By The Canadian Press
September 09, 2025
VANCOUVER — Vancouver-based Teck Resources Ltd. and Anglo American plc have announced an agreement to merge their operations.
A statement from the two mining and natural resources companies released on Monday night says they will form the Anglo Teck group.
The release says the “merger of equals” will create a company that will be a global critical minerals champion and one of the world’s largest producers of copper.
The two companies are committing to having Anglo Teck’s global headquarters in Vancouver, with corporate offices in London and Johannesburg.
Canada’s Minister of Industry Melanie Joly said in a social media post that the federal government will address several issues as it considers the merger, including the combined firm’s pledge to have its senior leadership based in and reside in Canada.
Teck Resources and Anglo American expect the merger to be completed in the next 12 to 18 months
Anglo American, Teck strike merger in decade’s top mining deal
Anglo American (LON: AAL) is acquiring Teck Resources (TSX: TECK.A TECK.B, NYSE: TECK), Canada’s largest diversified miner, in a $50-billion all-share deal that would create the world’s fifth-largest copper producer — if regulators in Canada, the United States and China sign off.
Anglo will exchange 1.3301 shares for each Teck share, a structure it called a “zero-premium” merger. The math tells a different story: the exchange ratio represents a 17% premium on Teck’s closing price Monday, though Anglo will offset it with a $4.5-billion special dividend to its investors, leaving the effective premium at just 1%.
If completed, Anglo shareholders will own 62.4% of the new company, to be named Anglo Teck, while Teck shareholders will hold 37.6%. Anglo CEO Duncan Wanblad will lead the combined miner, with Teck CEO Jonathan Price as deputy.
Wanblad said she headquarters will be based in Vancouver, while Anglo’s London office, where its stock is listed, will be “streamlined”. Secondary listings are planned for Toronto and Johannesburg, along with a New York float via American Depository Receipts.
The merger is aimed at securing copper supply amid soaring demand for the metal, essential to electrification and renewable energy. Teck’s Quebrada Blanca mine in Chile, plagued by cost overruns and operational challenges, is central to that strategy. Both Anglo and Teck have shed assets in recent years to focus on critical metals, with Teck selling most of its coal unit to Glencore and Anglo moving to exit coal, platinum and diamonds.
Canada’s Industry Minister Mélanie Joly said the merger will undergo review under the Investment Canada Act to ensure it delivers a “net benefit” to the country. “Any new investments must support our core mission of building one economy in the best interests of Canadians,” she posted on X.
The deal comes after both miners resisted takeover bids: Anglo rebuffed a $49-billion approach from BHP Group last year, while Glencore failed to acquire Teck in 2022. Analysts say consolidation has been building across the industry as companies race to secure copper reserves.
More to come…
Miners Anglo American and Canadian peer Teck Resource plan new copper giant
By AFP
September 9, 2025
Copper demand has exploded in recent years as the world transitions to cleaner energy and artificial intelligence - Copyright GETTY IMAGES NORTH AMERICA/AFP SCOTT OLSON
Ben PERRY
British mining group Anglo American and Canadian peer Teck Resources on Tuesday announced plans for a multi-billion-dollar merger, creating a champion of copper production and other critical minerals.
A combined group is worth more than US$50 billion according to the companies’ current market values, while the agreed deal is expected to complete in 12-18 months, subject to regulatory hurdles.
It will create Anglo Teck, headquartered in Vancouver and with a primary listing in London, according to a joint statement. It is the sector’s biggest tie-up for some years.
Copper demand has exploded in recent years as the world transitions to cleaner energy and artificial intelligence (AI).
The metal is needed for solar panels, wind turbines, electric-vehicle batteries and consumer electronics.
“This merger of two highly complementary portfolios will create a leading global critical minerals champion headquartered in Canada,” Teck chief executive Jonathan Price said in the statement.
Anglo American shareholders will own 62.4 percent of the new group and Teck shareholders the remainder.
Price added that the new company would be “a top five global copper producer with exceptional mining and processing assets located across Canada, the United States, Latin America, and Southern Africa”.
Copper is used also in military hardware, including aircraft, while there is growing demand linked to the boom in AI and data centres.
Alongside copper assets, the new group will operate premium iron ore, zinc and crop nutrients businesses.
Anglo Teck expects recurring annual pre-tax cost savings of $800 million, beginning four years after the merger completes.
“We are all committed to preserving and building on the proud heritage of both companies, both in Canada, as Anglo Teck’s natural headquarters, and in South Africa where our commitment to investment and national priorities endure,” said Anglo American chief executive Duncan Wanblad.
He will become CEO of Anglo Teck, with Price his deputy.
– Shares soar –
Shares in Anglo American surged more than eight percent in early trading, taking it to the top of London’s benchmark FTSE 100 index. Shares in rival miners jumped on its coattails.
“Anglo American’s merger with Teck is its latest strategic pivot that cements copper at the heart of its portfolio,” noted Matt Britzman, senior equity analyst at Hargreaves Lansdown.
“With over 70 percent copper exposure… the combined group is positioned to ride the structural demand story tied to electrification and energy transition.”
Anglo American in 2024 rejected a multi-billion-dollar takeover bid from Australian rival BHP, one year after Swiss commodities giant Glencore failed with an offer for Teck.
More recently, US group Peabody Energy walked away from a a $3.8-billion deal to buy Anglo American’s steelmaking coal business.
In 1917, German-born industrialist Ernest Oppenheimer founded Anglo American in South Africa, 15 years after his arrival in the country.
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