By any standards, Anglo American’s investor update on Friday was a shocker. The City had been expecting, as Liberum analysts put it, “a prosaic review of its outlook for die-hard investors”. Instead, under what proved to be an ironic billing of “unlocking value”, the FTSE 100 miner unveiled drastic cuts to its production guidance in coming years, leaving investors shocked and sending its shares down by a fifth.
If Anglo executives had been hoping that Friday afternoon trading quirks could explain the scale of the collapse and that a quick rebound was on the cards, they were mistaken: the shares slid even further on Tuesday.
Anglo had already sharply underperformed other big miners so far this year and has now lost more than half of
