Anglo American has spent the past two years repositioning itself from a sprawling diversified miner into a focused copper, iron ore and crop nutrients group. With a transformational Merger of equals with Canada's Teck Resources approved by shareholders, and the diamond Business De Beers heading either for a trade sale or an IPO, the FTSE 100 stock is in the middle of one of the largest restructurings in UK Mining. UK investors are watching closely to see how the new Anglo Teck takes shape.

Key takeaways

  • Anglo American's FY2025 Revenue from continuing operations rose 5% to approximately $18.5 billion, supported by higher copper and iron ore prices.
  • The company reported a loss attributable to Equity shareholders of approximately $3.7 billion, mainly because of a pre-tax Impairment of around $2.3 billion related to De Beers.
  • A total Dividend of $0.23 per share was proposed for FY2025, in line with the 40% payout policy on underlying Earnings, with a final dividend of $0.16 per share.
  • Net Debt fell by approximately $2.0 billion to $8.6 billion, according to the FY2025 results.
  • Shareholders approved the merger of equals with Teck on 9 December 2025, with Canadian regulatory approval received under the Investment Canada Act.
  • As of mid-May 2026, Anglo American shares were trading around 3,781p, with a Market Capitalisation of roughly £45.2 billion.

Why investors are watching this FTSE 100 stock

Anglo Americanv (LSE:AAL) has been one of the most actively restructured stocks in the FTSE 100. Following the rejected approach from BHP in 2024, management set out a strategic plan to focus the portfolio on copper, premium iron ore and crop nutrients, exiting steelmaking coal, diamonds, platinum and nickel.

That plan has now broadened into a merger of equals with Teck Resources, announced in September 2025. According to the companies, the combined Anglo Teck will be headquartered in Vancouver but retain its primary listing on the London Stock Exchange and FTSE UK index inclusion, with listings also on the JSE, TSX and NYSE. The combined group is being positioned as a global critical minerals champion with more than 70% exposure to copper.

UK investors are watching how this transformation lands. The execution of the De Beers exit, the completion of Teck regulatory approvals, and the operational performance of the copper Assets — particularly Quellaveco in Peru — are all critical to the story.

Recent share price performance

Where the shares are trading

According to market data providers, Anglo American shares were trading around 3,781p on 18 May 2026, equivalent to a market capitalisation of approximately £45.2 billion. The stock has been volatile as investors digest the De Beers impairment, the Teck merger terms, and movements in copper and iron ore prices.

How the shares have moved through restructuring

Sentiment was buoyed in 2024 by the rejected BHP approach and the announcement of a refocused strategy. Through 2025, the shares responded to the announcement of the Teck merger, with investors weighing the strategic rationale and the dilution profile. The De Beers impairment in the FY2025 results was a reminder that there can be more pain to come in legacy businesses.

Drivers of recent moves

Recent price action has been shaped by three factors. First, copper prices, which are central to the post-merger investment thesis. Second, iron ore Demand from Asia, which still contributes a material share of group revenue. Third, regulatory and Shareholder approvals required for the Teck merger, with each approval typically supportive of the shares.

Business performance and earnings

Anglo American published its FY2025 full year results in February 2026. According to the company, revenue from continuing operations rose 5% to approximately $18.5 billion, with the increase driven by higher copper and iron ore prices. Operationally, the group highlighted record production at Quellaveco and continued progress across its iron ore business.

The headline result, however, was the loss attributable to equity shareholders of approximately $3.7 billion. According to the company, this was primarily because of a pre-tax impairment of around $2.3 billion related to De Beers, reflecting weaker diamond market conditions. The underlying performance of the continuing copper, iron ore and crop nutrients businesses was more constructive than the headline loss might suggest.

Net debt declined by approximately $2.0 billion to $8.6 billion. Investors are watching how the Balance Sheet evolves through the Teck merger and any final structural decisions on De Beers, since each of those outcomes could affect Leverage.

Dividends and shareholder returns

Anglo American's dividend policy is based on a 40% payout of underlying earnings, paid as two equal dividends in respect of the half year and full year. According to the company, a total dividend of $0.23 per share was proposed for the 2025 financial year, including a final dividend of $0.16 per share.

Total cash returns under the dividend in 2025 amounted to approximately $0.2 billion. That is a smaller absolute number than in some previous years, reflecting both the policy-driven payout linked to underlying earnings and the strategic priority of investing through the restructuring and merger phase.

UK income investors should note that, like other UK miners, Anglo American's dividend is variable and tied to Commodity prices and underlying earnings. The shape of distributions after the Teck merger has been signalled by the companies, but the precise post-completion policy of the new Anglo Teck will only be confirmed once the deal closes.

Valuation and market position

With its £45.2 billion market capitalisation as of mid-May 2026, Anglo American remains a sizeable FTSE 100 constituent. Valuation has been complicated by the moving parts: the De Beers impairment, the merger terms with Teck, and the underlying value of copper assets such as Quellaveco and Los Bronces.

In a post-merger world, the new Anglo Teck would be positioned as a critical minerals major. According to the announcement, the combined group would be a top-five global copper producer, with significant exposure to high-grade copper resources and meaningful contributions from zinc and other base metals.

Investors are watching three valuation considerations. First, the look-through value of the combined copper portfolio at current and future prices. Second, the realisation value of De Beers, whether via a trade sale or an IPO. Third, the synergies announced as part of the Teck merger and how credible those targets prove to be.

Sector trends shaping Anglo American

The big structural story for Anglo American is electrification. Copper is central to electric vehicles, renewable power infrastructure and the broader energy transition. According to industry forecasts, copper demand is expected to grow over the next decade, although the pace will be sensitive to economic activity and the speed of policy support.

Iron ore is the second key commodity for the group. Steel demand from China remains a dominant driver, and Anglo American's premium iron ore products are positioned for steelmakers prioritising lower-emissions production. Investors are watching whether premiums for higher-grade ore remain elevated.

Crop nutrients, via the Woodsmith project, is a longer-dated story. Anglo American has been progressing the polyhalite project in North Yorkshire, although it has been the subject of scrutiny on Capital allocation and timing through the restructuring.

Finally, ESG and licence-to-operate remain critical for global mining. Investors are watching how the group manages safety, community relations, water use and emissions, particularly as the Teck merger broadens the geographic footprint.

Risks to watch

Commodity prices remain the largest single risk. Both copper and iron ore are sensitive to global growth, especially Chinese demand. A material slowdown could compress earnings and dividends, regardless of the merger structure.

Execution risk on the Teck merger is also material. Although shareholders have approved the deal and several regulatory approvals are in place, completion remains subject to further conditions. Investors are watching the remaining competition and regulatory clearances.

De Beers is another area to monitor. The diamond market has been weak, and the realisation value of any sale will be sensitive to market conditions. If a trade sale does not deliver value, a public listing could be delayed.

Foreign exchange is relevant too. Anglo American reports in US dollars and pays its dividend in US dollars, with the shares traded in pence on the LSE. UK investors are exposed to GBP/USD on both the share price translation and the dividend.