Anglo American share price has been mental lately. If you own shares, or are thinking of buying, you need to understand what’s going on. Because it is no longer just about mining. It’s about a very big merger, a spurned takeover and a company attempting to remake itself.
As of December 13, 2025, shares are priced at 2,817p on the London Stock Exchange. That’s £28.17 per share. Up from as low as 1,641p in April. Off the highs of 3,051p in October. Proper rollercoaster stuff.
The Teck Merger
On December 9, 2025, Anglo American received shareholder approval for a merger with Teck Resources of Canada. This is massive. It forms “Anglo Teck,” a company heavily focused on copper. Shareholders of Anglo backed it with 99.17% support. Teck shareholders backed it too.
Teck shareholders receive 1.3301 Anglo American shares for each Teck share they own. Anglo shareholders will receive a special dividend of approximately $4.5 billion before the deal is closed. That’s roughly $4.19 per share.
Why does it matter for the Anglo American Share Price? And that’s because Anglo is betting the house on copper. The metal’s crucial to electric vehicles, renewable energy, and data centers. Demand’s only going up. The new company would rank among the top five copper producers globally.
The merger ought to produce some $1.4bn annually from optimising Teck’s Quebrada Blanca copper project with Anglo’s Collahuasi stake. And that was on top of another $800 million per year in recurring synergies.
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BHP Tried Again and Failed
Before the Teck deal got approved, BHP came back in November 2025 with a renewed takeover approach worth roughly £40 billion. This wasn’t their first attempt. They’d launched three hostile bids in 2024 that Anglo rejected.
On November 24, BHP publicly withdrew. Said the deal had “strong strategic merits”, but they’d focus on organic growth instead. Under UK takeover rules, BHP can’t make another bid for six months unless things change significantly.
That withdrawal probably helped the Teck merger get approved. Shareholders had one clear path forward instead of multiple competing options.
Anglo American Share Price History
The Anglo American share price history over the past year is wild. The 52-week range is 1,641.5p to 3,051p. That’s huge volatility.
The price hit a nadir in April 2025 when Anglo reported a $1.9 billion first-half loss and axed its interim dividend, reducing it from 42c share to just seven cents. Investors panicked. The restructuring was brutal. Job cuts. Asset sales. De Beers write-downs of $3.5bn in two years.
In October, the share price rose to 3,008p on rising copper prices and BHP bid interest. It has since drifted back to the high 2,800s as investors digest the Teck merger and wait for regulatory approvals.
Over the past year, the shares have been up about 15.5% including dividends. That’s decent but nothing spectacular. The beta is about 1.8, so it tends to move more than the broader market. High risk, high potential reward.
Anglo American Share Price JSE
If you are interested in the Anglo American share price JSE, it is listed under the ticker AGL on the Johannesburg Stock Exchange. It last traded on December 11 at 657.24 rand, 0.19% weaker on the day. The 52-week range is 41,074.71 to 73,900 rand.
Anglo American is valued at around 701 billion rand on the JSE. That would still make it, by far, the seventh most valuable stock traded on that exchange. It makes up approximately 3.5% of the JSE equity market. JSE shares are up about 21% over the past year in rand terms – somewhat better than London once you take currency shifts into account.
Anglo American Share Price Forecast
So what’s the Anglo American share price forecast looking like? Analysts are cautious but mildly optimistic. The consensus target price sits around 2,920p. That’s about 7% upside from current levels.
But the range is wide. High estimates go up to 3,505p. Low estimates sit around 2,043p. That spread shows how much uncertainty there is.
Most brokers rate the stock a Hold. Seven analysts recommend buying. One suggests selling. The overall rating is Buy, but it’s not unanimous.
The forecast depends entirely on execution. Can Anglo and Teck actually deliver the promised synergies? Will copper prices stay elevated? Can they get regulatory approvals without major conditions? These are the big questions.
Earnings per share forecasts for the next financial year sit at about $0.87. Revenue’s expected to dip to $19 to $20 billion this year, then recover in 2026 as restructuring completes and higher copper prices feed through.
The Operational Reality
Anglo’s Q3 2025 production report was all about a solid company, but is having to fight the headwinds. Copper production increased by 1% YoY to 184kt. Iron ore was down 9% to 14.3Mt following planned maintenance. Diamonds leaped 38% to 7.7Mct due to an increase in production at Jwaneng in Botswana.
The company also kept its production and cost guidance for core assets through 2025 unchanged. That’s reassuring. It even raised guidance at Minas Rio to 23 to 25Mt after a pipeline inspection was completed ahead of schedule.
But there are risks. Chilean authorities raised concerns in August about a large crack and leaks at Teck’s Quebrada Blanca copper operation. That’s Teck’s flagship asset. If there are operational problems there, the merger’s entire value proposition gets questioned.
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What Should You Actually Do?
If you’re holding Anglo American shares, the next few months are critical. Regulatory approvals for the Teck merger need to come through. Canada’s national security review, plus US, Chinese, and other competition clearances, could impose conditions. Asset sales. Investment commitments. Who knows.
The merger’s expected to be completed sometime in 2026 if everything goes smoothly. That’s a big if.
For potential investors, the shares are priced in some optimism about copper but not a huge premium. You’re buying a restructuring story with exposure to the energy transition. If you believe copper demand will keep growing and Anglo can execute the Teck integration properly, current levels might look cheap in a few years.
If you’re sceptical about regulatory risk, integration complexity, or copper prices staying high, there are safer places to put your money.
The share price around 2,817p reflects that uncertainty. Markets aren’t pricing Anglo as a bargain. But they’re not fully crediting the potential of an integrated Anglo Teck either. It’s wait and see mode.
And honestly, in markets, waiting can be the most expensive thing you do. But jumping in without understanding the risks is worse. So do your homework. Know what you’re buying. And don’t bet more than you can afford to lose on a mining stock going through a massive merger during uncertain economic times.
That’s the reality nobody likes to say out loud.
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