Anglo American and Teck Resources have reached an agreement to combine the two companies in a merger of equals, forming the Anglo Teck group. Headquartered in Vancouver, Canada, Anglo Teck will be a global critical minerals champion and top-five global copper producer.
Bringing together the strengths of both companies, Anglo Teck will leverage proven capabilities in technical and operational excellence, sustainability, product marketing and project execution to deliver significant, value-accretive growth through the cycle. The company will hold an industry-leading portfolio of producing operations, including six world-class copper assets, alongside high-quality premium iron ore and zinc businesses.
“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,” said Anglo American CEO Duncan Wanblad.
“We are all committed to preserving and building on the proud heritage of both companies, both in Canada, as Anglo Teck’s natural headquarters, and in South Africa where our commitment to investment and national priorities endure. Together, we are propelling Anglo Teck to the forefront of our industry in terms of value accretive growth in responsibly produced critical minerals.”
Under the proposed deal, which requires regulatory approvals, Anglo American shareholders would own 62.4% of Anglo Teck, while shareholders in Teck Resources would hold 37.6%. The merger is expected to close within 12-18 months.
Source: Anglo American