LONDON, July 4, 2026, 17:01 BST
- Anglo American ended Friday at 3,785p, gaining 1.18%. Only 1.28 million shares changed hands, the lightest volume of the week.
- Teck has filed its exchange documentation. One Teck share is set to convert into 1.3301 Anglo shares, or exchangeable shares for certain Canadian investors.
- Anglo is set to give its Q2 production numbers on July 23. Half-year results come out a week later on July 30.
Anglo American plc LON:AAL finished the week up, but volume told the real story. With London shut Saturday, the last close to trade was Friday at 3,785p, up 1.18% for the day and 1.8% for the week. The move ran out of steam as turnover dried up, only 1.28 million shares traded Friday compared to 7.88 million on Tuesday.
That’s important because Anglo’s share price now sets the value in the merger formula. Teck Resources Limited TSE:TECK.B said this week it sent out the forms needed for the Anglo deal. Teck holders get 1.3301 Anglo shares per Teck share, or exchangeable shares if they qualify in Canada. With Anglo closing Friday at its latest price, the implied value for the share part is £50.34 a Teck share, not counting FX, tax or settlement charges.
| Anglo American weekly tape | Close | Daily move | Volume |
|---|---|---|---|
| June 29 | 3,627p | -2.45% | 2.04 mln |
| June 30 | 3,697p | up 1.93% | 7.88 mln |
| July 1 | 3,722p | up 0.68% | 2.57 mln |
| July 2 | 3,741p | up 0.51% | 3.64 mln |
| July 3 | 3,785p | up 1.18% | 1.28 mln |
About 7% of Anglo’s five-day volume came in on Friday. MarketWatch said Friday’s trading was around a quarter of the 50-day average volume of 4.8 million shares. The stock is still 10.7% under its 52-week high of £42.39 from June 2.
Anglo gives investors two ways to look at market value. A July 1 voting rights filing listed 1.178 billion ordinary shares as of June 30, with no shares in treasury. The same filing said independent investment companies held 98.9 million shares from a 2006 buyback, and those shares have no voting rights. Based on Friday’s close, Anglo’s full issued share capital stood at about £44.6 billion, with the waived-vote block worth £3.74 billion. Hargreaves Lansdown put the market value for Anglo at £40.56 billion.
| Deal and capital math | Latest figure | Investor read-through |
|---|---|---|
| Anglo latest close | 3,785p | Sets merger ratio |
| Teck share exchange | 1.3301 Anglo shares | Locked swap if deal goes ahead |
| Teck share value implied | £50.34 | Not accounting for FX, taxes or settlement |
| Anglo shares out | 1.178 bln | Total market cap runs close to £44.6 bln |
| Shares with waived vote | 98.9 mln | That’s almost 8.4% of the total shares |
| Anglo Q2 output date | July 23 | Next operational update ahead of earnings |
The stock outperformed bigger London miners on Friday, but copper prices held steady for the week. LME three-month copper settled at $13,345 a tonne on July 3, just 0.3% higher than June 26. LME copper inventories slipped 5.2% to 318,900 tonnes.
| Market line | Latest | Move | Source |
|---|---|---|---|
| Anglo American plc LON:AAL | 3,785p | up 1.18% Friday | |
| FTSE 100 (INDEXFTSE:UKX) | 10,679.03 | gained 0.2% Friday | |
| Rio Tinto plc LON:RIO | 7,078p/7,080p sell/buy | fell 0.16% Friday | |
| Antofagasta plc (LON:ANTO) | 3,857p/3,860p sell/buy | added 0.42% Friday | |
| Teck Resources Limited TSE:TECK.B | C$86.12 | rose 1.19% Friday | |
| LME 3-month copper | $13,345/t | up 0.7% from July 2 |
The pitch for the deal has kept copper at the center. Anglo Chief Executive Duncan Wanblad said in December the transaction had “strong” backing and would mean investors get “more than 70% exposure to copper.” Teck CEO Jonathan Price had called the two companies’ portfolios “highly complementary.” Anglo American
Analysts are also divided—some bullish on copper, others worried about how Anglo will pull it off. Reuters quoted AJ Bell’s Russ Mould saying Anglo has “turned from prey to predator.” JPMorgan’s Dominic O’Kane called it “strategically excellent for Anglo.” Jefferies’ Christopher LaFemina and Patricia Hove said regulatory risk is “manageable.” Reuters
This week doesn’t include an Anglo earnings date, but merger filings and the July production schedule are keeping the spread active. Teck said there’s still no election deadline; they’ll announce it at least seven business days ahead. Back in March, Reuters said Anglo’s Brazil CEO Ana Sanches was looking for regulatory clearance by year-end. CEO Wanblad had put decisions from China and South Korea sometime between September and March.
