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Anglo American and Teck Agree to Create $53 Billion Copper Giant Amid AI Boom

Tue, Sep 9, 2025, 6:25 AM 2 min read

Ariel Marinkovic / AFP / Getty Images Anglo American's Los Bronces mine near Santiago, Chile.

Anglo American has struck a deal to buy Canada’s Teck Resources, creating a $53 billion copper giant at a time when electricity demand by data centers to feed the AI boom is soaring.
Copper prices have climbed about 15% since the start of the year, but have come off record highs after President Donald Trump’s 50% import levies on the metal kicked in at the start of August.
Shareholders of Anglo American will own around 62.4% of Anglo Teck while the Canadian firm’s shareholders will have roughly 37.6%.

Anglo American has struck a deal to buy Canada’s Teck Resources, creating a $53 billion copper giant at a time when electricity demand by data centers to feed the AI boom is soaring.

Anglo Teck, the name of the merged company, will “offer more than 70% copper exposure” and be headquartered in Vancouver, Canada, the companies said. Its primary listing will be London though it will also be traded in New York, Johannesburg and Toronto.

Copper prices have risen by around 15% this year on the back of not just demand for electricity to power AI data centers but also to meet the power needs of the transition to renewable energy, including for electric vehicles. Prices for the metal commonly used in electrical wiring have come off record highs fueled by pre-tariff buying, however, after President Donald Trump’s 50% import levies on the metal kicked in at the start of August.

As part of the merger announced Tuesday, shareholders of Anglo American will own around 62.4% of Anglo Teck while the Canadian firm’s shareholders will have roughly 37.6%. The companies said they expect the deal to be completed in around 12-18 months, subject to regulatory and shareholder approvals, though the boards of both have green lit the deal.

Both companies have rejected bigger acquirers in recent years. Anglo, which is listed in both London and Johannesburg and has a market cap of around $36 billion, turned down an around $50 billion offer from Australian mining giant BHP Group (BHP) last year. Teck, which is valued at $17 billion, rejected a $23 billion bid by Glencore in 2023 though it sold its steelmaking coal business to the Swiss commodities trading firm the following year.