Anglo Teck: The New Global Mining Leader After the Merger

The proposed Anglo Teck merger will create one of the world's largest copper producers and a leading critical minerals champion, with headquarters relocating to Vancouver, Canada. This strategic combination brings together complementary mining portfolios and technical expertise across multiple continents, positioning the new entity to capitalize on growing demand for copper and other critical minerals essential for renewable energy infrastructure.

The deal represents more than just corporate consolidation it signals a fundamental shift in how mining companies are positioning themselves for the energy transition. With roughly even representation planned across upper management and the board of directors, Anglo Teck aims to leverage the strengths of both organizations while navigating complex regulatory approvals and market expectations in the months ahead.

Overview of the Anglo Teck Merger

Anglo American plc and Teck Resources Limited have agreed to combine through a merger of equals to form Anglo Teck, creating a global critical minerals champion worth approximately $70 billion. The transaction establishes a share exchange ratio of 1.33 Anglo American shares for each Teck share, with the combined entity headquartered in Canada.

Merger of Equals Structure

The merger of equals between Anglo American and Teck Resources creates Anglo Teck as a Canadian-based global critical minerals champion. The combined entity will rank as a top five global copper producer.

Anglo Teck is expected to offer more than 70% copper exposure to investors, significantly enhancing the portfolio's focus on critical minerals. The merger brings together both companies' operational excellence capabilities.

The structure leverages proven capabilities in technical operations, sustainability practices, and project execution. This combination aims to deliver value-accretive growth opportunities throughout market cycles.

The new entity maintains headquarters in Canada while serving global markets. Both companies believe this arrangement enhances portfolio quality and strategic positioning for shareholders.

Key Shareholder Terms

Anglo American will issue 1.33 ordinary shares to existing Teck shareholders in exchange for each outstanding Teck class A common share. This exchange ratio forms the foundation of the merger transaction.

The deal structure provides Teck Resources shareholders with significant ownership in the combined Anglo Teck entity. Anglo American shareholders retain their existing positions while gaining exposure to Teck's critical minerals portfolio.

Key Financial Metrics:

• Total Deal Value: Approximately $70 billion
• Exchange Ratio:33 Anglo American shares per Teck share
• Expected Synergies: US$800 million in pre-tax benefits

The transaction creates value for both shareholder bases through enhanced scale and diversification. The merger structure maintains balanced representation from both legacy companies.

Timeline and Completion Conditions

The merger announcement occurred in September 2025, with both companies' boards approving the transaction terms. Regulatory approvals remain pending across multiple jurisdictions where both companies operate.

Canadian Innovation Minister Chrystia Freud indicated that Teck and Anglo CEOs will need to convince her regarding the strategic benefits of the combination. Canadian government approval represents a critical milestone for completion.

The transaction requires shareholder approvals from both Anglo American plc and Teck Resources Limited. Additional regulatory clearances are needed in key operating jurisdictions including South Africa and Chile.

Competition authority reviews will examine the combined entity's market position in copper and other critical minerals. The companies expect to satisfy all closing conditions through standard regulatory processes.

Completion timing depends on regulatory review schedules and shareholder meeting logistics. Both companies continue normal operations during the approval process.