Anglo American plc Stock (AAL): Dividend Dates, Anglo‑Teck Merger Milestones, and 2026 Copper Forecasts (Dec. 23, 2025)

London-listed Anglo American plc is ending 2025 with its investment story compressed into two big levers: a once-in-a-generation copper market and a once-in-a-generation corporate reshuffle. On December 23, those levers are both moving.

The company has published provisional 2026 dividend timetables, while the proposed Anglo‑Teck “merger of equals” has cleared major procedural and political hurdles in Canada—yet still faces the final, fussy gatekeepers of global competition and regulatory approvals. At the same time, copper is flirting with the $12,000/ton level amid supply disruptions and tariff-driven distortions that have split the market into “metal-rich” and “metal-starved” regions. ^[1]

What follows is a detailed roundup of the latest Anglo American stock news, dividend dates, and analyst forecasts relevant as of 23.12.2025—and the key catalysts likely to define AAL shares into early 2026.

Anglo American share price today: where AAL stock stands heading into year-end

As of December 23, Investing.com listed Anglo American (AAL) at 2,902.0 (London Stock Exchange). ^[2]

Financial Times market data (delayed) showed 2,905.00 GBp as of Dec. 22, 2025, with a +26.94% one-year change and about 4.78 million shares traded. ^[3]

That 2025 resilience matters because Anglo’s equity narrative has not been “steady-state mining”—it has been deal-making, divestments, and reweighting toward copper after a turbulent stretch that included BHP’s abandoned takeover attempt and Anglo’s own restructuring plans. ^[4]

The latest company update: Anglo American’s provisional 2026 dividend timetable

Income investors got a clean, calendar-driven update in the form of provisional full-year and interim dividend timetables for 2026. The key point: this is a timetable, not a dividend amount, and the final dividend remains subject to shareholder approval at the AGM.

Final dividend (Dividend No. 48): key provisional dates

According to the published timetable, notable milestones include:

Announcement date:Friday, 20 February 2026
Ex-dividend (JSE/BSE):Wednesday, 11 March 2026
Ex-dividend (LSE):Thursday, 12 March 2026
Record date:Friday, 13 March 2026
AGM (for approval):Wednesday, 29 April 2026
Payment date:Wednesday, 6 May 2026 ^[5]

Interim dividend (Dividend No. 49): key provisional dates

The interim timetable highlights:

Announcement date:Thursday, 23 July 2026
Ex-dividend (JSE/BSE):Wednesday, 19 August 2026
Ex-dividend (LSE):Thursday, 20 August 2026
Record date:Friday, 21 August 2026
Payment date:Tuesday, 29 September 2026 ^[6]

Why it matters for Anglo American stock: dividend timetables are a small signal, but in a year dominated by megadeal headlines, they remind the market that capital returns still sit inside a governance cadence—and that 2026 income expectations will be read alongside Anglo’s balance sheet priorities during the Teck combination and ongoing divestments.

Anglo‑Teck merger: what’s happened so far, and what still needs to happen

The proposed combination of Anglo American and Teck Resources is the single largest “explain this stock” item on the board right now. In the past two weeks, the deal moved from “politically uncertain” to “procedurally advancing.”

1) Shareholders have approved the merger

Anglo American’s own press-release index lists the shareholder approvals dated December 9, 2025 (including a note that both shareholder votes cleared for the merger of equals to form “Anglo Teck,” and that Anglo shareholders approved the merger with Teck). ^[7]

2) The B.C. court has granted final approval for the plan of arrangement

Teck announced on December 12, 2025 that it obtained a final order from the Supreme Court of British Columbia approving the plan of arrangement (a key Canadian procedural step). Teck also emphasized that the merger remains subject to other customary closing conditions, including competition and regulatory approvals in various jurisdictions. ^[8]

3) Canada has approved the deal under the Investment Canada Act—with commitments attached

Teck said on December 15, 2025 it and Anglo received Government of Canada approval under the Investment Canada Act, describing the combined company’s plan to be headquartered in Vancouver and highlighting a C$4.5 billion investment commitment in Canada over five years (among other items). ^[9]

Reuters framed that approval as unusually fast for a transaction of this scale and linked it to Canada signaling a more pro-investment posture amid tariff and trade pressures. ^[10]

4) Event-driven analysts: “timing is now the story”

A December 23 event-driven note captured the market’s shifting focus: policy overhang reduced, with attention moving to pacing—i.e., how quickly remaining antitrust and regulatory approvals can be secured. ^[11]

5) A governance snag was removed: the executive pay proposal was withdrawn

Earlier in December, Reuters reported Anglo withdrew a proposed executive pay resolution connected to deal completion after some investor pushback—a move widely interpreted as “de-risking” the shareholder mood around the transaction. ^[12]

Bottom line for AAL stock: the merger is no longer a “will shareholders approve?” drama. It’s now a regulatory completion and integration credibility story—one that will increasingly trade like an “event timeline” rather than a conventional quarterly earnings setup.

Anglo American’s portfolio transformation: where the divestments stand now

Anglo’s late-2025 update under the UK Takeover Code’s “post-offer intention” rules is a useful map of what management believes it has delivered—and what’s still in motion.

From the December 19 update:

Nickel: sale agreement (with approval still pending)

Anglo previously announced a sale of its nickel business to MMG for cash consideration of up to $500 million, and noted that the transaction remains subject to customary closing conditions, including European Commission approval. ^[13]

Platinum: demerger completed, then the remainder sold

Anglo said it completed the demerger of about 51% of its interest in Anglo American Platinum (now renamed Valterra Platinum Limited) on 2 June 2025, leaving Anglo with 19.9%. It then sold that remaining stake (announced 4 September 2025), raising ZAR 44.1 billion (about US$2.5 billion). ^[14]

Steelmaking coal: Peabody deal terminated, new sale process restarted

Anglo reiterated the history here:

It completed the sale of its 33.3% Jellinbah interest in January 2025 (A$1.6 billion).
It had signed agreements in late 2024 to sell its remaining steelmaking coal business to Peabody (up to US$3.775 billion), but in August 2025 Peabody purported to terminate those agreements.
Anglo says it has re-initiated a formal sale process for the remaining steelmaking coal business. ^[15]

De Beers: dual-track separation and structured sale process

Anglo confirmed “good progress” on the divestment or demerger of De Beers, describing a dual-track separation and structured sale process currently underway (as referenced in its Q3 production report). ^[16]

Woodsmith crop nutrients: slowed pace, critical-path work

Anglo said the pace of development at the Woodsmith project has slowed, focusing on critical work including sinking a 1.6 km deep service shaft to confirm schedule and capital assumptions. ^[17]

This matters for Anglo American plc stock because it reframes the company’s future earnings mix: fewer “portfolio sprawl” surprises, more concentration around copper, plus iron ore and crop nutrients—with De Beers and coal positioned as assets to exit or separate.

Copper is driving the macro backdrop: records, tariffs, and 2026 forecasts

Anglo American’s endgame is pretty explicit: become more copper-centric. The market is cooperating—at least on price.

December 23 commodity analysis: disruption + tariff dislocation

A Reuters analysis published on December 23, 2025 described the year in base metals as defined by supply disruption and tariff dislocation, lifting the LME base-metals index to its highest level since 2022. ^[18]

For copper specifically, Reuters noted:

LME three-month copper has been notching fresh highs while challenging $12,000/ton.
The U.S. copper contract has traded at a premium, reflecting tariff expectations, with a decision deferred to mid‑2026.
The result is a strange geographic split: surplus copper gravitating toward the U.S., leaving other regions tighter. ^[19]

Copper supply is still the key stress point

Reuters also reported in December that copper moved near record highs as the market refocused on tight mine supply, with copper up sharply over 2025. ^[20]

Structural deficits are the phrase analysts keep returning to:

A Reuters poll in late October showed analysts lifting forecasts, with copper expected to average $10,500/ton in 2026, driven by disruptions and deficit expectations. ^[21]
UBS raised its outlook and deficit estimates, projecting a path that reaches $11,500 by March 2026 and stepping up to $13,000 by December 2026, while also boosting its estimated 2026 deficit to 407,000 tons. ^[22]
Goldman Sachs projected copper would consolidate around $11,400/ton in 2026 amid tariff uncertainty (while still describing copper as its favored industrial metal longer term). ^[23]

Why Anglo American stock traders care about copper this much

If Anglo were a simple “diversified miner,” copper would be one driver among many. But with the Teck merger and the asset exits, copper is evolving into the narrative engine—both through earnings sensitivity and through valuation multiples (markets tend to pay more for perceived long-duration “energy transition” metals, especially when supply is constrained).

Even Investopedia’s late-December roundup of the broader metals rally explicitly tied copper demand to AI infrastructure, EVs, and grid buildout—exactly the demand stack that copper-focused miners want investors to price in. ^[24]

Operational reality check: production guidance, Chile execution, and the Teck synergy puzzle

Mining stocks can rally on a copper thesis, but they eventually get audited by geology and metallurgy.

Anglo’s 2025 production context

In its Q3 update, Reuters reported Anglo posted a 9% drop in copper production in the first nine months of 2025 (year-on-year), while maintaining total 2025 copper guidance of 690,000–750,000 tons and raising iron ore outlook after Minas‑Rio pipeline inspection work finished earlier than planned. ^[25]

The Chile “synergy” thesis—dependent on partners and permits

One of the more interesting parts of the Anglo‑Teck logic is the proximity between Anglo/Glencore’s Collahuasi and Teck’s Quebrada Blanca in northern Chile. Reuters described ambitions to share infrastructure and unlock synergies—but also flagged that it could require buy-in from Glencore, which is a 44% partner at Collahuasi (Anglo also owns 44%). ^[26]

Teck’s Quebrada Blanca guidance cuts are a reminder that execution risk remains

Reuters reported Teck cut copper production forecasts at Quebrada Blanca through 2028 due to a tailings-related issue, trimming its 2026 output guidance and revising other years as well. Anglo said the revised outlook was broadly consistent with its own due diligence; Jefferies analysts suggested the update could make the merger more acceptable to Teck shareholders. ^[27]

Permitting and investment backdrop in Chile

Anglo has been vocal about how permitting speed affects supply growth. Reuters quoted Anglo American’s Chile CEO earlier in 2025 urging faster permits to help close an expected copper supply gap. ^[28]

Chile’s own pipeline of mining investment remains large, and Reuters noted that the country’s investment forecast includes work at Collahuasi as part of broader copper expansion plans. ^[29]

What it means for AAL shares: the copper bull case can be structurally right and still produce choppy equity performance if key mines underdeliver, projects slip, or partnership negotiations slow the “synergy” payoff timeline.

Analyst forecasts for Anglo American stock: price targets and sentiment into 2026

Analyst views are not a crystal ball; they’re more like a weather forecast made by committee—useful for direction, unreliable for the exact temperature at 3:17 p.m. Still, consensus can shape flows.

Consensus targets: modest upside, mixed ratings

Investing.com’s consensus snapshot (as surfaced in recent coverage) described:

A split set of recommendations (buys and holds, with at least one sell), and
An average price target around 2,947.87 GBp, with a high near 3,472 and low near 2,019. ^[30]

Other aggregator-style consensus pages show a broadly similar “central estimate,” often with a HOLD-leaning consensus and a wide range of targets—consistent with a stock dominated by deal timing and commodity volatility. ^[31]

Why targets have been moving

The biggest reasons targets and notes have shifted in December are visible in plain sight:

Merger progress (court approval, Canada approval) reduces one layer of uncertainty. ^[32]
Copper strength makes “copper-heavy Anglo” a more attractive story. ^[33]
Execution risks remain (Chile, Quebrada Blanca guidance, regulatory approvals still outstanding). ^[34]

Key dates and catalysts for Anglo American stock in early 2026

AAL shares may trade on headlines, but the next hard data points are already on the calendar.

Feb. 5, 2026: Anglo’s Q4 2025 Production Report (listed on the investor calendar). ^[35]
Feb. 20, 2026: Provisional date flagged for the final dividend announcement timetable. ^[36]
Merger completion milestones: remaining global competition/regulatory approvals and closing conditions (explicitly highlighted by Teck). ^[37]
Portfolio catalysts: updates on De Beers separation, the steelmaking coal sale process, and the nickel transaction approvals. ^[38]

What this means for investors watching Anglo American plc stock right now

As of December 23, 2025, Anglo American is not trading like a quiet mining incumbent. It’s trading like a company trying to recompose itself into a copper-forward platform while keeping shareholders engaged with clear timetables and visible milestones.

The near-term question isn’t “does copper matter?”—it obviously does. The more decisive questions for Anglo American stock over the next several months look like:

How quickly do the remaining merger approvals land, and on what terms? ^[39]
Can core copper assets perform cleanly enough to justify “copper premium” valuation thinking? ^[40]
Do divestments (coal, De Beers, nickel) close in ways that strengthen the balance sheet and simplify the story—without leaving value on the table? ^[41]