Anglo American has held discussions with technology companies considering an equity stake in the miner to secure future copper supplies for data-center infrastructure, Chief Executive Duncan Wanblad said at a mining conference in London. No investment has been agreed, but Wanblad described the interest as deep and said companies were weighing direct long-term offtake contracts against taking ownership positions tied to future production.
The talks come as copper prices remain near historic highs. Cash copper on the London Metal Exchange reached a record $14,822 a tonne, while the most-active Comex contract remained close to its September peak.
Anglo is separately awaiting China’s approval for its planned $54 billion merger with Teck Resources. Chinese regulators have asked for assurances that copper concentrate will continue flowing to domestic smelters, including material sold through traders. The proposed group would produce about 1. 2 million tonnes of copper a year and account for roughly 5% of global supply, below commonly cited competition thresholds, while the companies expect the transaction to close by March 2027. Anglo said it was making progress with the Chinese review; approvals have already been obtained in the other jurisdictions where the companies operate.
The merger is part of Anglo’s broader effort to simplify its portfolio. The company is also trying to sell its Brazilian nickel business to MMG for up to $500 million, but the European Commission has raised preliminary competition concerns over the possibility that ferronickel could be diverted away from European stainless-steel producers. MMG says it has proposed long-term supply commitments for European customers and argues that blocking the transaction could reduce investment and remove supply. Anglo has indicated that a failed sale could leave the Brazilian operations heading toward care and maintenance, while the company continues to seek about $1 billion for De Beers.