When former boss Mark Cutifani left Anglo American in mid-April 2022, things had rarely looked better for the century-old miner. Metals prices soared as the world emerged from lockdowns, the company had recently posted its best-ever annual profit and the popular industry veteran was handing over to a trusted lieutenant. Anglo stock hit a record the same day.

Two years later, the company’s reputation is in tatters after a series of missteps sent its value plunging by half. And now industry heavyweight BHP Group is moving in.