis & Company LLC and MA Financial Group Limited acted as financial advisor and Jones Day and Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor to Peabody Energy Corporation. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor to Anglo American plc.お知らせ • Nov 14159 Plaintiffs Sue Cape, Anglo American, De Beer Group PLC, and ESAB CorpMore than 150 plaintiffs have filed suit against Cape, PLC, its subsidiaries and global affiliates including Anglo American, De Beer Group PLC, and ESAB Corp., which imported and distributed carcinogenic asbestos in the United States for decades. The mass action lawsuit alleges that Cape and its subsidiaries are liable for diseases caused by asbestos exposure suffered by residents of the state and beyond. It includes plaintiffs suffering from asbestos-related illnesses, including mesothelioma and lung cancer, as well as the families of those who have died from exposure to the deadly carcinogen. According to the lawsuit, Cape led efforts in the U.S. to hide from consumers and its own employees the risks that it knew existed from the South African asbestos it processed. When asbestos-related lawsuits began surfacing in the 1970s, Cape took measures to shield itself from legal action by creating new entities and then fleeing the U.S. The lawsuit details how Cape set up an elaborate structure of affiliated companies in South Africa, the United Kingdom and the United States to avoid financial responsibility for the harm it knew it was causing. Since those companies and their insurers have failed to respond to lawsuits brought on behalf of those injured or killed by asbestos-related diseases, a South Carolina court has appointed a receiver to respond on their behalf. The case is Augustus A. Adams et al. v Cape PLC et al., No. 2024-CP-40-06639 in the Court of Common Pleas, County of Richland for the Fifth Judicial Circuit.お知らせ • Nov 04Zashvin Pty. Ltd. agreed to acquire an additional 33.30% stake in Jellinbah Group Pty Ltd from Anglo American plc (LSE:AAL) for AUD 1.6 billion.Zashvin Pty. Ltd. agreed to acquire an additional 33.30% stake in Jellinbah Group Pty Ltd from Anglo American plc (LSE:AAL) for AUD 1.6 billion on November 4, 2024. A cash consideration of AUD 1.6 billion will be paid by Zashvin Pty. Ltd. As part of consideration, AUD 1.6 billion is paid towards common equity of Jellinbah Group Pty Ltd. Upon completion, Zashvin Pty. Ltd. will own 66.60% stake in Jellinbah Group Pty Ltd. The transaction is subject to approval by regulatory board / committee and is expected to complete in the second quarter of 2025.お知らせ • Nov 01Yancoal Reportedly Primed to Snap Up Anglo Coal PortfolioSpeculation is mounting that Glencore plc (LSE:GLEN) is betting on a break-up play for the Anglo American plc (LSE:AAL) coal portfolio, and that it may only be bidding for some of the assets within the USD 3 billion offering. Should that be the case, it further cements Yancoal Australia Ltd. (ASX:YAL)'s position as the leader in the race. DataRoom understands that the China-controlled but Australian-listed Yancoal has already gained approval from the Chinese government to buy the assets and has 15 banks lined up and approved to provide funding. Other suitors are a Stanmore Resources Limited (ASX:SMR) Coal-led consortium, which could face challenges in getting all its bidding partners to agree on price, and Peabody Energy Corporation (NYSE:BTU), seen as an outside chance. Goldman Sachs and Morgan Stanley are working on the sale. One of the assets Glencore is probably keen to side step is the Grosvenor Mine 1,000km northwest of Brisbane that has been hit by closures due to a fire. Bids are due next week. Should the portfolio be split up, the major players could pick up Moranbah North and Grosvenor, Jellinbah could go to co-owners, while others take Capcoal and Dawson. It is understood existing shareholders and lenders have tipped in funds for the deal, to be announced on 01 November 2024.お知らせ • Oct 24Anglo American plc Revises Production Guidance for Year 2024Anglo American plc revised production guidance for Year 2024. For the period, the company expects to produce Copper of 730 kt - 790 kt, Platinum Group Metals production is expected to 3.3 Moz - 3.7 Moz, diamonds production is expected to 23 Mct - 26 Mct, Iron Ore production is expected to 58 Mt - 62 Mt, Steelmaking Coal production is expected to 14 Mt - 15.5 Mt. The company now expects nickel production of 38 kt -39 kt against a previous guidance of 36 kt- 39 kt.Buy Or Sell Opportunity • Oct 09Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 5.2% to UK£22.82. The fair value is estimated to be UK£29.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making.お知らせ • Sep 20+ 1 more updateAnglo American plc to Report Fiscal Year 2024 Results on Feb 20, 2025Anglo American plc announced that they will report fiscal year 2024 results on Feb 20, 2025お知らせ • Aug 23Yancoal Reportedly on the Hunt for Met Coal DealChina-backed Yancoal Australia Ltd. (ASX:YAL) will mount an assault on Australia's $60 billion metallurgical coal industry, building a $1.5 billion war chest for a move which could catapult it into one of the nation's leading producers amid surging Asian demand. The company known for its thermal coal mines is expected to table an offer for Anglo American plc (LSE:AAL)'s local metallurgical coal division, which was put on the sale block earlier this year with price expectations in the USD 5 billion ($7.4 billion) range, with bids for those assets expected by September 9. A successful buyout would instantly transform Yancoal into one of the top three steelmaking coal producers globally if bought out in their entirety. Anglo's Queensland mines produced 15 million tonnes of coal last year with plans to hit 20 million tonnes a year by 2026. Any deal, if successful, would be the second company-transforming transaction pulled off by Yancoal, following its USD 2.45 billion purchase of Coal & Allied from Rio Tinto in 2017, which brought the Hunter Valley operations and Mt Thorley Warkworth into the business. However, any tilt by the Chinese controlled company for the Anglo mines may also raise concerns with the Foreign Investment Review Board should it win the looming auction. But while Yancoal chief executive David Moult was at pains to emphasise the significant benefits that would flow to shareholders from any such deal, investors were unimpressed after Yancoal revealed it had suspended dividend payments to shore up the balance sheet. The stock tumbled more than 34% from 21 August 2024 close at one point before recovering to close 14.5% lower at $5.95, on about 10 times normal trading volume. The stock plunge, which began to play out during a morning conference call with shareholders and analysts, led Mr. Moult to reassure shareholders that the new strategy was the best way forward. He said the company already had the "the three best thermal coal mines in Australia", but wanted to balance its portfolio with metallurgical coal assets.お知らせ • Aug 09Arc Minerals Limited and Anglo American's Joint Venture Commence Zambia DrillingArc Minerals Limited announced that, further to its announcement of 2 May 2024 and following the completion of an extensive ground mapping exercise over its Zambian tenements, the Anglo American/Arc joint venture has commenced drilling. A number of holes are planned at Cheyeza following which the Muswema target will be drilled. Further details on the drilling programme will be announced as the drilling progresses.お知らせ • Aug 08Yancoal Reportedly Hires Investment Bank for Anglo American Coal SaleAustralian-listed coal miner Yancoal Australia Ltd. (ASX:YAL) is understood to have tapped investment bank RBC in its quest to buy Anglo American plc (LSE:AAL)'s suite of Queensland-based metallurgical coal mines that may sell for up to $5 billion (AUD 7.7 billion). Yancoal, which is 62% owned by the China state-owned Yankuang Energy, is expected to be a strong contender for the assets owned by the London-listed miner, which was this year targeted for a buyout by BHP, while the Swiss commodity trader Glencore is expected to run hard at the opportunity. Glencore will come to the competition self-advised, while Yancoal and Glencore will likely face scrutiny from the Foreign Investment Review Board. Stanmore Coal is thought to be in the mix, and Indonesian backers are likely to be there to support its bid or play separately, such as BUMA Energy and Stanmore's backer Golden Energy, but so far Glencore is considered the group to beat. The process starts this month, with Anglo American opting to dive straight in with the provision of information memorandums in a process run by Morgan Stanley and Goldman Sachs. Suitors have already signed up to enter a data room. On offer are Anglo American's Capcoal and Dawson assets and its most attractive mines, Moranbah North and Grosvenor. Also in the mix are its Aquila project, an interest in Jellinbah and the potential Moranbah South project.お知らせ • Jul 25Anglo American plc Announces an Interim Dividend for the Six Months Ended 30 June 2024, Payable on 27 September 2024Anglo American plc announced an interim dividend for the six months ended 30 June 2024 of $0.42 per share compared to $0.55 per share a year ago. Ex-dividend on the JSE from the commencement of trading date is 14 August 2024. Record date (applicable to both the principal register and branch registers) is 16 August 2024. Payment date of dividend is 27 September 2024.お知らせ • Jul 18Anglo American plc Provides Production Guidance for Year 2024Anglo American plc provided production guidance for year 2024. For the year, the company's Copper production is expected to 730 kt - 790 kt, Nickel production is expected to 36 kt - 38 kt, Platinum Group Metals production is expected to 3.3 Moz - 3.7 Moz, diamonds production is expected to 26 Mct - 29 Mct, Iron Ore production is expected to 58 Mt - 62 Mt, Steelmaking Coal production is expected to 14 Mt - 15.5 Mt (previously 15-17 Mt).お知らせ • Jul 09Anglo American Reportedly Hires Banks for Coal Assets SaleAnglo American plc (LSE:AAL) has hired three banks for the sale of its steelmaking coal assets, which analysts value at as much as $5 billion and is part of a broader restructuring to fend off an approach from rival BHP (BHP.AX), two sources close to the matter said. Anglo's CEO Duncan Wanblad said in May the sale of its five operating coal mines, development projects and joint ventures in Australia was soon to kick off, as part of a wider plan to divest less profitable assets and focus on expanding copper output after BHP's failed attempt to take over the company.お知らせ • Jul 01Anglo American Suspends Production At Grosvenor in Queensland, Australia Due to Underground Coal Gas Ignition IncidentAnglo American has suspended production at its Grosvenor steelmaking coal mine in Queensland, Australia, following an underground coal gas ignition incident on 29 June 2024. All emergency protocols were followed and the workforce was safely evacuated from the mine without injury. The mine team is working with specialist teams from the Queensland Mines Rescue Service and the regulatory authorities to extinguish the underground fire, prior to being able to assess the steps towards a safe re-entry into the mine. These procedures are expected to take several months as a result of the likely damage underground. Anglo American's steelmaking coal business expects to produce c.8 million tonnes of product in the first half of 2024, of which Grosvenor will contribute c.2.3 million tonnes. For 2024 as a whole, production guidance for the steelmaking coal business is 15 to 17 million tonnes, of which Grosvenor was expected to contribute c.3.5 million tonnes, representing lower production in the second half of the year due to a planned longwall move. An update to steelmaking coal production guidance will be provided once more information is available.お知らせ • Jun 24Anglo American Reportedly Sets Up for AUD 7.5 Billion Coal ExitAnglo American plc (LSE:AAL) is expected to appoint an investment bank any day for a sale of its $5 billion (AUD 7.5 billion) portfolio of Australian coalmining assets, according to sources in the market. The sale, which comes after an announced company break-up while it has been fending off advances from BHP, will involve big dollars for what are some of the best metallurgical coal mines in the world. That may limit the field somewhat. One of the parties most strongly positioned for the portfolio is BHP itself, but perhaps it does not want to be seen to be reinforcing Anglo American's break-up strategy that enhances Anglo's value. But sources say BHP will not be in contention for the mines. If the break-up of Anglo American does not go well, it's always been considered a possibility that BHP comes back a second time with an "all of company" bid for Anglo American after several months. The bet by some is that the coal auction attracts non-conforming offers. China-backed Yancoal Australia Ltd. (ASX:YAL) will probably bid for Anglo American's Capcoal and Dawson assets, while Whitehaven Coal Limited (ASX:WHC), Coronado Global Resources Inc. (ASX:CRN) and Stanmore Resources Limited could bid for the other more attractive mines, Moranbah North and Grosvenor. Other assets that form part of the Queensland portfolio are the Aquila project, an interest in Jellinbah and the potential Moranbah South project, producing about 16 million tonnes a year. Glencore would also be large enough to buy the mines, but the Swiss trader is yet to complete its acquisition of Teck Resources, so could be distracted with that. Other than that, it's hard to see what other groups would be well placed to buy the entire portfolio, with Whitehaven Coal busy digesting the coal mines it has only just bought from BHP. There's been a view that perhaps the reason why BHP sold its Daunia and Blackwater coal mines in the first place was to make way for the Anglo American assets it would inherit as part of its planned buyout, clearing any challenges it may face owning both from the Australian Competition & Consumer Commission. In terms of selecting an investment bank, Anglo American has used Goldman Sachs and Morgan Stanley as its defence advisers so both could be well-placed.お知らせ • Jun 01+ 1 more updateAnglo Walks Away from BHP DealBHP Group Limited (ASX:BHP)'s $75 billion takeover bid for Anglo American plc (LSE:AAL) is all but over after the London-based miner walked away from negotiations, saying it could not accept the structure of the BHP deal on offer. The final rejection came early on the London market, with the Anglo board saying it would not accept BHP's demand to shed its shares in its South African platinum and iron ore mines ahead of any merger agreement. BHP had earlier asked Anglo to extend negotiations for another week, as the mining giant tried to convince its smaller counterpart it could make a deal work. But Anglo's board on May 29, 2024 night (AEST) killed off any possibility of a friendly deal, saying it would not ask the UK Takeovers Panel for another week's extension to negotiations - required under UK corporations rules. The decision leaves BHP until the close of the London market to make a decision whether to make a binding takeover offer for Anglo, or to walk away. BHP had said it would not make a firm offer without being offered reasonable due diligence into Anglo's assets, and that it would not change the structure of its bid or increase the number of shares on offer. If BHP says it will not make a firm offer, it will be forced to sit on the sidelines for six months after putting Anglo into play - excluding one additional offer in the period, with the permissions of the UK takeovers authorities, or if a rival suitor makes an alternative bid for Anglo. Anglo said that BHP's attempts to win its support for the divestment of its dominant stakes in Amplats and Kumba Iron, both listed on the South African market, had consisted of a "limited number of socioeconomic measures that were confined in scope, impact and duration and that BHP stated would support regulatory approvals". "This approach does not sufficiently address the fact that Anglo American's shareholders would bear disproportionate execution and value risks and uncertainty over an extended period, nor does it consider that material conditions would likely be imposed in relation to both Anglo American Platinum and Kumba which would require the approvals of their respective board," the company said in a statement. BHP released a statement to the Australian market late on May 29, 2024, saying it had genuinely tried to address Anglo's concerns about its deal structure, which would require Anglo to shed its South African platinum and iron ore interests ahead of any broader deal, including the offer of a "reverse break fee" to allay concerns within the Anglo board at the risks of the transaction falling on its own shareholders. "BHP believes that the proposed measures it has put forward provide substantial risk protection for Anglo American shareholders and supplement the significant value uplift that Anglo American shareholders will receive from the potential combination," the company said. "BHP believes a further extension of the deadline is required to allow for further engagement on its proposal." BHP's move to get back on the front foot was aimed at ramping up pressure on the Anglo board, and was pitched directly at joint Anglo and BHP shareholders the mining giant believes want to see a deal done. On May 29, 2024, BHP released for the first time details of the raft of measures it has proposed to allay the Anglo board's concerns that its shareholders will carry the risk and costs of spinning out assets. The mining giant believed the decision will highlight its concerns that Anglo's board is using its criticism of BHP's proposed deal structure as a regulatory defence, and has no real intention of negotiating a friendly takeover agreement. Anglo rejected BHP's latest sweetened $75bn offer a week ago, dropping complaints the offer undervalued its copper and coking coal assets, but saying its board had unanimously rejected the latest bid due to concerns its shareholders would wear all of the risks of spinning out its shareholdings in Amplats and Kumba Iron. Anglo's concerns centred around not just the distribution of its dominant shareholding position in both South African-listed companies, but also around the change of ultimate control that might trigger the need to negotiate with the South African government over public interest tests. At stake is the fate of the 1800 workers in Anglo's corporate offices in the country, as well as potential requirements for an increased shareholding in Amplats and Kumba for employees under the country's black economic empowerment policy framework. On May 29, 2024, BHP said it had offered direct responses to Anglo's concerns, including offering the South African government a three-year guarantee to maintain staffing levels in the country, sharing any costs of employee share schemes, and establishing a mining centre of excellence in the country to train mine workers and to conduct research and development for BHP's global mining operations. BHP's public statements come as South Africans head to the polls in national elections that could see the ruling African National Congress forced into power sharing arrangements for the first time since the end of the former apartheid regime.お知らせ • May 31BHP Provides Update on its Offer for Anglo AmericanOn 22 May 2024, BHP Group Limited (ASX: BHP) announced a revised proposal for a combination with Anglo American plc (LSE:AAL) and the Board of Anglo American announced an extension to the deadline for BHP to make an offer for Anglo American to 29 May 2024 (Deadline). BHP welcomed the extension as it provided the opportunity to engage with Anglo American about its concerns regarding BHP's proposal. Since the extension to the deadline, BHP has continued to work extensively to address those matters. This has included several engagements with Anglo American and its advisers. BHP's response to Anglo American: BHP has proposed a range of socioeconomic measures intended to address Anglo American's concerns regarding our proposed transaction structure. BHP is confident that the measures it has proposed to the Board of Anglo American provide a viable pathway to resolve the matters raised by Anglo American and would support South African regulatory approvals. BHP has considered market precedent transactions and believes that the risks are quantifiable and manageable. BHP has already factored the costs associated with these risks into the offer ratio of its proposal. BHP believes that these proposed measures would provide greater economic benefits to South Africa than Anglo American's Accelerating Value Delivery plan, mitigate perceived value and completion uncertainty and ensure that any costs are not borne disproportionately by Anglo American shareholders. BHP has indicated that it would also be willing to discuss an appropriate reverse break fee, payable by BHP, on failure to achieve the necessary anti-trust and regulatory approvals, including in South Africa. Socio-economic initiatives in South Africa: BHP's proposal comprises an all-share offer for Anglo American subject to the pro-rata distribution by Anglo American of its entire shareholdings in Anglo Platinum and Kumba Iron Ore to Anglo American shareholders immediately before completion of the scheme of arrangement. Anglo Platinum and Kumba Iron Ore would continue to be listed in South Africa on the Johannesburg Stock Exchange (JSE). BHP intends to maintain its listing on the JSE and is expected to achieve a JSE index weighting of approximately 5% on completion. BHP continues to believe that there would be clear benefits to the South African government, economy and communities from Anglo Platinum and Kumba Iron Ore becoming major standalone entities listed on the JSE with significant increased JSE index weightings. Anglo Platinum and Kumba Iron Ore would be independently run by established South African-based management teams. As self-governed companies, Anglo Platinum and Kumba Iron Ore would be better placed to reinvest cash flow and capital directly into South Africa. As part of its increased presence in South Africa, BHP intends to continue and build on Anglo American's legacy of social investment and value creation in South Africa including by: if required to secure regulatory approvals, BHP sharing in the costs of increased South African employee ownership of the listed South African businesses; ?establishing a Mining Centre of Excellence to support R&D, training and promotion of South Africa as a premier mining destination; maintaining current employment levels at Anglo American's Johannesburg office to provide ongoing support to the South African assets to be acquired and other assets in the combined group, as well as to Anglo Platinum and Kumba as a third party service provider; ?maintaining funding for Anglo American's charitable commitments in South Africa at the current level; supporting local South African procurement and engagement across mining industry sectors and regions; ensuring continued access for South African investors through the listing of BHP on the Johannesburg Stock Exchange; and maintaining Anglo American's existing South African Reserve Bank (SARB) and National Treasury undertakings, to the maximum extent practicable. These proposed measures are expected to be maintained for a period of at least three years. BHP believes that its proposal will contribute to South Africa and allow the benefits of South African mining to be shared with more South African stakeholders. Next steps: BHP believes that the proposed measures it has put forward provide substantial risk protection for Anglo American shareholders and supplement the significant value uplift that Anglo American shareholders will receive from the potential combination. BHP believes a further extension of the Deadline is required to allow for further engagement on its proposal. This announcement does not amount to a firm intention to make an offer and there can be no certainty that an offer will be made. There is no certainty that any form of agreement or transaction will be reached or concluded. Nothing in this announcement constitutes or intended to constitute a post-offer undertaking for the purposes of Rule 19.5 of the UK Code. This announcement is being made by BHP without prior agreement or approval of Anglo American. Authorised for release by Stefanie Wilkinson, Group Company Secretary.Board Change • May 31High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Finance Director & Executive Director John Heasley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.お知らせ • May 30+ 1 more updateBHP Group Confirms it Does Not Intend to Make a Firm Offer for Anglo AmericanBHP Group Limited (ASX:BHP) confirmed that it does not intend to make a firm offer for Anglo American plc (LSE:AAL) (Anglo American). This is a statement to which Rule 2.8 of the UK Code applies. As is customary, BHP reserves the right to set aside this statement in the following circumstances that are set out under Note 2 to Rule 2.8 of the UK Code: (a) The Board of Directors of Anglo American agreeing to this statement being set aside; (b) a third party announcing a firm intention to make an offer for Anglo American; (c) Anglo American announcing a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the UK Code) or a reverse takeover (as defined in the UK Code); or (d) the UK Panel on Takeovers and Mergers determining that there has been a material change of circumstances. Mike Henry, BHP Chief Executive Officer said: ‘BHP will not be making a firm offer for Anglo American. BHP is committed to its Capital Allocation Framework and maintains a disciplined approach to mergers and acquisitions. While we believed that our proposal for Anglo American was a compelling opportunity to effectively grow the pie of value for both sets of shareholders, we were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost and, despite seeking to engage constructively and numerous requests, we were not able to access from Anglo American key information required to formulate measures to address the excess risk they perceive We remain of the view that our proposal was the most effective structure to deliver value for Anglo American shareholders, and we are confident that, working together with Anglo American, we could have obtained all required regulatory approvals, including in South Africa.’ On 20 May 2024, BHP submitted an increased and final offer ratio to the Board of Directors of Anglo American as part of its revised proposal for a potential combination with Anglo American to be effected by way of a scheme of arrangement. The final offer ratio represented a total value of £31.11 per BHP's announcement on 22 May 2024 (based on the closing share prices of BHP as at 22 May 2024 and Anglo Platinum and Kumba as at 21 May 2024). The revised proposal followed BHP's proposals for a potential combination with Anglo American which were submitted to the Board of Anglo American on 7 May 2024 and 16 April 2024. BHP's revised proposal was rejected by the Board of Anglo American on 22 May 2024. BHP is disappointed that the Board of Anglo American has decided not to continue discussions with BHP to resolve its concerns regarding the implementation of BHP's revised proposal. BHP had been engaging with Anglo American on these topics since the submission of its revised proposal on 20 May and believes that there was a viable pathway available to resolve Anglo American's concerns. In particular, Anglo American's assertion that value risk under our proposal would be exclusively for the account of Anglo American shareholders is not accurate. As stated in our announcement today and to Anglo American directly, BHP's intent was to share in the cost associated with certain conditions that may be imposed as part of South African regulatory approvals. BHP's revised proposal would have offered immediate value for Anglo American shareholders and would have allowed Anglo American shareholders to benefit from the long-term value created from combining Anglo American and BHP. This announcement is being made by BHP without Anglo American's prior agreement or approval.お知らせ • May 25Anglo American Rejects Further BHP ProposalOn 20 May 2024, the Board of Anglo American plc (LSE:AAL) received a third unsolicited, non-binding and highly conditional takeover proposal from BHP Group Limited (ASX: BHP) (the "Latest Proposal"). Under the terms of the Latest Proposal, for each Anglo American share owned, Anglo American's shareholders would receive: 0.8860 BHP shares; and Ordinary shares in each of Anglo American Platinum Limited and of Kumba Iron Ore Limited (distributed by Anglo American to its shareholders in direct proportion to Anglo American's shareholders' effective interest in Anglo American Platinum Limited and Kumba Iron Ore Limited). The terms of the Latest Proposal represent a total value, based on undisturbed share prices as at market close on 23 April 2024, of approximately £29.34 per Anglo American share. On the basis of the 30-day and 90-day volume weighted average share prices up to and including 23 April 2024, the terms of the Latest Proposal would value Anglo American at £29.91 and £29.67 per Anglo American share, respectively. The Latest Proposal includes the same highly complex structure as the proposals previously rejected on 26 April 2024 and 13 May 2024. This involves an all-share offer for Anglo American by BHP, with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American's shareholders. The all-share offer and required demergers would be inter-conditional. The Board and its advisers have engaged with BHP and its advisers on multiple occasions with a particular focus on the proposed structure and associated risks. The Board continues to believe that there are serious concerns with the structure given that it is likely to result in material completion risk and value impact that disproportionately falls on Anglo American's shareholders. The requirement to pursue two contemporaneous demergers of publicly listed companies alongside a takeover and the inter-conditional nature of the three transactions is unprecedented, and as a result of a takeover would result in additional material approvals and conditions, particularly in South Africa. BHP's Latest Proposal is therefore in clear contrast to Anglo American's simpler standalone plan to accelerate value delivery announced on 14 May 2024 and its proposal to demerge Anglo American Platinum Limited - a single demerger that Anglo American has a proven track record in delivering. The complex process proposed by BHP is likely to take 18 months or more to complete and carries significant execution and completion risks relating to both value and time. The key elements of Anglo American's standalone plan to accelerate value delivery are expected to be substantively complete by that stage. The approvals required in relation to BHP's Latest Proposal will also likely result in conditions being imposed that disproportionately impact Anglo American Platinum Limited and Kumba Iron Ore Limited and, therefore, Anglo American's shareholders. In addition, the Board has also considered detailed feedback from its extensive engagement with Anglo American's shareholders and stakeholders since the release of Anglo American's accelerated plans for delivery of its standalone strategy on 14 May 2024, continuing its engagement with its shareholders since the approach from BHP became public on 24 April 2024. The Board is confident in Anglo American's standalone future prospects and believes that Anglo American has set out a clear pathway to deliver the acceleration of its strategy detailed on 14 May 2024, that is expected to unlock significant and undiluted value for Anglo American's shareholders. Taking the above considerations into account, the Board of Anglo American has unanimously rejected the Latest Proposal. In order to allow for further engagement with BHP on the mitigation of risks and value impact on Anglo American's shareholders that are inherent in its Latest Proposal, Anglo American announces that, in accordance with Rule 2.6(c) of the Code, the Board has requested, and the Panel on Takeovers and Mergers (the "Panel") has consented to, an extension to the date by which BHP is required either to announce a firm intention to make an offer for Anglo American in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00 p.m. on 29 May 2024. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code. Stuart Chambers, Chairman of Anglo American, commented: "The Board is confident in Anglo American's standalone future prospects and believes that Anglo American has set out a clear pathway and timeframe to deliver the acceleration of its strategy to unlock significant and undiluted value for Anglo American's shareholders. The Board considered BHP's Latest Proposal carefully, concluded it does not meet expectations of value delivered to Anglo American's shareholders, and has unanimously rejected it. In particular, it does not address the Board's concerns about the structure, which results in significant complexity, execution risks, an extended timeline to completion and consequently has the potential for material value leakage to be disproportionately suffered by Anglo American's shareholders. Multiple engagements with the BHP team have not yet been able to resolve the concerns on these issues. "However, the Board is willing to continue to engage with BHP and its advisers on this topic and has therefore requested a one week extension to the PUSU deadline which has been consented to by the Panel." There can be no certainty that any firm offer will be made and, save as set out in BHP's announcement dated 13 May 2024 (and subject to the reservations set out therein), there can be no certainty as to the terms on which an offer may be made.Board Change • May 23High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Finance Director & Executive Director John Heasley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.お知らせ • May 16BHP Chief Urges Anglo Investors to Consider Takeover BenefitsBHP Group Limited (ASX:BHP) Chief Executive Mike Henry said that Anglo American plc (LSE:AAL) investors need to consider the merits of his company's bid for its smaller London-listed rival, seeking to drum up support for a proposal that has been rejected twice. The CEO of the world's biggest listed mining group told investors at a metals and mining conference in Miami that Anglo shareholders must make a "determination" on the benefits of a combination of the two companies and which team they think has a better track record of executing projects and delivering returns to investors. Anglo CEO Duncan Wanblad on May 14, 2024 outlined plans to refocus on energy transition metal copper while spinning off or selling its less profitable coal, nickel, diamond and platinum businesses. Henry, meanwhile, emphasised the merits of BHP's $43 billion bid and dismissed concerns that the proposed deal would be complex to execute. "At the end of the day, it's going to be up to shareholders. They have to look at the plans, decide which one they believe is going to create the greatest value soonest," he said. "And they have to make a determination as to the likelihood of execution of those plans, including which team they believe is more capable and has a better track record of execution. It's that simple." The Anglo board argues that the proposed deal undervalues the company and is difficult to execute, with BHP planning to demerge two of Anglo's South African assets prior to a takeover. BHP chief Henry, however, says the company has sufficient experience to execute complex transactions, having divested South32 (S32.AX), opens new tab assets in South Africa. Henry said he was disappointed with the Anglo board's continued refusal to engage, adding that BHP would have preferred to continue talking in private. "Our strong preference was to be able to hold these discussions with Anglo in private," Henry said. "Rather unfortunately, it got leaked." While BHP is intent on growing its copper business, it would maintain its disciplined approach to capital allocation, Henry said, adding that the copper industry remains fragmented. "We do not take capital discipline lightly, we will remain disciplined and we have demonstrated that in previous instances," he said.お知らせ • May 14BHP Group Limited (ASX:BHP) cancelled the acquisition of Anglo American plc (LSE:AAL) from Tarl Investment Holdings, Ltd., Epoch Investment Holdings Limited and Epoch Two Investment Holdings Limited.BHP Group Limited (ASX:BHP) offered an unsolicited, non-binding and highly conditional combination proposal to acquire Anglo American plc (LSE:AAL) from Tarl Investment Holdings, Ltd., Epoch Investment Holdings Limited and Epoch Two Investment Holdings Limited for £22.5 billion on April 16, 2024. Under the terms of the Proposal, ordinary shareholders of Anglo American would receive 0.7097 BHP shares for each ordinary share in Anglo American; and ordinary shares in Anglo Platinum and Kumba (which would be distributed by Anglo American to its shareholders in direct proportion to each shareholder's effective interest in Anglo Platinum and Kumba). The proposal comprises an all-share offer for Anglo American by BHP and would be preceded by separate demergers by Anglo American of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders. The two parts of the proposal would be inter-conditional. The Board is currently reviewing this proposal with its advisers. An offer period has now commenced not later than 5.00 p.m. until May 22, 2024, either the BHP announce a firm intention to make an offer for Anglo American. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made. The Proposal is non-binding and subject to customary conditions including completion of due diligence to the satisfaction of BHP. Anglo American has been offered reciprocal due diligence on BHP. James Hartop, Edward Rowe and Fiona McHardy of Centerview Partners UK LLP; Mark Sorrell, David Hammond and Bertie Whitehead of Goldman Sachs International; and Simon Smith, Anthony Zammit and Tom Perry of Morgan Stanley & Co. International plc acted as Financial Adviser; and Linklaters LLP is retained as legal adviser to Anglo American. UBS, Barclays acted as financial advisor to BHP. BHP Group Limited (ASX:BHP) cancelled the acquisition of Anglo American plc (LSE:AAL) from Tarl Investment Holdings, Ltd., Epoch Investment Holdings Limited and Epoch Two Investment Holdings Limited on May 13, 2024. On April 26, 2024, Anglo American board has considered the Proposal with its advisers and concluded that the Proposal significantly undervalues Anglo American and its future prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders. In addition, the Proposal contemplates a structure which the Board believes is highly unattractive for Anglo American's shareholders, given the uncertainty and complexity inherent in the Proposal, and significant execution risks. The Board has therefore unanimously rejected the Proposal. As of May 7, 2024, BHP Group Limited made a revised proposal regarding a potential combination to be effected by way of a scheme of arrangement. Under the Revised Proposal, BHP has increased the number of BHP shares that would be received by Anglo American shareholders. Under the terms of the Revised Proposal, ordinary shareholders of Anglo American would receive: 0.8132 BHP shares for each ordinary share they own in Anglo American (BHP Share Consideration) and rdinary shares in each of Anglo American Platinum Limited and of Kumba Iron Ore Limited (distributed by Anglo American to its shareholders in direct proportion to Anglo American shareholders' effective interest in Anglo American Platinum Limited and Kumba Iron Ore Limited), which represents Anglo American shareholders owning, in aggregate, approximately 16.6% of the combined BHP and Anglo American group on completion of the potential combination. As of May 13, 2024, the Revised Proposal was also rejected by the Anglo American Board as the Board considered the Latest Proposal with its advisers and concluded that it continues to significantly undervalue Anglo American and its future prospects. Anglo American shareholders are advised to take no action in relation to this matter. A further announcement will be made as and when appropriate. There can be no certainty that any firm offer will be made.お知らせ • May 04Glencore Reportedly Studying an Approach for Anglo AmericanGlencore plc (LSE:GLEN) is studying an approach for Anglo American plc (LSE:AAL), two sources said, a development that could spark a bidding war for the 107-year old mining company. Glencore has not yet approached Anglo, one of the sources said. The discussions are internal and preliminary at this stage and may not result in an approach, the source added. "We do not comment on market rumour or speculation," a Glencore spokesperson said. Anglo on April 26, 2024 rejected a $39 billion all-stock proposal from the world's No. 1 miner BHP Group Limited (ASX:BHP). BHP's proposed premium was 31% above Anglo's closing price on April 23. A source familiar with the matter previously told Reuters that the Australian mining giant is considering making an improved offer. It has until May 22 to make a formal bid. U.S. shares of Anglo American rose after the news, closing up 6.5% on the session.お知らせ • Apr 26+ 1 more updateBHP Group Launches Bid to Acquire Anglo AmericanBritish mining heavyweight Anglo American plc (LSE:AAL) confirmed it was "reviewing" a takeover bid from its larger Australian rival BHP Group Limited (ASX: BHP), in what would rank as one of the sector's biggest deals in years. Anglo American did not disclose the price of the "unsolicited" offer, which must be sewn up before a deadline of May 22. BHP's offer would first hinge on Anglo American splitting off its platinum and iron ore operations in South Africa. Anglo's platinum operations are listed on the Johannesburg Stock Exchange under Anglo American Platinum Ltd, as are its iron ore operations under Kumba Iron Ore Ltd. Australian-based BHP has a market value of around USD 148 billion, while London-based Anglo American has a market value of about USD 36 billion. "The board is currently reviewing this proposal with its advisers," Anglo American said in a statement. "There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made. "Pending any further announcements Anglo American shareholders should take no action." BHP declined to comment.お知らせ • Jul 25Suitors Reportedly Prepare to Lob Bids for ChaliceSuitors lining up for $2.3 billion nickel explorer and developer Chalice Mining Limited (ASX:CHN) are preparing to lob their final offers by August 21, sources say. The company's main project is its Julimar nickel and copper project in Western Australia's Avon region, 70km northeast of Perth. The group's Gonneville deposit is one of the world's nickel sulphide discoveries. It reported a net loss of $33.7 million for the six months to December and is looking for a backer to fund its development through Standard Chartered. But some believe the process could result in an acquisition of the company as a whole. Sources say Chalice is open to several options including a partial sale of about 20% of the group, or 100%. The king maker is Founding Chairman Tim Goyder, who owns just over 8% of the business. He has proved a tough negotiator on price, based on the experience of Albemarle, which has been courting Liontown. Mr. Goyder, who stepped down as the Chairman of Chalice Mining in 2021, also owns 15% of Liontown. Albemarle, the world's lithium producer, offered $5.5 billion for that company, currently worth $6 billion, but that was rejected. Anglo American plc (LSE:AAL), South32 Limited (ASX:S32), BHP Group Limited (ASX:BHP) and Rio Tinto Limited are expected to be lining up for Chalice's platinum metals assets. Some experts say the big players will be obliged to look at the asset, simply given the size of the resource, but the project is not yet in production and will take a long time from an environment point of view. The world's platinum producer, Sibanye Stillwater Limited (JSE:SSW), could also be in the mix.業績と収益の成長予測LSE:AAL - アナリストの将来予測と過去の財務データ ( )USD Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/202822,8942,8694,1717,572912/31/202722,6242,9073,2657,1511112/31/202621,4411,9182,0515,6351612/31/202518,546-1,2752,1305,511N/A9/30/202517,831-1,4932,5145,934N/A6/30/202526,660-1,5231,3396,357N/A3/31/202526,975-2,2951,9157,230N/A12/31/202417,745-3,2564,0498,103N/A9/30/202421,154-2,6923,2567,988N/A6/30/202424,562-2,1292,4627,873N/A3/31/202427,607-9231,4757,185N/A12/31/202330,6522834876,496N/A9/30/202331,6671,1907746,900N/A6/30/202332,6812,0961,0617,304N/A3/31/202333,9003,3052,2538,535N/A12/31/202235,1184,5143,4459,765N/A9/30/202236,5025,7845,22411,474N/A6/30/202237,8867,0547,00213,183N/A3/31/202239,7207,8088,96314,953N/A12/31/202141,5548,56210,92316,723N/A9/30/202139,2977,684N/AN/AN/A6/30/202137,0396,8069,36014,457N/A3/31/202131,2434,4485,63410,538N/A12/31/202025,4472,0891,9086,618N/A9/30/202025,3662,112N/AN/AN/A6/30/202025,2852,1354375,464N/A3/31/202027,5782,8411,6606,564N/A12/31/201929,8703,5472,8837,664N/A9/30/201929,2773,845N/A7,408N/A6/30/201928,6844,142N/A7,152N/A3/31/201928,1473,846N/A7,140N/A12/31/201827,6103,549N/A7,127N/A9/30/201827,7153,295N/A7,418N/A6/30/201827,8193,041N/A7,708N/A3/31/201827,0313,104N/A7,879N/A12/31/201726,2433,166N/A8,049N/A9/30/201724,9043,494N/A7,304N/A6/30/201723,5643,822N/A6,559N/A3/31/201722,4712,708N/A5,979N/A12/31/201621,3781,594N/A5,399N/A9/30/201620,106-914N/A4,611N/A6/30/201618,833-3,422N/A3,823N/A3/31/201619,644-4,523N/A3,900N/A12/31/201520,455-5,624N/A3,977N/A9/30/201522,433-6,308N/A4,647N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: AALは今後 3 年間で収益性が向上すると予測されており、これは 貯蓄率 ( 3.4% ) よりも高い成長率であると考えられます。収益対市場: AAL今後 3 年間で収益性が向上すると予想されており、これは市場平均を上回る成長と考えられます。高成長収益: AAL今後 3 年以内に収益を上げることが予想されます。収益対市場: AALの収益 ( 3.5% ) UK市場 ( 4.6% ) よりも低い成長が予測されています。高い収益成長: AALの収益 ( 3.5% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: AALの 自己資本利益率 は、3年後には低くなると予測されています ( 13.4 %)。成長企業の発掘7D1Y7D1Y7D1YMaterials 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/07/14 23:37終値2026/07/14 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Anglo American plc 16 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。37 アナリスト機関Wade NapierAvior Capital MarketsIzak RossouwBarclaysRichard HatchBerenberg34 その他のアナリストを表示
お知らせ • Feb 07Anglo American plc Revises Production Guidance for the Year 2026 and 2027 and Provides Production Guidance for the Year 2028Anglo American plc revised production guidance for the year 2026 and 2027 and provided production guidance for the year 2028. For the year 2026, the company now expects Copper production of 700 kt to760 kt compared to previous guidance of 760kt to 820 kt, Premium Iron Ore of 55 Mt to 59 Mt compared to previous guidance of 54 Mt to 58 Mt and Diamonds of 21 Mct to 26 Mct compared to previous guidance of 26 Mct to 29 Mct. For the year 2027, the company now expects Copper production of 750 kt to 810 kt compared to previous guidance of 760 kt to 820 kt and Premium Iron Ore of 59 Mt to 63 Mt. For the year 2028, the company now expects Copper production of 790 kt to 850 kt and Premium Iron Ore of 58 Mt to 62 Mt.
お知らせ • Oct 29Anglo American plc Provides Production Guidance for Year 2025Anglo American plc provided production guidance for year 2025. For the year, the company's Copper production is expected to 690 kt-750 kt, diamonds production is expected to 20 Mct - 23 Mct, Iron Ore production is expected to 58 Mt - 62 Mt.
お知らせ • Feb 06Anglo American plc Provides Production Guidance for the Year 2025, 2026 and 2027Anglo American plc provided production guidance for the year 2025, 2026 and 2027. For the year 2025, the company's Copper production is expected to 690kt - 750 kt, Nickel production is expected to 37 kt - 39kt(previously 35kt -37kt), Platinum Group Metals production is expected to 3.0 Moz - 3.4 Moz, diamonds production is expected to 20 Mct - 23 Mct (previously 30 Mct to 33 Mct), Iron Ore production is expected to 57 Mt - 61 Mt, Steelmaking Coal production is expected to 10 Mt - 12 Mt (previously 17-19Mt). For the year 2026, the company's Copper production is expected to 760 kt - 820 kt, Nickel production is expected to 37 kt - 39kt(previously 35kt -37kt), Platinum Group Metals production is expected to 3.0 Moz - 3.4 Moz, diamonds production is expected to 26 Mct - 29 Mct (previously 32 Mct to 35 Mct), Iron Ore production is expected to 54 Mt - 58 Mt. For the year 2027, the company's Copper production is expected to 760 kt - 820 kt, Nickel production is expected to 36 kt – 38 kt, Platinum Group Metals production is expected to 3.0 Moz - 3.5 Moz, diamonds production is expected to 28 Mct - 31 Mct, Iron Ore production is expected to 59 Mt - 63 Mt.
お知らせ • Oct 24Anglo American plc Revises Production Guidance for Year 2024Anglo American plc revised production guidance for Year 2024. For the period, the company expects to produce Copper of 730 kt - 790 kt, Platinum Group Metals production is expected to 3.3 Moz - 3.7 Moz, diamonds production is expected to 23 Mct - 26 Mct, Iron Ore production is expected to 58 Mt - 62 Mt, Steelmaking Coal production is expected to 14 Mt - 15.5 Mt. The company now expects nickel production of 38 kt -39 kt against a previous guidance of 36 kt- 39 kt.
お知らせ • Jul 18Anglo American plc Provides Production Guidance for Year 2024Anglo American plc provided production guidance for year 2024. For the year, the company's Copper production is expected to 730 kt - 790 kt, Nickel production is expected to 36 kt - 38 kt, Platinum Group Metals production is expected to 3.3 Moz - 3.7 Moz, diamonds production is expected to 26 Mct - 29 Mct, Iron Ore production is expected to 58 Mt - 62 Mt, Steelmaking Coal production is expected to 14 Mt - 15.5 Mt (previously 15-17 Mt).
お知らせ • Jul 01Anglo American Suspends Production At Grosvenor in Queensland, Australia Due to Underground Coal Gas Ignition IncidentAnglo American has suspended production at its Grosvenor steelmaking coal mine in Queensland, Australia, following an underground coal gas ignition incident on 29 June 2024. All emergency protocols were followed and the workforce was safely evacuated from the mine without injury. The mine team is working with specialist teams from the Queensland Mines Rescue Service and the regulatory authorities to extinguish the underground fire, prior to being able to assess the steps towards a safe re-entry into the mine. These procedures are expected to take several months as a result of the likely damage underground. Anglo American's steelmaking coal business expects to produce c.8 million tonnes of product in the first half of 2024, of which Grosvenor will contribute c.2.3 million tonnes. For 2024 as a whole, production guidance for the steelmaking coal business is 15 to 17 million tonnes, of which Grosvenor was expected to contribute c.3.5 million tonnes, representing lower production in the second half of the year due to a planned longwall move. An update to steelmaking coal production guidance will be provided once more information is available.
ライブニュース • Jul 01Teck and Anglo American Move Forward With Share Exchange in Court-Approved MergerTeck Resources has mailed a Letter of Transmittal to its shareholders to begin the share exchange process for the court-approved merger of equals with Anglo American, allowing each Teck share to be exchanged for 1.3301 Anglo American ordinary shares or, for eligible Canadian holders, exchangeable shares. The share exchange step is a key procedural milestone in completing the merger, because it sets out the mechanics, documentation and deadlines Teck shareholders must follow to receive Anglo American or exchangeable shares. Anglo American’s share price is around £36.97, with the stock up about 21.6% year to date. This phase of the Teck and Anglo American merger turns the high-level deal into specific ownership terms, so the exchange ratio and timelines now become central for anyone assessing how their Teck exposure will translate into Anglo American equity once the transaction closes.
ナラティブ更新 • Jun 30AAL: Copper Shift And Chile Projects Will Support Future ReratingAnglo American's analyst fair value estimate has moved from £46.07 to £50.29 as analysts factor in revised revenue growth and margin assumptions, alongside a series of higher price targets, even as some ratings shift to Hold on valuation grounds and changing commodity mix views. Analyst Commentary Recent Street research on Anglo American shows a mix of caution on the rating side and optimism on valuation, with several bullish analysts lifting price targets even as some move to Hold.
ナラティブ更新 • Jun 16AAL: Copper Shift And Iron Ore Risks Will Shape Fairly Balanced OutlookAnglo American's fair value estimate has moved from £36.80 to £38.39 as analysts adjust price targets higher by several hundred pence and highlight a shift in growth focus toward copper over iron ore, while also reflecting updated assumptions for revenue growth, profit margins and future P/E. Analyst Commentary Recent research on Anglo American highlights a split view, with several bullish analysts lifting price targets while more cautious voices flag earnings pressure in iron ore and execution risks around the shift toward copper.
ナラティブ更新 • Jun 02AAL: Copper And Iron Ore Downside Risks Will Drive Cautious OutlookAnglo American's analyst fair value estimate has edged up from £36.53 to £36.80 as analysts refine their assumptions around discount rates, profit margins and future P/E expectations. Street price targets have been adjusted in a tight range between about £28.00 and £40.00.
お知らせ • May 20Anglo American plc Updates on Collahuasi Environmental Permit in ChileAnglo American PLC noted the 15 May 2026 ruling in Chile by the Second Environmental Tribunal which purports to set aside the Environmental Authorization issued by the Environmental Assessment Service to the independently managed Collahuasi copper mine in 2021 for the Infrastructure Development and Production Capacity Improvement project that includes the development of a water desalination plant for Collahuasi, which is now almost complete. Anglo American understands from the Tribunal´s own press release that its ruling is limited to two specific aspects relating to analysis on the effects on a local community and on the marine environment. Collahuasi is currently in the process of seeking full clarification from the Tribunal in order to determine the specific effects of its ruling, the matters that it requires Environmental Assessment Service to re-examine, and any impact on Collahuasi's operations. Based on the information currently available and subject to the existing alternative water sources for Collahuasi, Anglo American does not currently expect any immediate impact on production. Collahuasi is seeking clarity on the ruling from both the Tribunal and the Environmental Assessment Service, and Anglo American will provide further updates as appropriate. Collahuasi has confirmed that the environmental permitting process for the project was carried out in accordance with local regulations and under the relevant environmental framework. The Environmental Authorization was obtained in December 2021, following a rigorous assessment process led by the Environmental Assessment Service, including the indigenous consultation defined by the competent authority. This was subsequently confirmed by the Ministers Committee in August 2023. Collahuasi has stated that it will continue to work in coordination with the relevant authorities and stakeholders, acting responsibly and in accordance with the legal framework, in order to determine the appropriate next steps.
ナラティブ更新 • May 17AAL: Teck Merger Progress And Commodity Risks Will Shape Balanced OutlookAnalysts have raised the fair value estimate for Anglo American to £36.53 from £35.09, citing updated price targets, a higher assumed profit margin and a slightly lower future P/E multiple across recent research. Analyst Commentary Recent Street research on Anglo American shows a mix of optimism and caution as analysts reassess valuation, the merger with Teck Resources and sector risks tied to commodities and geopolitics.
ナラティブ更新 • May 02AAL: Geopolitical And Commodity Risks Will Limit Post Teck Merger UpsideAnalysts have raised the fair value estimate for Anglo American from £21.07 to £21.89 per share. This reflects a combination of recent price target changes, rating revisions, and updated views on revenue, margins and future P/E assumptions across the Street.
ナラティブ更新 • Apr 18AAL: Teck Merger And Commodity Risks Will Shape Balanced Future ProfileThe analyst fair value estimate for Anglo American edges up to £35.09 from £35.05 as analysts weigh slightly higher assumed revenue growth and a modestly higher discount rate against a small trim to projected profit margins and future P/E, informed by a mix of recent target cuts and upgrades following the Teck merger progress and shifting sector risk views. Analyst Commentary Recent Street research around Anglo American is mixed, with several price target changes, rating shifts and comments on the proposed Teck merger feeding into the updated fair value estimate.
ナラティブ更新 • Apr 04AAL: Teck Merger And Revised Production Guidance Will Support Future ReratingThe updated analyst work on Anglo American nudges the fair value estimate up by about £0.33 per share to £46.07, as analysts factor in higher projected revenue growth, a slightly lower profit margin, a modestly lower future P/E and a higher discount rate, set against a mixed series of recent price target changes across the Street. Analyst Commentary Recent Street research around Anglo American presents a mixed picture, with some caution from large global banks sitting alongside more optimistic views from bullish analysts who see value support and potential upside tied to execution and corporate actions.
お知らせ • Mar 23Anglo American PLC Announces Delisting Of Ordinary Shares From SIX Swiss ExchangeAnglo American PLC confirms that SIX Swiss Exchange Regulation has approved an application for the delisting of the Company's 1,178,050,272 ordinary shares of USD 0.6239 each from the SIX Swiss Exchange. Anglo American PLC has decided to seek the Swiss Delisting as part of a review of its global share listings in connection with the proposed merger with Teck Resources Limited, and because of a prolonged period of low trading volumes of shares on the SIX Swiss Exchange and the regulatory burden associated with multiple secondary listings. Following the Swiss Delisting it will no longer be possible to trade shares on the SIX Swiss Exchange. The last day of trading for shares on the SIX Swiss Exchange is expected to be June 25, 2026. The Swiss Delisting is expected to be effective as of June 26, 2026. It is recommended that shareholders who trade shares on the SIX Swiss Exchange consult with their investment advisors, brokers or other applicable professional advisors on the actions that should be taken as a result of the Swiss Delisting. As previously announced on September 9, 2025, on completion of the merger, the company expects to retain its primary listing on the London Stock Exchange as well as listings on the Johannesburg Stock Exchange, the Toronto Stock Exchange and the New York Stock Exchange (to be implemented as a listing of American Depositary Receipts), subject to the approval or acceptance of the applicable exchanges in the case of the Toronto Stock Exchange and the New York Stock Exchange.
ナラティブ更新 • Mar 21AAL: Teck Merger Outcome Will Shape Future Risk Reward ProfileAnglo American's updated fair value estimate has increased from £33.82 to £35.05 per share as analysts adjust price targets in light of mixed rating changes, revised commodity scenarios, and the anticipated impact of the Teck merger. Analyst Commentary Recent Street research on Anglo American points to a split view, with some analysts leaning into the potential of the Teck merger and others focusing on macro risks and more conservative commodity assumptions.
ナラティブ更新 • Mar 06AAL: Teck Merger And Production Guidance Will Drive Future ReratingThe analyst fair value estimate for Anglo American has inched up to £45.74 from £45.56, as analysts balance recent target moves between about £36.00 and £43.00 with updated views on revenue growth, profit margin prospects, and a lower future P/E assumption. Analyst Commentary Bullish analysts have been revisiting their views on Anglo American, with several recent price target moves and upgrades pointing to a more constructive stance on the shares.
Reported Earnings • Feb 23Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: US$1.13 loss per share (improved from US$2.87 loss in FY 2024). Revenue: US$18.5b (down 32% from FY 2024). Net loss: US$1.28b (loss narrowed 58% from FY 2024). Production and reserves: Diamond Production: 4.331 t (4.272 t in FY 2024) Copper Production: 0.369 Mt (0.735 Mt in FY 2024) Proved and probable reserves (ore): 2,600 Mt (7,500 Mt in FY 2024) Number of mines: 4 (3 in FY 2024) Manganese Production: 3 Mt (2.288 Mt in FY 2024) Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance.
ナラティブ更新 • Feb 20AAL: Teck Merger And Upgraded Outlook Will Drive Future ReratingAnglo American’s updated analyst price target has risen to about £46 per share from roughly £37, as analysts point to revised fair value estimates, higher projected profit margins and recent target upgrades from several banks. Analyst Commentary Recent research has tilted more positive on Anglo American, with several bullish analysts revisiting their models and outcome ranges.
Buy Or Sell Opportunity • Feb 18Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 34% to UK£36.61. The fair value is estimated to be UK£29.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making.
お知らせ • Feb 07Anglo American plc Revises Production Guidance for the Year 2026 and 2027 and Provides Production Guidance for the Year 2028Anglo American plc revised production guidance for the year 2026 and 2027 and provided production guidance for the year 2028. For the year 2026, the company now expects Copper production of 700 kt to760 kt compared to previous guidance of 760kt to 820 kt, Premium Iron Ore of 55 Mt to 59 Mt compared to previous guidance of 54 Mt to 58 Mt and Diamonds of 21 Mct to 26 Mct compared to previous guidance of 26 Mct to 29 Mct. For the year 2027, the company now expects Copper production of 750 kt to 810 kt compared to previous guidance of 760 kt to 820 kt and Premium Iron Ore of 59 Mt to 63 Mt. For the year 2028, the company now expects Copper production of 790 kt to 850 kt and Premium Iron Ore of 58 Mt to 62 Mt.
ナラティブ更新 • Feb 06AAL: Deal Outcomes And Margin Assumptions Will Shape Future Risk Reward BalanceNarrative Update The analyst price target for Anglo American has increased to £33.82 from £29.54. Analysts attribute this to updated assumptions around profit margins, a lower future P/E multiple, and recent Street research highlighting a £3,000 GBp target and an upgraded stance on the stock.
ナラティブ更新 • Jan 22AAL: Iron Ore Outlook And Teck Merger Path Will Shape Rerating ProspectsAnglo American's analyst fair value estimate has increased from £35.01 to £36.92, as analysts factor in updated assumptions on growth, margins and a higher implied future P/E multiple, alongside recent Street price target increases to £30.00 and £31.00. Analyst Commentary Recent Street commentary has tilted more optimistic on Anglo American, with bullish analysts lifting price targets into the £30.00 range.
お知らせ • Jan 19Anglo American plc to Report First Half, 2026 Results on Jul 30, 2026Anglo American plc announced that they will report first half, 2026 results on Jul 30, 2026
ナラティブ更新 • Jan 08AAL: Rejected Bid And Teck Merger Plans Will Constrain Upside PotentialAnalysts have lifted their fair value estimate for Anglo American from £18.70 to about £21.07 per share. They point to updated price targets in the £30.00 to £31.00 range and a reassessment of discount rates, revenue expectations, profit margins and future P/E assumptions to support the change.
ナラティブ更新 • Dec 24AAL: Iron Ore Upside And Merger Progress Will Drive Bullish ReratingAnalysts have lifted their price target on Anglo American to about $35 from roughly $28, reflecting improved expectations for revenue growth, higher margins, and a more favorable long term iron ore and valuation outlook following a series of recent target increases from major brokerages. Analyst Commentary Recent research updates highlight a clear shift toward a more constructive stance on Anglo American, with a series of price target increases signaling rising confidence in the company’s earnings trajectory and asset quality.
お知らせ • Dec 24Anglo American plc, Annual General Meeting, Apr 29, 2026Anglo American plc, Annual General Meeting, Apr 29, 2026.
お知らせ • Dec 16Anglo American and Teck Resources Receives Government of Canada Approval for Merger of Equals Under Investment Canada ActAnglo American plc and Teck Resources Limited have received regulatory approval from the Government of Canada under the Investment Canada Act ("ICA") for the merger of equals between Anglo American and Teck which was announced on 9 September 2025. Anglo American and Teck believe that the formation of Anglo Teck in a merger of equals will provide exceptional and enduring benefits for Canada, founded upon establishing a global critical minerals champion headquartered in Canada.
ナラティブ更新 • Dec 10AAL: Iron Ore Outlook And Merger Decisions Will Shape Future Risk Reward BalanceThe analyst price target for Anglo American has been raised to approximately $29.54 from about $29.18. This reflects analysts' more constructive view on long term iron ore demand and supply dynamics, despite slightly higher discount rates and some pressure on forecast margins.
ナラティブ更新 • Nov 25AAL: Sector Consolidation And Potential Supply Constraints Will Shape Merger OutlookAnglo American's analyst price target has been raised from approximately $29.48 to $29.18, reflecting a modest increase that analysts attribute to improved forecast profit margins as well as ongoing optimism around iron ore demand and potential supply constraints. Analyst Commentary Recent Street research has showcased evolving sentiment around Anglo American, as analysts adjust their views and price targets in light of sector developments and company actions.
お知らせ • Nov 24BHP Group Reportedly Made Renewed Bid Approach to Anglo AmericanMining company BHP Group Limited (ASX:BHP) has made a renewed takeover approach to rival Anglo American plc (LSE:AAL), a source familiar with the matter told Reuters on November 23, 2025, just months after the London-listed miner agreed merger plans with Canada's Teck Resources to create a global copper-focused heavyweight. Anglo American declined to comment. BHP did not immediately respond to a request for comment outside regular business hours. BHP has made overtures to Anglo American in recent days, Bloomberg News reported earlier, citing people familiar with the matter, adding that deliberations are ongoing and there is no certainty of a deal. Anglo American's market capitalisation is about $41.80 billion, while BHP's is around $132.18 billion, based on LSEG data. In September, Anglo American agreed plans to merge with Teck in an all-share deal, marking the sector's second-biggest M&A deal ever. The deal came just over a year after BHP scrapped a $49 billion bid for Anglo, a deal that would have boosted the Australian miner's holdings of copper, the metal seen as essential for the transition to greener energy. If the BHP/Anglo deal had gone ahead, the combined entity would have been the world's largest copper producer, with a total annual production of around 1.9 million metric tons. The new Anglo Teck group is expected to have a combined annual copper production capacity of approximately 1.2 million tons, still second to BHP.
ナラティブ更新 • Nov 07AAL: Sector Consolidation And Resource Demand Will Shape Outlook Following Major MergerAnalysts have raised their price target for Anglo American from approximately $28.36 to $29.48. They cite improved sentiment on future iron ore demand and ongoing sector consolidation as key drivers for the upward revision.
お知らせ • Oct 31Anglo American plc to Report Fiscal Year 2025 Results on Feb 20, 2026Anglo American plc announced that they will report fiscal year 2025 results on Feb 20, 2026
お知らせ • Oct 30Anglo American Reportedly Hunts for Potential Buyers for Its Steel Making Coal AssetsAnglo American plc (LSE:AAL) has told investors that it is back on the hunt for potential buyers for its steel making coal assets after initiating the arbitration process against former suitor Peabody Energy. The group hopes to receive compensation from Peabody after it pulled out of its $3.8 billion offer to buy Anglo's Australian coal portfolio. "At Moranbah North, we continue to make progress towards a safe and structured remote restart and ramp up this year, ahead of transitioning to normal longwall operations," the company said. It added that preparations were under way to restart the formal sale process in the coming months. Anglo CEO Duncan Wanblad proposed the portfolio transformation plan last year in an effort to keep shareholders on his side, after the group rebuffed a R700bn-plus buyout offer from mining behemoth BHP as unattractive and convoluted. This year Anglo has sold its minority interest in coal producer Jellinbah Group for AUD 1.6 billion, disposed of its nickel business for $500 million and divested platinum group metals unit Valterra Platinum. However, it is yet to find a suitable buyer for diamond business De Beers, with the rapid market growth of lab-grown diamonds putting downward pressure on the demand for natural diamonds in recent years. We continue to work through the regulatory approvals for the Nickel transaction and, for De Beers, we are making good progress with the dual track separation and a structured sale process is currently under way," Wanblad said.
お知らせ • Oct 29Anglo American plc Provides Production Guidance for Year 2025Anglo American plc provided production guidance for year 2025. For the year, the company's Copper production is expected to 690 kt-750 kt, diamonds production is expected to 20 Mct - 23 Mct, Iron Ore production is expected to 58 Mt - 62 Mt.
お知らせ • Oct 24Anglo American plc Announces Hixonia Nyasulu Step Down as A Non-Executive Director of the Board, Effect from 31 December 2025Anglo American plc announced that Hixonia Nyasulu has decided to step down as a non-executive director of the Board of Anglo American with effect from 31 December 2025, after six years of service to focus on her wider board portfolio. Hixonia Nyasulu has served as an independent non-executive director since November 2019, also serving on the Board's Nomination and Remuneration committees. Hixonia also serves as senior independent director of SSE plc, as a non-executive director, vice chair and chair of the sustainability committee of Olam Agri Holdings, and as a member of the Council on Sustainability Transformation. The Anglo American plc Board of Directors will comprise, from 1 January 2026: Chair: Stuart Chambers. Executive directors: Duncan Wanblad- chief executive officer. John Heasley- chief financial officer. Non-executive directors: Magali Anderson, Ian Ashby, Marcelo Bastos,Hilary Maxson, Nonkululeko Nyembezi, Ian Tyler and Anne Wade.
ナラティブ更新 • Oct 24Copper Demand And New Merger Will Drive Mining Sector Momentum ForwardAnalysts have raised their price target for Anglo American, increasing the fair value estimate from approximately $27.00 to $28.36. This adjustment reflects improved profit margin expectations and a slightly more optimistic outlook on iron ore demand.
Buy Or Sell Opportunity • Oct 10Now 22% undervaluedOver the last 90 days, the stock has risen 28% to UK£28.80. The fair value is estimated to be UK£36.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making.
ナラティブ更新 • Oct 10Electrification And Decarbonization Will Boost Copper And Iron Ore DemandThe analyst price target for Anglo American has been raised significantly from approximately $24.69 to $27.00, as analysts grow more optimistic on improving iron ore demand and favorable supply dynamics. Analyst Commentary Recent analyst activity surrounding Anglo American reveals both optimism about the company's prospects and cautions about the evolving sector landscape.
ナラティブ更新 • Sep 26Electrification And Decarbonization Will Boost Copper And Iron Ore DemandAnalysts have raised Anglo American’s price target from £23.13 to £24.69, citing the transformative merger with Teck Resources, enhanced copper exposure, and anticipated sector consolidation as key drivers of increased confidence and long-term growth prospects. Analyst Commentary The merger of equals between Anglo American and Teck Resources is viewed as transformative, creating the world's fifth-largest copper producer and altering the group's strategic profile.
ナラティブ更新 • Sep 11Electrification And Decarbonization Will Boost Copper And Iron Ore DemandThe consensus price target for Anglo American has been raised to £23.13 as analysts cite the transformative merger with Teck Resources—making it a top-five global copper producer—as a catalyst for improved scale, growth prospects, and earnings outlook. Analyst Commentary The merger of equals between Anglo American and Teck Resources transforms the company into the world’s fifth-largest copper producer, significantly improving scale and growth prospects.
お知らせ • Sep 11Yancoal Reportedly Digging for Anglo MinesYancoal Australia Ltd. (ASX:YAL) is believed to have moved its acquisition aspirations to Anglo American plc (LSE:AAL)'s Queensland coal assets that had been slated for a sale to Peabody Energy. This while also negotiating to buy the Kestrel coal mine in Queensland, estimated to be worth about USD 3 billion ($4.62 billion). The $7 billion Yancoal has been a bridesmaid at almost every major Australian coal mine auction in recent years. Vendors have been spooked over a sale to the Australian-listed but China-backed coal group due to concerns that a deal may be weighed down with regulatory risks. But now it appears to be potentially in the driver's seat after the coal price has come off the boil and other prospective buyers of assets are concerned about embarking on large acquisitions in such an uncertain environment. Anglo last month told the market its $5.8 billion sale of Queensland coal mines to Peabody Energy had not been finalised, as the US-based Peabody argues a fire at one of its major mines, Moranbah North, amounts to a material adverse change in conditions that enables the group to walk away from the contract. The two are seeking to settle the matter through legal arbitration. Anglo indicated that it may sell the assets to another party and take legal action against Peabody to recover the difference, which is where Yancoal comes in. DataRoom earlier reported that underbidders in the initial auction last year, won by Peabody, had made approaches to the parties to see if they would be prepared to reach an alternative deal. Yancoal had been also been in serious talks over a deal to buy the EMR Capital-controlled Kestrel coal mine in Queensland. While International Resources Holding from Abu Dhabi, which operates in mining through Africa, had been in talks, Yancoal had been angling for bilateral discussions to buy the asset after an initial sale process plan was shelved amid the weaker coal price environment. EMR Capital owns 52% and is a seller, while Adaro Energy owns the remainder and has pre-emptive rights to buy out the asset. But it is understood Adaro would sell at the right price.
お知らせ • Sep 09+ 2 more updatesAnglo American plc (LSE:AAL) agreed to acquire Teck Resources Limited (TSX:TECK.B) from Temagami Mining Company Limited, Sumitomo Metal Mining Co., Ltd. (TSE:5713), Dr. Norman B. Keevil and others in a merger of equals transaction for CAD 27.9 billion.Anglo American plc (LSE:AAL) agreed to acquire Teck Resources Limited (TSX:TECK.B) from Temagami Mining Company Limited, Sumitomo Metal Mining Co., Ltd. (TSE:5713), Dr. Norman B. Keevil and others in a merger of equals transaction for CAD 27.9 billion on September 8, 2025. The Merger will be implemented by means of a plan of arrangement through which Anglo American will issue 1.3301 ordinary shares. Anglo American shareholders to own 62.4% and Teck shareholders to own 37.6% of Anglo Teck plc immediately post completion. A termination fee in the amount of CAD 456.3009 million will be payable by Anglo American or Teck in certain circumstances. At or prior to completion, Anglo American and Teck will each nominate for appointment 50% of the non-executive directors of the Anglo Teck plc board, with Sheila Murray to serve as Chair of Anglo Teck upon completion. Upon completion, the executive directors of Anglo Teck plc will be Duncan Wanblad as CEO, Jonathan Price as Deputy CEO, and John Heasley as CFO. The CEO, Deputy CEO, and CFO, and a significant majority of the senior executive team will be based in and reside in Canada, with the senior executive team including meaningful representation from South Africa and the UK. Prior to completion, Anglo American will seek shareholder approval to change its legal name to “Anglo Teck plc” from completion of the Merger and, from and after completion of the Merger, Anglo Teck will conduct its business under the “Anglo Teck” trade name. In connection with the Merger, Temagami Mining Company Limited, SMM Resources Incorporated, Dr. Norman B. Keevil and certain of the directors and executive officers of Teck and Anglo American, in respect of approximately 79.8% of the outstanding Teck class A common shares, 0.02% of the outstanding Teck class B subordinate voting shares, and 0.1% of the Anglo American shares, as applicable, have entered into customary voting agreements agreeing to vote those Teck or Anglo American shares, respectively, in favour of the Merger and against any competing acquisition proposals, which agreements prohibit voting for, supporting or participating in a competing transaction unless the applicable board has changed its recommendation that the shareholders vote to approve the Merger or the Arrangement Agreement is otherwise terminated. The global headquarters of Anglo Teck will be located in Vancouver, British Columbia, Canada. The Merger is subject to completion conditions customary for a transaction of this nature, including approval under the Investment Canada Act, competition and regulatory approvals, Teck and Anglo board approvals, customary court approval in Canada,approval of at least 662/3% of the votes cast in person or by proxy by class A common and class B subordinate voting shareholders of Teck, Anglo shareholder approvals. Merger is expected to close in 2026. The Merger is expected to deliver annual pre-tax synergies of approximately CAD 1,106 million by the end of the fourth year following completion of the transaction, with approximately 80% expected to be realised on a run rate basis by the end of the second year following completion, driven by economies of scale, operational efficiencies, and commercial and functional excellence. Centerview Partners, Morgan Stanley, Goldman Sachs and RBC Capital Markets as financial advisor, Charles Ruck, Sam Newhouse, Ed Barnett, Andrew Elken, Anna Ngo, Andrew Clark, Koushik Prasad, Paul Dudek, Helen Lethaby, Pardis Zomorodi, Christine Mainguy, Ghaith Mahmood, Christian McDermott, Sarah Gadd, Julie Crisp, David Little, Ludmilla Le Grand, Amanda Reeves, Paul Rosen, Jana Dammann, Betty Huber, Michael Green, Nikki Buffa, Clare Nida and Andrew Galdes of Latham & Watkins, Torys LLP, and Webber Wentzel are acting as legal advisers to Anglo American. Scotiabank provided an independent fairness opinion, Ardea Partners LP and BMO Capital Markets served as financial advisors and fairness opinion, Wachtell, Lipton, Rosen & Katz, Stikeman Elliott LLP, Stephen Hewes and Jessamy Gallagher of Freshfields LLP and Felesky Flynn LLP acted as legal advisor to Teck Resources Limited.
Reported Earnings • Aug 03First half 2025 earnings released: EPS: US$0.33 (vs US$1.08 loss in 1H 2024)First half 2025 results: EPS: US$0.33 (up from US$1.08 loss in 1H 2024). Revenue: US$8.95b (down 6.6% from 1H 2024). Net income: US$395.0m (up US$1.55b from 1H 2024). Profit margin: 4.4% (up from net loss in 1H 2024). Revenue is expected to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to grow by 1.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance.
Declared Dividend • Aug 03Dividend of US$0.07 announcedShareholders will receive a dividend of US$0.07. Ex-date: 21st August 2025 Payment date: 30th September 2025 Dividend yield will be 15%, which is higher than the industry average of 7.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (59% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments.
お知らせ • Jul 31Anglo American plc Proposes Interim Dividend for the Six Months Ended 30 June 2025, Payable on 30 September 2025Anglo American plc proposed interim dividend for the six months ended 30 June 2025 of 40% of first half total underlying earnings, equal to $0.07 per share (30 June 2024: $0.42 per share), equivalent to $0.1 billion (30 June 2024: $0.5 billion). Ex-dividend on the London Stock Exchange from the commencement of trading is 21 August 2025; Record date (applicable to both the principal register and branch registers) is 22 August 2025; Payment date of dividend is 30 September 2025.
お知らせ • Jun 19Anglo American plc Announces Executive Appointments, Effective July 1, 2025Anglo American plc has streamlined its executive leadership team to reflect substantial progress with the simplification of its portfolio, with the demerger of Valterra Platinum completed and the sales agreed for the steelmaking coal and nickel businesses. In addition to the two executive directors Duncan Wanblad (Chief Executive Officer) and John Heasley (Chief Financial Officer), Anglo American's executive leadership team will comprise, from 1 July 2025: Chief Operating Officer is Ruben Fernandes; Chief Legal & Corporate Affairs Officer is Richard Price; Chief People & Organisation Officer is Monique Carter; Chief Projects & Development Officer is Alison Atkinson; Chief Strategy & Sustainability Officer is Helena Nonka; Chief Technical Officer is Tom McCulley. Themba Mkhwanazi, currently Regional Director Africa and Australia, will step down at the end of June having overseen the successful demerger of Valterra Platinum.
新しいナラティブ • May 01Portfolio Simplification And Copper Expansion Will Unlock Value Strategic partnerships and portfolio simplification focus on resource optimization and core minerals, aiming to enhance earnings, margins, and future growth.
お知らせ • Apr 30De Beers-Investor Botswana Says Serious Buyers Showing InterestBotswana’s government (Botswana) said it’s optimistic that Anglo American plc (LSE:AAL) will find a buyer for its diamond unit De Beers (De Beers SA) this year. “We are very confident that partners are coming forward,” Botswana Vice President Ndaba Gaolathe said in an interview in Washington, without identifying prospective investors. “Some are countries, some are funds, some are companies that have a deep interest. I’m comfortable, I’m confident that we are on the right track.” Botswana owns 15% of De Beers, which sources the bulk of its diamonds from the southern African nation. Anglo owns the rest and is looking to offload the stake following a slump in prices for natural diamonds, partly a result of the rising popularity of lab-grown stones. Anglo wrote down the value of De Beers for a second time in February, to about $4.1 billion. The London-listed company said it aims to exit De Beers — either via a trade sale or a listing — in the second half of 2025. Botswana, which depends on diamonds for the majority of its exports and about one-third of government revenue, has a decades-long partnership with De Beers. They signed a 10-year deal in February to fund a marketing campaign to resuscitate demand for natural diamonds. Gaolathe, who also serves as Botswana’s finance minister, said the country should have a say over whoever takes on Anglo’s 85% stake. The country, he said, wanted them to have “deep pockets” and be in the diamond industry for the long haul. “We are looking for partners that are not coming into it for the quick buck,” he said. “Whoever wants to take over the Anglo shares, it’s not just the takeover of shares. It’s actually the consummation of a relationship with the government of Botswana. And I want to impress upon you, we take relationships very seriously.” It’s possible, he said, that Botswana looks to increase its De Beers stake to as much as 50%. “We’re definitely not going lower than 15%,” he said. The vice president, who was in the US attending the International Monetary Fund-World Bank Spring Meetings, also said higher American tariffs on diamond imports would backfire. “The US does not have diamonds,” he said. “But the US has been able to create an entire diamond sector, a jewelry sector. It’s large, it creates jobs for Americans. So the US has benefited from Botswana diamonds and a sudden pushback on Botswana diamonds will and can hurt the US more than it imagines”.
Upcoming Dividend • Mar 09Upcoming dividend of US$0.22 per shareEligible shareholders must have bought the stock before 13 March 2025. Payment date: 07 May 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.1%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (4.2%).
Recent Insider Transactions Derivative • Mar 05CEO & Executive Director exercised options and sold UK£542k worth of stockOn the 24th of February, Duncan Wanblad exercised options to acquire 23k shares at no cost and sold these for an average price of UK£23.88 per share. This trade did not impact their existing holding. For the year to December 2022, Duncan's total compensation was 31% salary and 69% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2024, Duncan's direct individual holding has increased from 557.46k shares to 583.05k. Company insiders have collectively bought UK£428k more than they sold, via options and on-market transactions, in the last 12 months.
Declared Dividend • Feb 23Final dividend of US$0.22 announcedShareholders will receive a dividend of US$0.22. Ex-date: 13th March 2025 Payment date: 7th May 2025 Dividend yield will be 2.2%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (31% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments.
Reported Earnings • Feb 21Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: US$2.53 loss per share (down from US$0.23 profit in FY 2023). Revenue: US$27.3b (down 11% from FY 2023). Net loss: US$3.07b (down US$3.35b from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance.
お知らせ • Feb 20Anglo American plc Proposes Final Dividend for the Year to 31 December 2024, Payable on 07 May 2025The Board of Anglo American plc has proposed a final dividend of 40% of second half underlying earnings, equal to $0.22 per share for the year to 31 December 2024 (2023: $0.41 per share), equivalent to $0.3 billion (2023: $0.5 billion). Ex-dividend on the JSE from the commencement of trading is 12 March 2025. Record date (applicable to both the principal register and branch registers) is 14 March 2025. Payment date of dividend is 07 May 2025. Ex-dividend on the Botswana Stock Exchange (BSE) from the commencement of trading is 12 March 2025 and Ex-dividend on the London Stock Exchange from the commencement of trading is 13 March 2025.
お知らせ • Feb 06Anglo American plc Provides Production Guidance for the Year 2025, 2026 and 2027Anglo American plc provided production guidance for the year 2025, 2026 and 2027. For the year 2025, the company's Copper production is expected to 690kt - 750 kt, Nickel production is expected to 37 kt - 39kt(previously 35kt -37kt), Platinum Group Metals production is expected to 3.0 Moz - 3.4 Moz, diamonds production is expected to 20 Mct - 23 Mct (previously 30 Mct to 33 Mct), Iron Ore production is expected to 57 Mt - 61 Mt, Steelmaking Coal production is expected to 10 Mt - 12 Mt (previously 17-19Mt). For the year 2026, the company's Copper production is expected to 760 kt - 820 kt, Nickel production is expected to 37 kt - 39kt(previously 35kt -37kt), Platinum Group Metals production is expected to 3.0 Moz - 3.4 Moz, diamonds production is expected to 26 Mct - 29 Mct (previously 32 Mct to 35 Mct), Iron Ore production is expected to 54 Mt - 58 Mt. For the year 2027, the company's Copper production is expected to 760 kt - 820 kt, Nickel production is expected to 36 kt – 38 kt, Platinum Group Metals production is expected to 3.0 Moz - 3.5 Moz, diamonds production is expected to 28 Mct - 31 Mct, Iron Ore production is expected to 59 Mt - 63 Mt.
お知らせ • Jan 30Zashvin Pty. Ltd. completed the acquisition of an additional 33.30% stake in Jellinbah Group Pty Ltd from Anglo American plc (LSE:AAL).Zashvin Pty. Ltd. agreed to acquire an additional 33.30% stake in Jellinbah Group Pty Ltd from Anglo American plc (LSE:AAL) for AUD 1.6 billion on November 4, 2024. A cash consideration of AUD 1.6 billion will be paid by Zashvin Pty. Ltd. As part of consideration, AUD 1.6 billion is paid towards common equity of Jellinbah Group Pty Ltd. Upon completion, Zashvin Pty. Ltd. will own 66.60% stake in Jellinbah Group Pty Ltd. The transaction is subject to approval by regulatory board / committee and is expected to complete in the second quarter of 2025. Morgan Stanley acted as the financial advisor to Anglo American. Corrs Chambers Westgarth acted as legal advisor to Zashvin Pty Ltd. The Corrs Chambers Westgarth was led by transaction partner Alexandra Feros and Zashvin relationship partner Joshua Paffey, and supported by partners James Morley, Franka Cheung, Cameron Blackwood, Jennee Chan, Anna White and Ian Reynolds. Zashvin Pty. Ltd. completed the acquisition of an additional 33.30% stake in Jellinbah Group Pty Ltd from Anglo American plc (LSE:AAL) on January 29, 2025.
お知らせ • Dec 25Anglo American plc, Annual General Meeting, Apr 30, 2025Anglo American plc, Annual General Meeting, Apr 30, 2025.
お知らせ • Dec 10Anglo American plc Announces Appointment of Anne Wade as Non-Executive Director and A Member of Its Board Audit and Sustainability Committees, Effective 1 January 2025Anglo American plc announced Anne Wade will join its Board as a non-executive director and a member of its Board Audit and Sustainability committees, with effect from 1 January 2025. Anne Wade is chair of Man Group plc, the London listed investment management group, and is a non-executive director of Summit Materials Inc., the New York listed infrastructure materials company. Anne spent the majority of her career in the asset management industry, largely with Capital Group focused on infrastructure investment. In her non-executive career, Anne has formerly served on the boards of Holcim Ltd. and John Laing Group plc.
お知らせ • Dec 03Vale S.A. (BOVESPA:VALE3) acquired 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL).Vale S.A. (BOVESPA:VALE3) agreed to acquire 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL) on February 22, 2024. Under the Transaction’s terms, Vale will contribute Serpentina and $157.5 million in cash to acquire a 15% shareholding in the enlarged Minas-Rio, subject to normal completion adjustments. Vale will also have an option to acquire an additional 15% shareholding in the enlarged Minas-Rio for cash (at fair value calculated at the time of exercise of the option), if and when certain events relating to a future expansion occur. Additionally, depending on the future iron ore prices, there may be an adjustment in the transaction price and the fair value adjustments of this mechanism will be recognized in the Company's income statements accordingly. Upon completion of the transaction, Anglo American Brasil will be an associate of Vale and the investment will be accounted for under the equity method. The combination of Minas-Rio with the scale and quality of the Serpentina endowment also offers considerable expansion opportunities, including the potential to double production towards 60Mtpa. The Transaction is subject to regulatory conditions and is expected to complete in Q4 2024. Rory O'Halloran, Lara Aryani, Cynthia Urda Kassis, Maegen Morrison and Nick Withers of Shearman & Sterling LLP acted as legal advisor to Anglo American plc (LSE:AAL). Morgan Stanley acted as the financial advisor to Anglo American. Vale S.A. (BOVESPA:VALE3)completed the acquisition of 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL) on December 2, 2024. Anglo American will continue to control, manage and operate Minas-Rio, including any future expansion.
お知らせ • Nov 27+ 1 more updatePeabody Energy Corporation (NYSE:BTU) agreed to acquire Steelmaking Coal Business in Australia of Anglo American plc from Anglo American plc (LSE:AAL) for $3.8 billion.Peabody Energy Corporation (NYSE:BTU) agreed to acquire Steelmaking Coal Business in Australia of Anglo American plc from Anglo American plc (LSE:AAL) for $3.8 billion on November 25, 2024. A cash consideration of $2.05 billion will be paid by Peabody Energy Corporation. As per the transaction, Peabody’s agreed cash consideration of up to $3.775 billion comprises an upfront cash consideration of $2.05 billion at completion, deferred cash consideration of $725 million, the potential for up to US$550 million in a price-linked earnout and contingent cash consideration4 of $450 million linked to the reopening of the Grosvenor mine. Anglo American plc (LSE:AAL) has secured a bridge facility commitment to finance the acquisition. The transaction is subject to regulatory approvals. The transaction is expected to close in mid 2025 to Q3 2025. Moelis & Company LLC and MA Financial Group Limited acted as financial advisor and Jones Day and Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor to Peabody Energy Corporation. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor to Anglo American plc.
お知らせ • Nov 14159 Plaintiffs Sue Cape, Anglo American, De Beer Group PLC, and ESAB CorpMore than 150 plaintiffs have filed suit against Cape, PLC, its subsidiaries and global affiliates including Anglo American, De Beer Group PLC, and ESAB Corp., which imported and distributed carcinogenic asbestos in the United States for decades. The mass action lawsuit alleges that Cape and its subsidiaries are liable for diseases caused by asbestos exposure suffered by residents of the state and beyond. It includes plaintiffs suffering from asbestos-related illnesses, including mesothelioma and lung cancer, as well as the families of those who have died from exposure to the deadly carcinogen. According to the lawsuit, Cape led efforts in the U.S. to hide from consumers and its own employees the risks that it knew existed from the South African asbestos it processed. When asbestos-related lawsuits began surfacing in the 1970s, Cape took measures to shield itself from legal action by creating new entities and then fleeing the U.S. The lawsuit details how Cape set up an elaborate structure of affiliated companies in South Africa, the United Kingdom and the United States to avoid financial responsibility for the harm it knew it was causing. Since those companies and their insurers have failed to respond to lawsuits brought on behalf of those injured or killed by asbestos-related diseases, a South Carolina court has appointed a receiver to respond on their behalf. The case is Augustus A. Adams et al. v Cape PLC et al., No. 2024-CP-40-06639 in the Court of Common Pleas, County of Richland for the Fifth Judicial Circuit.
お知らせ • Nov 04Zashvin Pty. Ltd. agreed to acquire an additional 33.30% stake in Jellinbah Group Pty Ltd from Anglo American plc (LSE:AAL) for AUD 1.6 billion.Zashvin Pty. Ltd. agreed to acquire an additional 33.30% stake in Jellinbah Group Pty Ltd from Anglo American plc (LSE:AAL) for AUD 1.6 billion on November 4, 2024. A cash consideration of AUD 1.6 billion will be paid by Zashvin Pty. Ltd. As part of consideration, AUD 1.6 billion is paid towards common equity of Jellinbah Group Pty Ltd. Upon completion, Zashvin Pty. Ltd. will own 66.60% stake in Jellinbah Group Pty Ltd. The transaction is subject to approval by regulatory board / committee and is expected to complete in the second quarter of 2025.
お知らせ • Nov 01Yancoal Reportedly Primed to Snap Up Anglo Coal PortfolioSpeculation is mounting that Glencore plc (LSE:GLEN) is betting on a break-up play for the Anglo American plc (LSE:AAL) coal portfolio, and that it may only be bidding for some of the assets within the USD 3 billion offering. Should that be the case, it further cements Yancoal Australia Ltd. (ASX:YAL)'s position as the leader in the race. DataRoom understands that the China-controlled but Australian-listed Yancoal has already gained approval from the Chinese government to buy the assets and has 15 banks lined up and approved to provide funding. Other suitors are a Stanmore Resources Limited (ASX:SMR) Coal-led consortium, which could face challenges in getting all its bidding partners to agree on price, and Peabody Energy Corporation (NYSE:BTU), seen as an outside chance. Goldman Sachs and Morgan Stanley are working on the sale. One of the assets Glencore is probably keen to side step is the Grosvenor Mine 1,000km northwest of Brisbane that has been hit by closures due to a fire. Bids are due next week. Should the portfolio be split up, the major players could pick up Moranbah North and Grosvenor, Jellinbah could go to co-owners, while others take Capcoal and Dawson. It is understood existing shareholders and lenders have tipped in funds for the deal, to be announced on 01 November 2024.
お知らせ • Oct 24Anglo American plc Revises Production Guidance for Year 2024Anglo American plc revised production guidance for Year 2024. For the period, the company expects to produce Copper of 730 kt - 790 kt, Platinum Group Metals production is expected to 3.3 Moz - 3.7 Moz, diamonds production is expected to 23 Mct - 26 Mct, Iron Ore production is expected to 58 Mt - 62 Mt, Steelmaking Coal production is expected to 14 Mt - 15.5 Mt. The company now expects nickel production of 38 kt -39 kt against a previous guidance of 36 kt- 39 kt.
Buy Or Sell Opportunity • Oct 09Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 5.2% to UK£22.82. The fair value is estimated to be UK£29.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making.
お知らせ • Sep 20+ 1 more updateAnglo American plc to Report Fiscal Year 2024 Results on Feb 20, 2025Anglo American plc announced that they will report fiscal year 2024 results on Feb 20, 2025
お知らせ • Aug 23Yancoal Reportedly on the Hunt for Met Coal DealChina-backed Yancoal Australia Ltd. (ASX:YAL) will mount an assault on Australia's $60 billion metallurgical coal industry, building a $1.5 billion war chest for a move which could catapult it into one of the nation's leading producers amid surging Asian demand. The company known for its thermal coal mines is expected to table an offer for Anglo American plc (LSE:AAL)'s local metallurgical coal division, which was put on the sale block earlier this year with price expectations in the USD 5 billion ($7.4 billion) range, with bids for those assets expected by September 9. A successful buyout would instantly transform Yancoal into one of the top three steelmaking coal producers globally if bought out in their entirety. Anglo's Queensland mines produced 15 million tonnes of coal last year with plans to hit 20 million tonnes a year by 2026. Any deal, if successful, would be the second company-transforming transaction pulled off by Yancoal, following its USD 2.45 billion purchase of Coal & Allied from Rio Tinto in 2017, which brought the Hunter Valley operations and Mt Thorley Warkworth into the business. However, any tilt by the Chinese controlled company for the Anglo mines may also raise concerns with the Foreign Investment Review Board should it win the looming auction. But while Yancoal chief executive David Moult was at pains to emphasise the significant benefits that would flow to shareholders from any such deal, investors were unimpressed after Yancoal revealed it had suspended dividend payments to shore up the balance sheet. The stock tumbled more than 34% from 21 August 2024 close at one point before recovering to close 14.5% lower at $5.95, on about 10 times normal trading volume. The stock plunge, which began to play out during a morning conference call with shareholders and analysts, led Mr. Moult to reassure shareholders that the new strategy was the best way forward. He said the company already had the "the three best thermal coal mines in Australia", but wanted to balance its portfolio with metallurgical coal assets.
お知らせ • Aug 09Arc Minerals Limited and Anglo American's Joint Venture Commence Zambia DrillingArc Minerals Limited announced that, further to its announcement of 2 May 2024 and following the completion of an extensive ground mapping exercise over its Zambian tenements, the Anglo American/Arc joint venture has commenced drilling. A number of holes are planned at Cheyeza following which the Muswema target will be drilled. Further details on the drilling programme will be announced as the drilling progresses.
お知らせ • Aug 08Yancoal Reportedly Hires Investment Bank for Anglo American Coal SaleAustralian-listed coal miner Yancoal Australia Ltd. (ASX:YAL) is understood to have tapped investment bank RBC in its quest to buy Anglo American plc (LSE:AAL)'s suite of Queensland-based metallurgical coal mines that may sell for up to $5 billion (AUD 7.7 billion). Yancoal, which is 62% owned by the China state-owned Yankuang Energy, is expected to be a strong contender for the assets owned by the London-listed miner, which was this year targeted for a buyout by BHP, while the Swiss commodity trader Glencore is expected to run hard at the opportunity. Glencore will come to the competition self-advised, while Yancoal and Glencore will likely face scrutiny from the Foreign Investment Review Board. Stanmore Coal is thought to be in the mix, and Indonesian backers are likely to be there to support its bid or play separately, such as BUMA Energy and Stanmore's backer Golden Energy, but so far Glencore is considered the group to beat. The process starts this month, with Anglo American opting to dive straight in with the provision of information memorandums in a process run by Morgan Stanley and Goldman Sachs. Suitors have already signed up to enter a data room. On offer are Anglo American's Capcoal and Dawson assets and its most attractive mines, Moranbah North and Grosvenor. Also in the mix are its Aquila project, an interest in Jellinbah and the potential Moranbah South project.
お知らせ • Jul 25Anglo American plc Announces an Interim Dividend for the Six Months Ended 30 June 2024, Payable on 27 September 2024Anglo American plc announced an interim dividend for the six months ended 30 June 2024 of $0.42 per share compared to $0.55 per share a year ago. Ex-dividend on the JSE from the commencement of trading date is 14 August 2024. Record date (applicable to both the principal register and branch registers) is 16 August 2024. Payment date of dividend is 27 September 2024.
お知らせ • Jul 18Anglo American plc Provides Production Guidance for Year 2024Anglo American plc provided production guidance for year 2024. For the year, the company's Copper production is expected to 730 kt - 790 kt, Nickel production is expected to 36 kt - 38 kt, Platinum Group Metals production is expected to 3.3 Moz - 3.7 Moz, diamonds production is expected to 26 Mct - 29 Mct, Iron Ore production is expected to 58 Mt - 62 Mt, Steelmaking Coal production is expected to 14 Mt - 15.5 Mt (previously 15-17 Mt).
お知らせ • Jul 09Anglo American Reportedly Hires Banks for Coal Assets SaleAnglo American plc (LSE:AAL) has hired three banks for the sale of its steelmaking coal assets, which analysts value at as much as $5 billion and is part of a broader restructuring to fend off an approach from rival BHP (BHP.AX), two sources close to the matter said. Anglo's CEO Duncan Wanblad said in May the sale of its five operating coal mines, development projects and joint ventures in Australia was soon to kick off, as part of a wider plan to divest less profitable assets and focus on expanding copper output after BHP's failed attempt to take over the company.
お知らせ • Jul 01Anglo American Suspends Production At Grosvenor in Queensland, Australia Due to Underground Coal Gas Ignition IncidentAnglo American has suspended production at its Grosvenor steelmaking coal mine in Queensland, Australia, following an underground coal gas ignition incident on 29 June 2024. All emergency protocols were followed and the workforce was safely evacuated from the mine without injury. The mine team is working with specialist teams from the Queensland Mines Rescue Service and the regulatory authorities to extinguish the underground fire, prior to being able to assess the steps towards a safe re-entry into the mine. These procedures are expected to take several months as a result of the likely damage underground. Anglo American's steelmaking coal business expects to produce c.8 million tonnes of product in the first half of 2024, of which Grosvenor will contribute c.2.3 million tonnes. For 2024 as a whole, production guidance for the steelmaking coal business is 15 to 17 million tonnes, of which Grosvenor was expected to contribute c.3.5 million tonnes, representing lower production in the second half of the year due to a planned longwall move. An update to steelmaking coal production guidance will be provided once more information is available.
お知らせ • Jun 24Anglo American Reportedly Sets Up for AUD 7.5 Billion Coal ExitAnglo American plc (LSE:AAL) is expected to appoint an investment bank any day for a sale of its $5 billion (AUD 7.5 billion) portfolio of Australian coalmining assets, according to sources in the market. The sale, which comes after an announced company break-up while it has been fending off advances from BHP, will involve big dollars for what are some of the best metallurgical coal mines in the world. That may limit the field somewhat. One of the parties most strongly positioned for the portfolio is BHP itself, but perhaps it does not want to be seen to be reinforcing Anglo American's break-up strategy that enhances Anglo's value. But sources say BHP will not be in contention for the mines. If the break-up of Anglo American does not go well, it's always been considered a possibility that BHP comes back a second time with an "all of company" bid for Anglo American after several months. The bet by some is that the coal auction attracts non-conforming offers. China-backed Yancoal Australia Ltd. (ASX:YAL) will probably bid for Anglo American's Capcoal and Dawson assets, while Whitehaven Coal Limited (ASX:WHC), Coronado Global Resources Inc. (ASX:CRN) and Stanmore Resources Limited could bid for the other more attractive mines, Moranbah North and Grosvenor. Other assets that form part of the Queensland portfolio are the Aquila project, an interest in Jellinbah and the potential Moranbah South project, producing about 16 million tonnes a year. Glencore would also be large enough to buy the mines, but the Swiss trader is yet to complete its acquisition of Teck Resources, so could be distracted with that. Other than that, it's hard to see what other groups would be well placed to buy the entire portfolio, with Whitehaven Coal busy digesting the coal mines it has only just bought from BHP. There's been a view that perhaps the reason why BHP sold its Daunia and Blackwater coal mines in the first place was to make way for the Anglo American assets it would inherit as part of its planned buyout, clearing any challenges it may face owning both from the Australian Competition & Consumer Commission. In terms of selecting an investment bank, Anglo American has used Goldman Sachs and Morgan Stanley as its defence advisers so both could be well-placed.
お知らせ • Jun 01+ 1 more updateAnglo Walks Away from BHP DealBHP Group Limited (ASX:BHP)'s $75 billion takeover bid for Anglo American plc (LSE:AAL) is all but over after the London-based miner walked away from negotiations, saying it could not accept the structure of the BHP deal on offer. The final rejection came early on the London market, with the Anglo board saying it would not accept BHP's demand to shed its shares in its South African platinum and iron ore mines ahead of any merger agreement. BHP had earlier asked Anglo to extend negotiations for another week, as the mining giant tried to convince its smaller counterpart it could make a deal work. But Anglo's board on May 29, 2024 night (AEST) killed off any possibility of a friendly deal, saying it would not ask the UK Takeovers Panel for another week's extension to negotiations - required under UK corporations rules. The decision leaves BHP until the close of the London market to make a decision whether to make a binding takeover offer for Anglo, or to walk away. BHP had said it would not make a firm offer without being offered reasonable due diligence into Anglo's assets, and that it would not change the structure of its bid or increase the number of shares on offer. If BHP says it will not make a firm offer, it will be forced to sit on the sidelines for six months after putting Anglo into play - excluding one additional offer in the period, with the permissions of the UK takeovers authorities, or if a rival suitor makes an alternative bid for Anglo. Anglo said that BHP's attempts to win its support for the divestment of its dominant stakes in Amplats and Kumba Iron, both listed on the South African market, had consisted of a "limited number of socioeconomic measures that were confined in scope, impact and duration and that BHP stated would support regulatory approvals". "This approach does not sufficiently address the fact that Anglo American's shareholders would bear disproportionate execution and value risks and uncertainty over an extended period, nor does it consider that material conditions would likely be imposed in relation to both Anglo American Platinum and Kumba which would require the approvals of their respective board," the company said in a statement. BHP released a statement to the Australian market late on May 29, 2024, saying it had genuinely tried to address Anglo's concerns about its deal structure, which would require Anglo to shed its South African platinum and iron ore interests ahead of any broader deal, including the offer of a "reverse break fee" to allay concerns within the Anglo board at the risks of the transaction falling on its own shareholders. "BHP believes that the proposed measures it has put forward provide substantial risk protection for Anglo American shareholders and supplement the significant value uplift that Anglo American shareholders will receive from the potential combination," the company said. "BHP believes a further extension of the deadline is required to allow for further engagement on its proposal." BHP's move to get back on the front foot was aimed at ramping up pressure on the Anglo board, and was pitched directly at joint Anglo and BHP shareholders the mining giant believes want to see a deal done. On May 29, 2024, BHP released for the first time details of the raft of measures it has proposed to allay the Anglo board's concerns that its shareholders will carry the risk and costs of spinning out assets. The mining giant believed the decision will highlight its concerns that Anglo's board is using its criticism of BHP's proposed deal structure as a regulatory defence, and has no real intention of negotiating a friendly takeover agreement. Anglo rejected BHP's latest sweetened $75bn offer a week ago, dropping complaints the offer undervalued its copper and coking coal assets, but saying its board had unanimously rejected the latest bid due to concerns its shareholders would wear all of the risks of spinning out its shareholdings in Amplats and Kumba Iron. Anglo's concerns centred around not just the distribution of its dominant shareholding position in both South African-listed companies, but also around the change of ultimate control that might trigger the need to negotiate with the South African government over public interest tests. At stake is the fate of the 1800 workers in Anglo's corporate offices in the country, as well as potential requirements for an increased shareholding in Amplats and Kumba for employees under the country's black economic empowerment policy framework. On May 29, 2024, BHP said it had offered direct responses to Anglo's concerns, including offering the South African government a three-year guarantee to maintain staffing levels in the country, sharing any costs of employee share schemes, and establishing a mining centre of excellence in the country to train mine workers and to conduct research and development for BHP's global mining operations. BHP's public statements come as South Africans head to the polls in national elections that could see the ruling African National Congress forced into power sharing arrangements for the first time since the end of the former apartheid regime.
お知らせ • May 31BHP Provides Update on its Offer for Anglo AmericanOn 22 May 2024, BHP Group Limited (ASX: BHP) announced a revised proposal for a combination with Anglo American plc (LSE:AAL) and the Board of Anglo American announced an extension to the deadline for BHP to make an offer for Anglo American to 29 May 2024 (Deadline). BHP welcomed the extension as it provided the opportunity to engage with Anglo American about its concerns regarding BHP's proposal. Since the extension to the deadline, BHP has continued to work extensively to address those matters. This has included several engagements with Anglo American and its advisers. BHP's response to Anglo American: BHP has proposed a range of socioeconomic measures intended to address Anglo American's concerns regarding our proposed transaction structure. BHP is confident that the measures it has proposed to the Board of Anglo American provide a viable pathway to resolve the matters raised by Anglo American and would support South African regulatory approvals. BHP has considered market precedent transactions and believes that the risks are quantifiable and manageable. BHP has already factored the costs associated with these risks into the offer ratio of its proposal. BHP believes that these proposed measures would provide greater economic benefits to South Africa than Anglo American's Accelerating Value Delivery plan, mitigate perceived value and completion uncertainty and ensure that any costs are not borne disproportionately by Anglo American shareholders. BHP has indicated that it would also be willing to discuss an appropriate reverse break fee, payable by BHP, on failure to achieve the necessary anti-trust and regulatory approvals, including in South Africa. Socio-economic initiatives in South Africa: BHP's proposal comprises an all-share offer for Anglo American subject to the pro-rata distribution by Anglo American of its entire shareholdings in Anglo Platinum and Kumba Iron Ore to Anglo American shareholders immediately before completion of the scheme of arrangement. Anglo Platinum and Kumba Iron Ore would continue to be listed in South Africa on the Johannesburg Stock Exchange (JSE). BHP intends to maintain its listing on the JSE and is expected to achieve a JSE index weighting of approximately 5% on completion. BHP continues to believe that there would be clear benefits to the South African government, economy and communities from Anglo Platinum and Kumba Iron Ore becoming major standalone entities listed on the JSE with significant increased JSE index weightings. Anglo Platinum and Kumba Iron Ore would be independently run by established South African-based management teams. As self-governed companies, Anglo Platinum and Kumba Iron Ore would be better placed to reinvest cash flow and capital directly into South Africa. As part of its increased presence in South Africa, BHP intends to continue and build on Anglo American's legacy of social investment and value creation in South Africa including by: if required to secure regulatory approvals, BHP sharing in the costs of increased South African employee ownership of the listed South African businesses; ?establishing a Mining Centre of Excellence to support R&D, training and promotion of South Africa as a premier mining destination; maintaining current employment levels at Anglo American's Johannesburg office to provide ongoing support to the South African assets to be acquired and other assets in the combined group, as well as to Anglo Platinum and Kumba as a third party service provider; ?maintaining funding for Anglo American's charitable commitments in South Africa at the current level; supporting local South African procurement and engagement across mining industry sectors and regions; ensuring continued access for South African investors through the listing of BHP on the Johannesburg Stock Exchange; and maintaining Anglo American's existing South African Reserve Bank (SARB) and National Treasury undertakings, to the maximum extent practicable. These proposed measures are expected to be maintained for a period of at least three years. BHP believes that its proposal will contribute to South Africa and allow the benefits of South African mining to be shared with more South African stakeholders. Next steps: BHP believes that the proposed measures it has put forward provide substantial risk protection for Anglo American shareholders and supplement the significant value uplift that Anglo American shareholders will receive from the potential combination. BHP believes a further extension of the Deadline is required to allow for further engagement on its proposal. This announcement does not amount to a firm intention to make an offer and there can be no certainty that an offer will be made. There is no certainty that any form of agreement or transaction will be reached or concluded. Nothing in this announcement constitutes or intended to constitute a post-offer undertaking for the purposes of Rule 19.5 of the UK Code. This announcement is being made by BHP without prior agreement or approval of Anglo American. Authorised for release by Stefanie Wilkinson, Group Company Secretary.
Board Change • May 31High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Finance Director & Executive Director John Heasley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
お知らせ • May 30+ 1 more updateBHP Group Confirms it Does Not Intend to Make a Firm Offer for Anglo AmericanBHP Group Limited (ASX:BHP) confirmed that it does not intend to make a firm offer for Anglo American plc (LSE:AAL) (Anglo American). This is a statement to which Rule 2.8 of the UK Code applies. As is customary, BHP reserves the right to set aside this statement in the following circumstances that are set out under Note 2 to Rule 2.8 of the UK Code: (a) The Board of Directors of Anglo American agreeing to this statement being set aside; (b) a third party announcing a firm intention to make an offer for Anglo American; (c) Anglo American announcing a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the UK Code) or a reverse takeover (as defined in the UK Code); or (d) the UK Panel on Takeovers and Mergers determining that there has been a material change of circumstances. Mike Henry, BHP Chief Executive Officer said: ‘BHP will not be making a firm offer for Anglo American. BHP is committed to its Capital Allocation Framework and maintains a disciplined approach to mergers and acquisitions. While we believed that our proposal for Anglo American was a compelling opportunity to effectively grow the pie of value for both sets of shareholders, we were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost and, despite seeking to engage constructively and numerous requests, we were not able to access from Anglo American key information required to formulate measures to address the excess risk they perceive We remain of the view that our proposal was the most effective structure to deliver value for Anglo American shareholders, and we are confident that, working together with Anglo American, we could have obtained all required regulatory approvals, including in South Africa.’ On 20 May 2024, BHP submitted an increased and final offer ratio to the Board of Directors of Anglo American as part of its revised proposal for a potential combination with Anglo American to be effected by way of a scheme of arrangement. The final offer ratio represented a total value of £31.11 per BHP's announcement on 22 May 2024 (based on the closing share prices of BHP as at 22 May 2024 and Anglo Platinum and Kumba as at 21 May 2024). The revised proposal followed BHP's proposals for a potential combination with Anglo American which were submitted to the Board of Anglo American on 7 May 2024 and 16 April 2024. BHP's revised proposal was rejected by the Board of Anglo American on 22 May 2024. BHP is disappointed that the Board of Anglo American has decided not to continue discussions with BHP to resolve its concerns regarding the implementation of BHP's revised proposal. BHP had been engaging with Anglo American on these topics since the submission of its revised proposal on 20 May and believes that there was a viable pathway available to resolve Anglo American's concerns. In particular, Anglo American's assertion that value risk under our proposal would be exclusively for the account of Anglo American shareholders is not accurate. As stated in our announcement today and to Anglo American directly, BHP's intent was to share in the cost associated with certain conditions that may be imposed as part of South African regulatory approvals. BHP's revised proposal would have offered immediate value for Anglo American shareholders and would have allowed Anglo American shareholders to benefit from the long-term value created from combining Anglo American and BHP. This announcement is being made by BHP without Anglo American's prior agreement or approval.
お知らせ • May 25Anglo American Rejects Further BHP ProposalOn 20 May 2024, the Board of Anglo American plc (LSE:AAL) received a third unsolicited, non-binding and highly conditional takeover proposal from BHP Group Limited (ASX: BHP) (the "Latest Proposal"). Under the terms of the Latest Proposal, for each Anglo American share owned, Anglo American's shareholders would receive: 0.8860 BHP shares; and Ordinary shares in each of Anglo American Platinum Limited and of Kumba Iron Ore Limited (distributed by Anglo American to its shareholders in direct proportion to Anglo American's shareholders' effective interest in Anglo American Platinum Limited and Kumba Iron Ore Limited). The terms of the Latest Proposal represent a total value, based on undisturbed share prices as at market close on 23 April 2024, of approximately £29.34 per Anglo American share. On the basis of the 30-day and 90-day volume weighted average share prices up to and including 23 April 2024, the terms of the Latest Proposal would value Anglo American at £29.91 and £29.67 per Anglo American share, respectively. The Latest Proposal includes the same highly complex structure as the proposals previously rejected on 26 April 2024 and 13 May 2024. This involves an all-share offer for Anglo American by BHP, with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American's shareholders. The all-share offer and required demergers would be inter-conditional. The Board and its advisers have engaged with BHP and its advisers on multiple occasions with a particular focus on the proposed structure and associated risks. The Board continues to believe that there are serious concerns with the structure given that it is likely to result in material completion risk and value impact that disproportionately falls on Anglo American's shareholders. The requirement to pursue two contemporaneous demergers of publicly listed companies alongside a takeover and the inter-conditional nature of the three transactions is unprecedented, and as a result of a takeover would result in additional material approvals and conditions, particularly in South Africa. BHP's Latest Proposal is therefore in clear contrast to Anglo American's simpler standalone plan to accelerate value delivery announced on 14 May 2024 and its proposal to demerge Anglo American Platinum Limited - a single demerger that Anglo American has a proven track record in delivering. The complex process proposed by BHP is likely to take 18 months or more to complete and carries significant execution and completion risks relating to both value and time. The key elements of Anglo American's standalone plan to accelerate value delivery are expected to be substantively complete by that stage. The approvals required in relation to BHP's Latest Proposal will also likely result in conditions being imposed that disproportionately impact Anglo American Platinum Limited and Kumba Iron Ore Limited and, therefore, Anglo American's shareholders. In addition, the Board has also considered detailed feedback from its extensive engagement with Anglo American's shareholders and stakeholders since the release of Anglo American's accelerated plans for delivery of its standalone strategy on 14 May 2024, continuing its engagement with its shareholders since the approach from BHP became public on 24 April 2024. The Board is confident in Anglo American's standalone future prospects and believes that Anglo American has set out a clear pathway to deliver the acceleration of its strategy detailed on 14 May 2024, that is expected to unlock significant and undiluted value for Anglo American's shareholders. Taking the above considerations into account, the Board of Anglo American has unanimously rejected the Latest Proposal. In order to allow for further engagement with BHP on the mitigation of risks and value impact on Anglo American's shareholders that are inherent in its Latest Proposal, Anglo American announces that, in accordance with Rule 2.6(c) of the Code, the Board has requested, and the Panel on Takeovers and Mergers (the "Panel") has consented to, an extension to the date by which BHP is required either to announce a firm intention to make an offer for Anglo American in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00 p.m. on 29 May 2024. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code. Stuart Chambers, Chairman of Anglo American, commented: "The Board is confident in Anglo American's standalone future prospects and believes that Anglo American has set out a clear pathway and timeframe to deliver the acceleration of its strategy to unlock significant and undiluted value for Anglo American's shareholders. The Board considered BHP's Latest Proposal carefully, concluded it does not meet expectations of value delivered to Anglo American's shareholders, and has unanimously rejected it. In particular, it does not address the Board's concerns about the structure, which results in significant complexity, execution risks, an extended timeline to completion and consequently has the potential for material value leakage to be disproportionately suffered by Anglo American's shareholders. Multiple engagements with the BHP team have not yet been able to resolve the concerns on these issues. "However, the Board is willing to continue to engage with BHP and its advisers on this topic and has therefore requested a one week extension to the PUSU deadline which has been consented to by the Panel." There can be no certainty that any firm offer will be made and, save as set out in BHP's announcement dated 13 May 2024 (and subject to the reservations set out therein), there can be no certainty as to the terms on which an offer may be made.
Board Change • May 23High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Finance Director & Executive Director John Heasley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
お知らせ • May 16BHP Chief Urges Anglo Investors to Consider Takeover BenefitsBHP Group Limited (ASX:BHP) Chief Executive Mike Henry said that Anglo American plc (LSE:AAL) investors need to consider the merits of his company's bid for its smaller London-listed rival, seeking to drum up support for a proposal that has been rejected twice. The CEO of the world's biggest listed mining group told investors at a metals and mining conference in Miami that Anglo shareholders must make a "determination" on the benefits of a combination of the two companies and which team they think has a better track record of executing projects and delivering returns to investors. Anglo CEO Duncan Wanblad on May 14, 2024 outlined plans to refocus on energy transition metal copper while spinning off or selling its less profitable coal, nickel, diamond and platinum businesses. Henry, meanwhile, emphasised the merits of BHP's $43 billion bid and dismissed concerns that the proposed deal would be complex to execute. "At the end of the day, it's going to be up to shareholders. They have to look at the plans, decide which one they believe is going to create the greatest value soonest," he said. "And they have to make a determination as to the likelihood of execution of those plans, including which team they believe is more capable and has a better track record of execution. It's that simple." The Anglo board argues that the proposed deal undervalues the company and is difficult to execute, with BHP planning to demerge two of Anglo's South African assets prior to a takeover. BHP chief Henry, however, says the company has sufficient experience to execute complex transactions, having divested South32 (S32.AX), opens new tab assets in South Africa. Henry said he was disappointed with the Anglo board's continued refusal to engage, adding that BHP would have preferred to continue talking in private. "Our strong preference was to be able to hold these discussions with Anglo in private," Henry said. "Rather unfortunately, it got leaked." While BHP is intent on growing its copper business, it would maintain its disciplined approach to capital allocation, Henry said, adding that the copper industry remains fragmented. "We do not take capital discipline lightly, we will remain disciplined and we have demonstrated that in previous instances," he said.
お知らせ • May 14BHP Group Limited (ASX:BHP) cancelled the acquisition of Anglo American plc (LSE:AAL) from Tarl Investment Holdings, Ltd., Epoch Investment Holdings Limited and Epoch Two Investment Holdings Limited.BHP Group Limited (ASX:BHP) offered an unsolicited, non-binding and highly conditional combination proposal to acquire Anglo American plc (LSE:AAL) from Tarl Investment Holdings, Ltd., Epoch Investment Holdings Limited and Epoch Two Investment Holdings Limited for £22.5 billion on April 16, 2024. Under the terms of the Proposal, ordinary shareholders of Anglo American would receive 0.7097 BHP shares for each ordinary share in Anglo American; and ordinary shares in Anglo Platinum and Kumba (which would be distributed by Anglo American to its shareholders in direct proportion to each shareholder's effective interest in Anglo Platinum and Kumba). The proposal comprises an all-share offer for Anglo American by BHP and would be preceded by separate demergers by Anglo American of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders. The two parts of the proposal would be inter-conditional. The Board is currently reviewing this proposal with its advisers. An offer period has now commenced not later than 5.00 p.m. until May 22, 2024, either the BHP announce a firm intention to make an offer for Anglo American. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made. The Proposal is non-binding and subject to customary conditions including completion of due diligence to the satisfaction of BHP. Anglo American has been offered reciprocal due diligence on BHP. James Hartop, Edward Rowe and Fiona McHardy of Centerview Partners UK LLP; Mark Sorrell, David Hammond and Bertie Whitehead of Goldman Sachs International; and Simon Smith, Anthony Zammit and Tom Perry of Morgan Stanley & Co. International plc acted as Financial Adviser; and Linklaters LLP is retained as legal adviser to Anglo American. UBS, Barclays acted as financial advisor to BHP. BHP Group Limited (ASX:BHP) cancelled the acquisition of Anglo American plc (LSE:AAL) from Tarl Investment Holdings, Ltd., Epoch Investment Holdings Limited and Epoch Two Investment Holdings Limited on May 13, 2024. On April 26, 2024, Anglo American board has considered the Proposal with its advisers and concluded that the Proposal significantly undervalues Anglo American and its future prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders. In addition, the Proposal contemplates a structure which the Board believes is highly unattractive for Anglo American's shareholders, given the uncertainty and complexity inherent in the Proposal, and significant execution risks. The Board has therefore unanimously rejected the Proposal. As of May 7, 2024, BHP Group Limited made a revised proposal regarding a potential combination to be effected by way of a scheme of arrangement. Under the Revised Proposal, BHP has increased the number of BHP shares that would be received by Anglo American shareholders. Under the terms of the Revised Proposal, ordinary shareholders of Anglo American would receive: 0.8132 BHP shares for each ordinary share they own in Anglo American (BHP Share Consideration) and rdinary shares in each of Anglo American Platinum Limited and of Kumba Iron Ore Limited (distributed by Anglo American to its shareholders in direct proportion to Anglo American shareholders' effective interest in Anglo American Platinum Limited and Kumba Iron Ore Limited), which represents Anglo American shareholders owning, in aggregate, approximately 16.6% of the combined BHP and Anglo American group on completion of the potential combination. As of May 13, 2024, the Revised Proposal was also rejected by the Anglo American Board as the Board considered the Latest Proposal with its advisers and concluded that it continues to significantly undervalue Anglo American and its future prospects. Anglo American shareholders are advised to take no action in relation to this matter. A further announcement will be made as and when appropriate. There can be no certainty that any firm offer will be made.
お知らせ • May 04Glencore Reportedly Studying an Approach for Anglo AmericanGlencore plc (LSE:GLEN) is studying an approach for Anglo American plc (LSE:AAL), two sources said, a development that could spark a bidding war for the 107-year old mining company. Glencore has not yet approached Anglo, one of the sources said. The discussions are internal and preliminary at this stage and may not result in an approach, the source added. "We do not comment on market rumour or speculation," a Glencore spokesperson said. Anglo on April 26, 2024 rejected a $39 billion all-stock proposal from the world's No. 1 miner BHP Group Limited (ASX:BHP). BHP's proposed premium was 31% above Anglo's closing price on April 23. A source familiar with the matter previously told Reuters that the Australian mining giant is considering making an improved offer. It has until May 22 to make a formal bid. U.S. shares of Anglo American rose after the news, closing up 6.5% on the session.
お知らせ • Apr 26+ 1 more updateBHP Group Launches Bid to Acquire Anglo AmericanBritish mining heavyweight Anglo American plc (LSE:AAL) confirmed it was "reviewing" a takeover bid from its larger Australian rival BHP Group Limited (ASX: BHP), in what would rank as one of the sector's biggest deals in years. Anglo American did not disclose the price of the "unsolicited" offer, which must be sewn up before a deadline of May 22. BHP's offer would first hinge on Anglo American splitting off its platinum and iron ore operations in South Africa. Anglo's platinum operations are listed on the Johannesburg Stock Exchange under Anglo American Platinum Ltd, as are its iron ore operations under Kumba Iron Ore Ltd. Australian-based BHP has a market value of around USD 148 billion, while London-based Anglo American has a market value of about USD 36 billion. "The board is currently reviewing this proposal with its advisers," Anglo American said in a statement. "There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made. "Pending any further announcements Anglo American shareholders should take no action." BHP declined to comment.
お知らせ • Jul 25Suitors Reportedly Prepare to Lob Bids for ChaliceSuitors lining up for $2.3 billion nickel explorer and developer Chalice Mining Limited (ASX:CHN) are preparing to lob their final offers by August 21, sources say. The company's main project is its Julimar nickel and copper project in Western Australia's Avon region, 70km northeast of Perth. The group's Gonneville deposit is one of the world's nickel sulphide discoveries. It reported a net loss of $33.7 million for the six months to December and is looking for a backer to fund its development through Standard Chartered. But some believe the process could result in an acquisition of the company as a whole. Sources say Chalice is open to several options including a partial sale of about 20% of the group, or 100%. The king maker is Founding Chairman Tim Goyder, who owns just over 8% of the business. He has proved a tough negotiator on price, based on the experience of Albemarle, which has been courting Liontown. Mr. Goyder, who stepped down as the Chairman of Chalice Mining in 2021, also owns 15% of Liontown. Albemarle, the world's lithium producer, offered $5.5 billion for that company, currently worth $6 billion, but that was rejected. Anglo American plc (LSE:AAL), South32 Limited (ASX:S32), BHP Group Limited (ASX:BHP) and Rio Tinto Limited are expected to be lining up for Chalice's platinum metals assets. Some experts say the big players will be obliged to look at the asset, simply given the size of the resource, but the project is not yet in production and will take a long time from an environment point of view. The world's platinum producer, Sibanye Stillwater Limited (JSE:SSW), could also be in the mix.
