Anglo American and Teck Resources have announced a definitive agreement to merge in an all-stock transaction, forming Anglo Teck, a global critical minerals company and one of the world’s top five copper producers. Valued between US$50 billion and US$53 billion, the new company will be headquartered in Vancouver, Canada, with listings on the London (LSE), Toronto (TSX), Johannesburg (JSE), and New York (NYSE) stock exchanges.
By Panorama Minero
Anglo Teck will be formed through a market merger of equals, with Anglo American shareholders owning 62.4% of the new company and Teck shareholders the remaining 37.6%. The deal has received unanimous approval from both boards and is expected to close within 12 to 18 months, pending regulatory approvals in various jurisdictions.
The combined portfolio includes six world-class copper operations and complementary businesses in premium iron ore, zinc, and crop nutrients. Key assets include Collahuasi, Quebrada Blanca, Quellaveco, Los Bronces, Highland Valley Copper, and Antamina, with operations across Chile, Peru, Canada, and the United States.
One of the core advantages of the merger is the potential for US$800 million in annual pre-tax synergies, alongside an estimated US$1.4 billion average annual EBITDA uplift from 2030 to 2049, derived from the operational integration of the adjacent Collahuasi and Quebrada Blanca assets. This is expected to generate an additional 175,000 tonnes of copper per year starting in 2030.
The CEOs of both companies emphasized the complementarity of their portfolios and the strategic opportunity to position Anglo Teck as a global leader in critical minerals for the energy transition. Duncan Wanblad (currently CEO of Anglo American) will serve as CEO of the new company, with Jonathan Price (Teck) as Deputy CEO and John Heasley as CFO. Sheila Murray will serve as Chair of the Board.
Anglo Teck is expected to produce 1.2 million tonnes of copper annually, with plans to increase output to 1.35 million tonnes by 2027. It will also maintain a strong presence in premium-grade iron ore, zinc, germanium, and fertilizers, with a pipeline of investments in exploration, processing, and project development across the Americas, Africa, and Europe.
