EARLYThesis forming — early stage, needs conviction
Investment Thesis
Anglo American is undergoing a transformational portfolio simplification post-BHP bid rejection, divesting De Beers, platinum (Amplats), and steelmaking coal to focus on copper, iron ore, and crop nutrients. The streamlined entity will be a copper-heavy major aligned with electrification demand. Quellaveco ramp and Woodsmith polyhalite project provide growth optionality. Re-rating to copper-pure-play multiples is the central thesis.