Anglo American: Restructuring Unleashes New Profitability
Anglo American is making decisive progress in the largest corporate restructuring in its history. In the first half of 2026, adjusted EBITDA from continuing operations rose by 35% to USD 4.0 billion. Attributable free cash flow even jumped by 149% to USD 803 million. This growth was driven by solid production, cost discipline, and, above all, strong copper prices. The copper business alone generated EBITDA of USD 2.9 billion with a margin of 60%.
At the same time, the mining group is systematically divesting itself of non-core activities. The coking coal business is set to be sold for up to USD 3.875 billion, of which USD 2.3 billion will be paid in cash. The sale of the nickel business and the spin-off of De Beers are also moving forward. In the future, Anglo American will focus more strongly on copper, high-grade iron ore, and fertilizer raw materials.
The planned merger with Teck Resources provides additional upside potential. According to management, integration planning is well advanced. Only antitrust approval from China is still pending. Once completed, Anglo Teck is expected to emerge as a leading global supplier of strategic metals. Given the rising demand for copper driven by power grids, data centers, and electrification, the timing could hardly be better. The interim results already demonstrate the profit potential inherent in the streamlined portfolio.
Globex Mining Benefits from Strong Drilling Results from Its Partners
Globex Mining has once again demonstrated the strength of its exceptional business model. The company reported strong exploration results from three partner companies in whose projects it participates through option agreements or royalty interests. At the Bald Hill Antimony-Gold Project, Antimony Resources delivered impressive drill intersections of up to 11.41% antimony (Sb) over 1.55 m and 2.78% Sb over 11.3 m. Emperor Metals reported, among other things, 21.3 m at 3.0 g/t gold at the Duquesne West Project, in which Globex holds a 50% interest, while Renforth Resources identified high-grade gold and silver channels at the Parbec Project and has already begun follow-up drilling. For Globex, such progress means increasing value for its investments, without having to bear the full cost of exploration itself.
This capital-efficient model makes Globex unique in the commodities sector. The company has one of the largest project portfolios in North America, comprising 272 commodity projects, including 106 royalty interests, spanning gold, silver, copper, nickel, lithium, antimony, rare earth elements, and numerous other strategic commodities. More than 80 projects already have historical or NI 43-101-compliant resources, and over 40 properties were formerly producing mines.
While many exploration companies must regularly raise new capital, Globex generates revenue from option agreements and royalties. At the same time, partner companies invest millions each year in the further development of the projects, allowing the company’s value to grow continuously. According to the company, Globex also has more than CAD 40 million in cash and marketable securities, is debt-free, and has experienced only very minimal dilution of shareholder interests for years.
With growing interest in gold and critical raw materials such as antimony, copper, and rare earth elements, this broadly diversified portfolio is becoming even more attractive. Every exploration success by the partners can increase the value of the royalties and options and opens up further potential for future revenue. Globex thus offers investors unusually broad exposure to the commodities sector, combined with a comparatively conservative balance sheet and numerous levers for new discoveries.
Lundin Mining: Copper Story Remains Intact Despite Storm
Lundin Mining recently had to weather a weather-related setback in Chile. An exceptionally severe winter storm damaged two power poles supplying the Caserones Mine. As a result, operations have been without a regular power supply since July 18. Repair teams have been mobilized, and according to the company, the gradual restart is expected to take about two to three weeks. The important Candelaria mine, on the other hand, was only briefly affected and is now fully operational again.
The temporary production outage does little to alter the long-term growth story. Lundin operates three mines in Chile and Brazil and aims to become one of the world’s ten largest copper producers. At the heart of this strategy is the Vicuña District on the border between Argentina and Chile. There, Lundin holds a 50% stake in one of the world’s largest undeveloped copper, gold, and silver projects. It also holds a 31% stake in the neighbouring Los Helados project.
Financially, the second quarter could also bring positive surprises. Preliminary price adjustments from earlier copper and molybdenum sales are expected to increase pre-tax profit by approximately USD 79 million. The full quarterly results are expected on August 5.
In the short term, the production shutdown at Caserones is likely to weigh on the company. Crucially, however, the damage has been clearly identified, and a resumption of operations is in sight. At the same time, Lundin’s long-term expansion is aligning with structurally rising copper demand. This continues to position the company as one of the most compelling ways to gain exposure to the global electrification boom.
Anglo American demonstrates the earnings potential that a focused copper portfolio can generate today. Globex Mining offers broad exposure to gold, antimony, and other strategic minerals through its project generator and royalty business model. Meanwhile, Lundin Mining owns Vicuña, one of the world’s most promising large-scale copper projects. For investors who expect commodity prices to remain elevated, these three companies offer distinctly different ways to benefit from the next metals boom.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as “Relevant Persons”) may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a “Transaction”). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
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