Anglo American plc shares (LSE: AAL; commonly quoted as AAL.L) head into the weekend with investors focused on one dominating storyline: the proposed “merger of equals” with Canada’s Teck Resources, a deal designed to reshape Anglo American into a far more copper‑heavy company at a moment when copper has become the metal of choice for both the energy transition and the AI-era buildout of power-hungry data centers. [1]
As of 13 December 2025, Anglo American is quoted around 2,817p (£28.17), after a weaker end to the week. That places the stock well above its 52‑week lows but still below the top of its one‑year range—illustrating how much of today’s valuation debate is really about execution: regulatory approvals, integration planning, and operational delivery at the copper assets that make the merger logic work. [2]
Below is a comprehensive, editor-ready roundup of the latest news, current forecasts, and the most relevant market analysis impacting Anglo American stock as of 13.12.2025.
Anglo American share price today: where the stock stands on 13 December 2025
With UK markets closed for the weekend, the latest available pricing reflects Friday’s close and end-of-week positioning.
- Price: ~2,817p (about £28.17) [3]
- Previous close:2,897p [4]
- 52-week range:1,641.5p to 3,051.0p [5]
- Market cap: about £30.4bn (as displayed by Investing.com) [6]
In other words: the stock is no longer pricing in “survival mode,” but it also isn’t giving management a free pass. The market is treating Anglo American as a company mid-transformation—where each incremental merger step matters, and where operational headlines can move the narrative quickly.
The headline driver: Anglo-Teck merger clears key votes, then wins court approval
1) Shareholders approve the deal: big majorities on both sides
During the week, the proposed tie-up passed major governance hurdles:
- Teck shareholders approved the arrangement resolution by 99.7% of votes cast for Class A shares and 89.7% for Class B shares, according to Teck’s voting-results release. [7]
- Anglo American shareholders also approved the key resolutions at the general meeting, including authorization to issue new shares for the transaction and the intended name change to “Anglo Teck plc”—with Investegate reporting 99.17% in favor for the share allotment resolution and 99.98% for the name-change resolution. [8]
These margins matter because mega-mining mergers can attract activist pressure, governance objections, and coalition “no” votes. Instead, the voting results suggest that—at least among shareholders—there is broad acceptance that a copper-heavy strategy is the direction of travel.
2) Final court approval lands (but the deal still isn’t “done”)
Teck then announced it had obtained a final order from the Supreme Court of British Columbia approving the plan of arrangement connected to the merger. [9]
This is a key legal step in Canada, but Teck was explicit that the transaction still remains subject to other closing conditions, including competition and regulatory approvals in multiple jurisdictions. [10]
3) The deal’s basic shape: a copper-heavy “critical minerals champion”
Reuters’ reporting earlier in the week underscored the ambition: the all-stock transaction (announced in September) is positioned to create a top-tier copper producer, with the combined company expected to produce more than 1.2 million tonnes of copper annually and to be headquartered in Vancouver with a listing on the London Stock Exchange. [11]
Anglo American’s own merger announcement has also emphasized:
- More than 70% copper exposure for the merged group (as presented by the companies)
- US$800 million in annual pre-tax recurring synergies by the end of year four post-completion
- An additional US$1.4 billion (100% basis) average annual underlying EBITDA uplift from longer-dated “adjacency” synergies tied to Teck’s Quebrada Blanca and Anglo’s Collahuasi assets in Chile (over 2030–2049), with potential copper production uplift associated with that optimization
- A planned US$4.5 billion special dividend to Anglo shareholders ahead of completion (per the original deal outline) [12]
That last point—returning a large cash amount to Anglo shareholders before the deal closes—remains a crucial element of the shareholder value proposition, but it also raises the stakes for regulators assessing the transaction’s broader economic impacts.
Governance drama (defused): Anglo drops a controversial executive pay resolution
One of the week’s more “soft” but still market-relevant developments was Anglo American’s decision to withdraw a proposed executive pay change from the shareholder vote connected to the Teck merger, after investor concerns surfaced. [13]
Reuters reported that Anglo stressed the merger was conditional only on approval to issue new shares, not on the executive pay change, and that the remuneration committee would consult shareholders again on an updated pay policy for the 2026 AGM. [14]
Why it matters for the stock: big M&A transactions are fragile. Reducing governance friction lowers the odds of delays, reputational damage, or activist escalation—each of which can add a “deal risk discount” to the share price.
The risk story investors are watching: Quebrada Blanca tailings concerns in Chile
If the merger is the upside narrative, operational risk is the anchor.
A Reuters “exclusive” this week highlighted that Chilean authorities raised concerns in August 2025 over a large crack and leaks at Teck’s flagship Quebrada Blanca copper operation—specifically at its tailings dam (the structure used to store mine waste). Reuters reported documents showing inspections identified a crack running 240 meters across the crest with an 18-centimeter gap, along with water seepage concerns. [15]
Teck told Reuters the facility is stable and safe, stating there was never any risk to safety or integrity. But the same reporting emphasized that Quebrada Blanca’s tailings constraints have already weighed on production and that failure to get output fully on track could affect valuation for a combined company that is pitching copper scale as the strategic prize. [16]
For Anglo American stockholders, this is a big deal because part of the merger logic is precisely the adjacency of Quebrada Blanca and Collahuasi in Chile—synergies that look great on paper but require operational stability, regulatory compliance, and sustained production delivery.
Anglo American’s broader transformation: divestments, De Beers, and cash discipline
Even as the market fixates on Anglo‑Teck, Anglo American’s standalone restructuring still shapes the investment case.
1) Financial performance and dividend reset
In its first-half 2025 reporting, Reuters noted Anglo posted a US$1.9 billion loss and cut its interim dividend to US$0.07 per share (down from US$0.42 a year earlier), while continuing divestments aimed at refocusing the portfolio on copper and iron ore. [17]
2) De Beers sale remains a strategic and political puzzle
Anglo’s plan to separate or sell De Beers is still central to simplification. Reuters previously reported that Angola submitted an offer for a majority stake in De Beers, potentially setting up tension with Botswana, which has also sought control and treats De Beers as strategically important to its economy. Reuters also noted Anglo has valued De Beers at US$4.9 billion after recording US$3.5 billion in impairments over two years amid a diamond price slump. [18]
This matters for Anglo American stock because a clean De Beers outcome could reduce complexity and strengthen balance-sheet optics ahead of a major merger—while a messy outcome could prolong uncertainty and distract management.
3) Production: copper guidance held, iron ore outlook improved
On operational performance, Reuters reported in October that Anglo posted a 9% drop in copper production for the first nine months of 2025, while maintaining annual copper guidance of 690,000–750,000 tonnes and raising iron ore guidance (Minas‑Rio) to 58–62 million tonnes after a pipeline inspection completed ahead of schedule. [19]
That combination—steady guidance but production volatility—is exactly what analysts will continue to monitor as the company seeks to convince the market it can execute a larger, copper-dominant future.
Anglo American stock forecast: what analysts expect next (12-month targets and ratings)
Forecasting a miner is always a high-humility sport: commodity prices, geopolitics, weather, and operational hiccups can humble even the most confident spreadsheet. Still, the analyst community’s “base case” provides a useful map of expectations.
Consensus view: modest upside, but not a euphoric call
As of 13 December 2025, Investing.com displays an average 12‑month price target around 2,941.5p, with a high estimate near 3,494.7p and a low estimate near 2,037.2p. It also shows a headline consensus rating of Buy (with the distribution of buy/sell recommendations reflected in its summary). [20]
Financial Times market data (LSEG-sourced) similarly indicates:
- a median 12‑month target of about 3,002.5 versus a “last price” of 2,817, implying roughly 6.6% upside (as displayed on FT’s forecasts page); and
- a consensus recommendation breakdown showing more “hold/outperform” than outright “sell” ratings in its most recent snapshot. [21]
TradingView’s aggregated figures are broadly in the same ballpark, listing a max estimate near 3,497 GBX and a min estimate near 2,189 GBX. [22]
What that says in plain English: analysts aren’t generally modeling a collapse, but they also aren’t pricing Anglo as a straight-line rerating story. The consensus implies the market has already priced in a significant portion of the “copper pivot,” leaving execution and regulatory clearance as the main sources of surprise.
Dividend expectations: still cautious
FT’s market data also points to sharply lower dividend expectations versus recent history, showing 2024 dividends and analyst expectations that are meaningfully lower for the coming fiscal year (as presented on the FT forecasts page). [23]
That aligns with what investors have already seen in 2025: cash preservation and portfolio reshaping are taking priority over the “old Anglo” dividend profile.
What investors will watch next for Anglo American stock
With the calendar now turning toward 2026, Anglo American’s stock is likely to trade on a simple question: Is the Anglo‑Teck deal progressing cleanly—and is the copper engine stable enough to justify it?
Key signposts to watch:
- Regulatory approvals across jurisdictions
Both Anglo and Teck have repeated that completion depends on approvals under the Investment Canada Act and other competition/regulatory regimes globally. Any extended review timelines—or remedies that dilute synergies—could affect sentiment. [24] - Quebrada Blanca operational and compliance updates
Reuters’ reporting on tailings concerns has elevated the importance of credible, transparent progress at the site—especially because it’s central to the “adjacency synergy” story. [25] - De Beers outcomes and broader simplification
The De Beers sale (or spin) remains one of the biggest “messy variables” in Anglo’s simplification agenda, with political and valuation complexity layered on top of weak diamond-market conditions. [26] - Next earnings checkpoint
Many market calendars now point to 20 February 2026 as the next major reporting moment. That’s when investors will look for updated guidance, cost commentary, and clearer integration planning signals. [27]
Bottom line on Anglo American plc stock as of 13.12.2025
As of 13 December 2025, Anglo American stock sits at a crossroads where the market is effectively pricing two narratives at once:
- A strategic bet that a copper-centric “Anglo Teck” can command a higher-quality valuation multiple over time—supported by strong shareholder votes and now court approval momentum. [28]
- A risk discount tied to regulatory uncertainty, integration complexity, and highly specific operational issues—especially the tailings and ramp-up constraints at Teck’s Quebrada Blanca mine that could determine whether the merger’s synergy promises become cash flow rather than PowerPoint. [29]
Analyst targets clustered around the high‑2,000s to low‑3,000s (in pence) suggest modest upside from current levels—but the spread between high and low estimates also shows that the market’s confidence is conditional, not absolute. [30]
References
1. www.reuters.com, 2. www.investing.com, 3. www.investing.com, 4. www.investing.com, 5. www.investing.com, 6. www.investing.com, 7. www.teck.com, 8. www.investegate.co.uk, 9. www.teck.com, 10. www.teck.com, 11. www.reuters.com, 12. www.angloamerican.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.investing.com, 21. markets.ft.com, 22. www.tradingview.com, 23. markets.ft.com, 24. www.angloamerican.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.investing.com, 28. www.teck.com, 29. www.reuters.com, 30. www.investing.com
