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UBS upgrades Anglo American and Freeport, sees copper expansion as key in mining sector.

Analyst Insights
20 Aug 2026
Proactive Investors
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Bullish
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UBS highlights a strategic shift among major mining companies toward copper expansion to boost valuations. The bank maintains buy ratings on Anglo American and Freeport-McMoRan, citing Anglo American's portfolio restructuring and Freeport's operational recovery in Indonesia. Teck Resources also receives a buy rating after strong earnings. Meanwhile, UBS holds neutral ratings on BHP, Rio Tinto, and Glencore despite their significant copper exposure and upcoming asset sales or listings. This reflects a cautious but optimistic outlook on copper's role in mining growth.

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