Posted on 10 Sep 2025
UK-based miner Anglo American has agreed to merge with Canada’s Teck Resources
to create a “global critical minerals champion,” the companies announced Tuesday.
The miners describe the deal as a “merger of equals,” although Anglo will hold a 62.4%
share in the new combined company, while Teck will have a 37.6% interest. The new
company, called Anglo Teck, will be headquartered in Vancouver, Canada, with the
primary listing in London, Kallanish understands. Anglo chief executive Duncan
Wanblad will head the new firm.
Anglo Teck will be one of the top five global copper producers, with a combined annual
copper production of around 1.2 million tonnes, which is expected to grow to 1.35m t in
2027, the companies say. Anglo and Teck currently operate the adjacent Collahuasi and
Quebrada Blanca copper operations in Chile.
Under the deal, Anglo will issue 1.33 shares to existing Teck shareholders for each
share they hold in Teck. The London-listed miner will also issue a special $4.5 billion
dividend to its shareholders ahead of the deal.
“Having made such significant progress with Anglo American's portfolio transformation,
which has already added substantial value for our shareholders over the past year, now
is the optimal time to take this next strategic step to accelerate our growth,” Wanblad
says in a statement.
Jonathan Price, ceo of Teck, will become deputy chief of Anglo Teck. The move is a
“natural progression” of the company’s strategy and portfolio simplification, he notes.
“Bringing together our world-class copper assets, premium iron ore and zinc operations
and an outstanding pipeline of high-quality growth projects provides enormous
resiliency and optionality,” he adds.
The merger, subject to shareholder approval and regulatory conditions, is expected to
close within 12-18 months.
The deal comes after Anglo rejected last year a takeover attempt by BHP for a
proposed £38.6 billion ($52.38 billion). As part of its portfolio simplification, the company
shifted its focus to copper, premium iron ore and crop nutrients, while selling/demerging
its platinum, coal, nickel and diamond assets.
Source:Kallanish
