Anglo American and Canada’s Teck Resources are joining forces in a $50bn merger that will reshape the global copper mining industry. The new company, to be named Anglo Teck, will emerge as a copper powerhouse at a time when demand for critical minerals is intensifying worldwide.
Under the terms of the agreement, London-listed Anglo American will control 62.4% of the combined entity, while Teck shareholders will own the remainder. The headquarters will be based in Vancouver, marking another step away from London as a global hub for major mining groups after BHP’s departure in 2022.
Despite the move, Anglo Teck will maintain its primary stock listing in London, with additional listings in Johannesburg, Toronto, and New York. Anglo’s CEO Duncan Wanblad will lead the merged group, while Teck’s CEO Jonathan Price will become deputy chief executive.
The deal underlines Anglo American’s strong commitment to copper, having produced 770,000 tonnes in 2023. Teck, expected to deliver up to 525,000 tonnes this year, also has ambitious expansion projects planned for the coming decade. Together, the companies will consolidate their stakes in Chile’s Collahuasi and Quebrada Blanca copper complexes, reinforcing their position as leading players in South America.
Both groups had recently resisted takeover attempts from larger competitors. Anglo fought off a £39bn bid from BHP in 2023, while Teck rejected interest from Glencore, instead selling its steelmaking coal business to Glencore in a $7bn deal.
The merger terms include Anglo issuing 1.33 shares for every Teck share, alongside a special $4.5bn dividend to Anglo shareholders. Teck’s long-time controlling shareholder Norm Keevil endorsed the agreement, calling it a “powerful next chapter” for the family-founded company.
Once finalized, the merger is expected to generate annual cost savings of $800mn before tax. Shareholder approval is anticipated in the coming months, with regulatory reviews likely to extend completion by up to 18 months.
The announcement was welcomed by markets: Anglo’s shares climbed 9% in London, while Teck’s US-listed stock jumped nearly 14%. Industry observers view the deal as a significant milestone in the consolidation of global mining, positioning Anglo Teck at the forefront of copper supply for the energy transition.
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