Anglo American and Teck Resources announce merger to create Anglo Teck

Tue, Sep 9, 2025, 5:58 AM 3 min read

Anglo American and Teck Resources have announced a merger of equals to create Anglo Teck, a new global critical minerals company.

The merger is expected to position Anglo Teck as a "top five" global copper producer, with investors set to gain more than 70% exposure to copper.

The combination will be executed through a plan of arrangement, with Anglo American issuing 1.3301 ordinary shares to current Teck shareholders in return for each outstanding Teck Class A common share and Class B subordinate voting share.

Following the merger, Anglo American and Teck shareholders will own approximately 62.4% and 37.6% of Anglo Teck, respectively.

The merger is expected to generate annual pre-tax synergies of around $800m (£588.93m) by the fourth-year post-completion.

The new company will also target $1.4bn of EBITDA (earnings before interest, taxes, depreciation and amortisation) revenue synergies annually from 2030 to 2049, and focus on optimising the value of adjacent assets in Collahuasi and Quebrada Blanca.

Furthermore, Anglo American is planning a special dividend of $4.5bn to its shareholders before the merger's completion. This aims to create an efficient balance sheet and equitable value delivery for shareholders of both companies.

Anglo American CEO Duncan Wanblad said: “We are unlocking outstanding value both in the near and longer term – forming a global critical minerals champion with the focus, agility, capabilities and culture that have characterised both companies for so long.

“We have a unique opportunity to bring together two highly regarded mining companies whose portfolios and capabilities are deeply complementary, while also sharing a common set of values.”

Anglo Teck is set to leverage the strengths of both companies in various aspects of mining operations.

The combined entity will boast an industry-leading portfolio including six world-class copper assets, as well as high-quality iron ore and zinc businesses.

Anglo Teck will have a global capital markets presence, with planned listings on the London, South Africa, Toronto and New York stock exchanges.

The merger, which will establish the global headquarters of Anglo Teck in Vancouver, is subject to customary conditions and approvals, including under the Investment Canada Act.

Teck CEO Jonathan Price said: “This merger of two highly complementary portfolios will create a leading global critical minerals champion headquartered in Canada – a top five global copper producer with exceptional mining and processing assets located across Canada, the United States, Latin America and Southern Africa.