Anglo American: Solid Q1 Reinforces Copper-Led Re-Rating Story

Anglo American delivered a solid Q1, with copper and iron ore production both exceeding Wall Street expectations, and guidance reaffirmed for 2026. Ongoing restructuring, asset disposals, and progress on the Teck transaction continue to simplify AAUKF's portfolio toward a copper-focused profile, with potential catalysts from divestments and regulatory approvals. Tight copper supply and structural demand (energy transition, AI, defense) underpin a constructive outlook, with SOTP valuation implying ~23% upside.