Mining Press Roundup: Tech Giants Eye Equity in Anglo American as Copper Slides

Anglo American has held talks with technology companies interested in buying equity in the miner as a way of securing the metals that go into data centres, chief executive Duncan Wanblad told the Financial Times' Metals and Mining Summit in London on Thursday, MINING.COM reported. No stake has been taken yet. But the idea that a hyperscaler might sit on a miner's share register, rather than just sign an offtake contract, marks a new step in how the AI build-out is reaching into the metals supply chain. It arrived on a day when copper miners were under pressure from both company-specific news and a wider market sell-off.

Anglo American: Tech Buyers Weigh Equity Over Offtake

Wanblad said discussions were "absolutely being had," with the tech side's question coming down to whether to lock in long-term offtake directly or take an equity position to secure a stake in future supply, according to MINING.COM. No stakes in Anglo American have been taken, but there had been "deep expressions of interest" in doing so, he told the summit.

Wanblad framed the interest as a response to tight supply. He said: "Given the scarcity issue that we've been speaking about, a lot of people are looking for ways to secure supply."

Anglo's New York-listed shares added 0.6% to $26.86 in early trade on Thursday for a market value of $58.0 billion, MINING.COM reported.

Anglo American and Teck: China Is the Last Hurdle

Anglo is waiting on China for final clearance of its merger with Teck Resources, a combination that would rank among the five largest copper producers, with annual output of about 1.2 million tonnes. At current prices, Anglo-Teck would carry a combined nominal value of just under $90 billion, up from the $53 billion the two companies put on the merger of equals when it was announced in September last year.

China's State Administration for Market Regulation has asked Anglo to commit to a steady flow of copper concentrate to Chinese smelters, including volumes sold through traders, as a condition for clearing the deal, Reuters reported on October 2. Canada, the EU, the US, Japan, Chile and South Korea have all signed off, and the parties still expect to close by March 2027.

Wanblad also told the conference that Anglo is likely to shut its nickel business in Brazil if the European Union does not approve the planned $500 million sale of the assets to China's MMG.

De Beers: Richemont and Signet Reported in Talks to Join Bidding Group

Cartier owner Richemont and US retailer Signet Jewelers are in talks to join a consortium bidding for De Beers, which Anglo American values at about $1 billion. People familiar with the matter told Bloomberg and Reuters that the two are discussing joining Global Diamond Consortium, a group led by former De Beers CEO Gareth Penny. The talks are advanced, but there is no guarantee either company will join, the people said.

The consortium emerged in July as the preferred bidder and is in talks with Botswana about increasing the government's ownership to around 25%. Botswana already holds a 15% stake in De Beers and produces about 70% of its diamonds. Any sale still depends on Botswana, which has a right of first refusal but has not said whether it will exercise it.

Anglo has taken three impairments on De Beers in three years, lowering its carrying value to $2.3 billion in February.

Antofagasta: Weaker 2027 Outlook Hits the Shares

Antofagasta shares fell on Thursday after the Chilean copper miner forecast weaker-than-expected production in 2027 and raised its cost guidance amid higher diesel prices. The shares were down 6.4% at £33.40 in Thursday trading, giving the company a market capitalization of nearly £33 billion ($44 billion).

The company expects to produce between 630,000 and 690,000 tonnes of copper next year, below its original forecast of 650,000 to 700,000 tonnes and short of BMO Capital Markets' estimate of 703,000 tonnes. RBC analysts Ben Davis and David Monus wrote that the guidance "implies no growth on the original guidance for 2026"

Full-year cash cost guidance before byproduct credits rose to between $2.60 and $2.70 per pound, up from $2.40 to $2.60, citing higher global diesel prices. There was better news on operations: third-quarter copper production came in at 151,900 tonnes, up 7% from the previous quarter, driven by higher output at Los Pelambres. CEO Iván Arriagada said construction at Centinela and Los Pelambres is progressing well and the projects have "entered the final phases of each schedule," with construction and commissioning completing in 2027.

Copper: Lowest in 10 Days on Inflation and Chip Rout

Copper dropped to its lowest in 10 days on Thursday as hotter-than-expected US inflation revived talk of another Federal Reserve rate hike and a rout in Asian chip stocks spread to the metals complex, MINING.COM reported. Comex copper for December delivery fell 1.2% to $6.5810 a pound (about $14,508 a tonne) by late morning in New York, after trading as low as $6.5245.

The most-active Comex contract is 4.5% below the record settlement of $6.89 set on September 9 and is heading for a third straight daily loss, the longest losing streak since June. South Korea's Kospi fell almost 8%, dropping into a bear market as investors questioned how long the artificial intelligence spending boom can last. Kyle Rodda, senior financial market analyst at Capital.com, told Reuters: "For copper, it's a double whammy of the AI trade coming under pressure from the sell-off in chip stocks, and the impact of rising Fed rate hike odds."

Among producers, Teck Resources, up 0.5%, was the only major copper name in positive territory, while Freeport-McMoRan dropped 2.4% to a $98 billion market value. One piece of relief came from Chile, where supervisors at BHP's Escondida ratified the agreement their union struck with the company on Wednesday afternoon, removing the threat of a stoppage at the world's largest copper mine.

International Copper Study Group: Bigger Surplus Ahead

The International Copper Study Group forecasts a refined copper surplus of 368,000 tonnes in 2027, up from 104,000 tonnes this year, it said Wednesday following meetings in Lisbon, Portugal. Global refined production is expected to increase by just 0.4% in 2026 before accelerating by 3.4% in 2027.

The group projects refined usage to increase by 1.5% in 2026 and 2.5% in 2027, with China accounting for 59% of global consumption.

Arafura Rare Earths: Bigger NdPr Deal With Traxys

Arafura Rare Earths has agreed to supply Traxys North America with 850 tonnes of neodymium-praseodymium (NdPr) oxide a year from its Nolans project, up 70% from the volume in their original term sheet. The binding agreement runs for five years, with an option to extend by two years by mutual consent. Traxys is one of three commodity trading and procurement companies selected to source and manage materials for the US government's critical minerals strategic reserve program.

Australia's A$1.2 billion Critical Minerals Strategic Reserve has committed to buying 500 tonnes of NdPr oxide annually from Nolans, and Hancock Prospecting holds a 17.5% stake in Arafura. Construction at Nolans began this month, with first production expected in mid-2029, and Arafura says the project could meet about 5% of global rare earth demand.

Hycroft Mining: High-Grade Hit at Vortex

Hycroft Mining reported on Tuesday that Hole H26D-6175A cut 19.6 metres grading 30.49 grams gold per tonne and 1,726.72 grams silver from 416.5 metres at Vortex in Nevada. CEO Diane Garrett said: "The combination of higher grades and longer intercepts suggests we may be getting close to a potential source of the Vortex system."

Equinox Gold: Third-Quarter Output Climbs

Equinox Gold reported third-quarter production of 237,019 oz, up from 176,836 oz in the previous three months, and is on track for full-year guidance of 870,000 to 920,000 oz.

What It Means

Two threads run through today's news. The first is that demand from the AI build-out is now reshaping how metals get financed, with tech companies weighing ownership of supply rather than just buying it. Rare earths show the same pattern, as Arafura's Traxys deal sits alongside government-backed purchase commitments. At the same time, copper's reliance on the AI trade cuts both ways: Thursday's chip-stock rout and rate-hike worries dragged on the metal and its producers.

The second is that supply-side friction remains. Antofagasta's guidance and higher diesel-driven costs, plus the wait for Chinese approval of Anglo-Teck, show how hard new tonnes are to bring forward. The ICSG's forecast of a growing surplus in 2027 points to a market that may loosen even as tech buyers look to lock in long-term supply.

This roundup covers press releases published on October 15, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.