News24 | Anglo, Teck deal ‘incredible opportunity’ for Canada, says politician

A merged Anglo American and Teck group will be headquartered in Vancouver (pictured). It will be the largest company in the history of British Columbia to have its head office in the Canadian province.

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Anglo American combination with Teck Resources, is an “incredible opportunity” Canada’s government should consider as it reviews the deal, according to the leader of Teck’s home province.

Pledges by the companies to have Vancouver as the global head office of Anglo Teck and to invest further in Canadian projects constitute a “home run,” British Columbia Premier David Eby said. The two miners earlier this week agreed to create a more than $50 billion (R890 billion) company in one of the biggest mining deals in over a decade.

“I’m really challenged to imagine another bid that would meet those commitments or be able to top them,” Eby said in an interview. “It’s an incredible opportunity for British Columbia and Canada and I’ll be delivering that message directly to the federal government as they do their assessment of this bid.”

The deal has already been backed by the Keevil family, who hold “super-voting” Class A shares in Teck and fought Glencore Plc’s 2023 bid for the company. However, it now requires a green light from other shareholders, and from Canada’s federal government under the Investment Canada Act.

The nation tightened rules last year around companies involved in producing critical minerals — including copper, the focus of Anglo Teck.

Eby said he had a warning for interloping rival miners who might try to swoop for Teck and secure its copper assets.

“I just would caution other companies that are looking at this — Canada and British Columbia are committed to developing our metals and minerals in our province and in our country, and Teck is a key part of that,” he said by phone.

Eby, leader of the left-leaning New Democratic Party in BC, said he’d also urge the Canadian Liberal Party government to make the companies’ commitments to the country airtight, in case of future changes in leadership or corporate priorities. Earlier on Wednesday, Teck’s CEO Jonathan Price told BNN Bloomberg Television that it was a “perpetual” commitment to have the HQ in Vancouver, historically a mining hub, but home to few global companies.

“This is the largest company in the history of the province to have its head office in British Columbia,” Eby said.