UBS confirms its Buy recommendation on the share with an unchanged target price of 2,500 pence, representing a potential upside of 35%.

' Anglo is looking to simplify its portfolio... we consider diamonds and nickel to be strategically less important. The copper price remains the main short-term catalyst... said UBS.

The mining company has stated its intention to reduce production by around 4% in 2024, then by around 3% the following year, before an expected recovery of around 4% in 2026.

'The cuts are more aggressive than expected, but we still believe the risk/reward ratio is attractive...' said the analyst firm.

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