Published: September 9, 2025 |

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Anglo American and Teck Resources have reached an agreement to combine the two companies in a merger of equals to form the Anglo Teck Group in $53 billion deal.

Both Anglo American and Teck said they believe the merger will be highly attractive for both companies’ shareholders and stakeholders, enhancing portfolio quality, resilience and strategic positioning. 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.

“We are unlocking outstanding value both in the near and longer term — forming a global critical minerals champion with the focus, agility, capabilitie,s and culture that have characterized both companies for so long. Having made such significant progress with Anglo American’s portfolio transformation, which has already added substantial value for our shareholders over the past year, now is the optimal time to take this next strategic step to accelerate our growth,” said Duncan Wanblad, chief executive officer of Anglo American.

“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. 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,” added Wanblad.

“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. It is a natural progression of our strategy and portfolio simplification, which created a platform to enable exactly this sort of transformative transaction,” said Jonathan Price, chief executive officer of Teck.

“Bringing together our world-class copper assets, premium iron ore and zinc operations and an outstanding pipeline of high-quality growth projects provides enormous resiliency and optionality. This transaction will create significant economic opportunity in Canada, while positioning Anglo Teck to deliver sustainable, long-term value for shareholders and all stakeholders,” added Price.

Anglo Teck will hold an industry-leading portfolio of producing operations, including six world-class copper assets, alongside high-quality premium iron ore and zinc businesses. Anglo Teck will be one of the world’s largest copper producers, and will benefit from some of the world’s highest quality copper endowments, with major brownfield and greenfield copper development projects, located in attractive and well-established mining jurisdictions, to further grow the business. Anglo Teck will also retain growth optionality across its wider product portfolio, including in premium iron ore, zinc, and crop nutrients.

Anglo Teck will be a global mining leader with its global headquarters located in Vancouver and corporate offices to support the global group in London and Johannesburg. With key leadership roles based in Canada, including Duncan Wanblad as CEO, Jonathan Price as Deputy CEO, and John Heasley as CFO, with Sheila Murray as chair, Anglo Teck will play an enhanced role in the Canadian mining ecosystem, while continuing to play a significant role in mining and business leadership in South Africa and the UK, and expects to be strongly positioned to support the critical minerals strategies of these countries and the priorities of local communities and stakeholders. Country offices and marketing hubs will continue to support the operational footprint of the combined business.

At or prior to completion, Anglo American and Teck will each nominate for appointment 50 percent of the non-executive directors of the Anglo Teck board, with Sheila Murray to serve as chair of Anglo Teck upon completion. Upon completion, the executive directors of Anglo Teck will be Duncan Wanblad as CEO, Jonathan Price as Deputy CEO, and John Heasley as CFO. The CEO, Deputy CEO, and CFO, and a significant majority of the senior executive team will be based in and reside in Canada, with the senior executive team including meaningful representation from South Africa and the UK. Prior to completion, Anglo American will seek shareholder approval to change its legal name to Anglo Teck.

Anglo American and Teck said they believe that the formation of Anglo Teck in a merger of equals will provide exceptional and enduring benefits for Canada, including establishing a global critical minerals champion headquartered in Canada, bringing strengthened Canadian leadership in critical minerals on the world stage. It will accelerate Canada’s ambition of capitalising on its natural resource advantages — driving enhanced capacity across the value chain and broader market access, further leveraged by Anglo Teck’s considerable operational footprint and growth optionality in North America, Latin America, southern Africa and Europe.

The merger is subject to completion conditions, including approval under the Investment Canada Act and competition and regulatory approvals in various jurisdictions globally. The merger is expected to close within 12-18 months.

Anglo American is a leading global mining company and its products are the essential ingredients in almost every aspect of modern life. Their portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions of consumers. With people at the heart of their business, they use innovative practices and the latest technologies to discover new resources and to mine, process, move, and market products to their customers — safely and sustainably. As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and metallurgical coal for steelmaking, and nickel — with crop nutrients in development — they are committed to being carbon neutral across operations by 2040. More broadly, their Sustainable Mining Plan commits them to a series of stretching goals to ensure they work towards a healthy environment, creating thriving communities, and building trust as a corporate leader. They work together with business partners and diverse stakeholders to unlock enduring value from precious natural resources for the benefit of the communities and countries in which they operate.

Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Teck is headquartered in Vancouver, Canada.

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