Teck Resources and Anglo American agreed to merge in an at-market transaction that will form Anglo Teck, a top five copper producer with more than 70% exposure to the red metal.
The companies said the combined group will be headquartered in Canada and keep a Toronto Stock Exchange listing, while maintaining a primary listing in London and listings in Johannesburg and, via ADRs, on the New York Stock Exchange.
Keeping a TSX listing means local institutions and retail investors retain direct access to a copper-leaning producer set to sit near the top tier of global peers. Vancouver will host the global headquarters, with London and Johannesburg as major corporate offices.
Duncan Wanblad is slated to be CEO, with Teck’s Jonathan Price as deputy CEO, and John Heasley as CFO. Sheila Murray will chair the board.
Each Teck Class A and Class B share will convert into 1.3301 Anglo American ordinary shares, with Anglo shareholders owning about 62.4% of Anglo Teck and Teck holders owning around 37.6% at closing.
Anglo American’s board intends to declare a special dividend of about 4.5 billion dollars, or roughly 4.19 dollars per share. The companies target completion in 12 to 18 months, subject to customary approvals, including under Canada’s Investment Canada Act.
The pair forecast about 800 million dollars in recurring, pre-tax annual synergies by the end of year four after closing, with about 80% realized by the end of year two.
They also point to a longer-dated uplift from integrating operations around Chile’s Collahuasi and Quebrada Blanca mines, estimating an average 1.4 billion dollars a year in additional underlying EBITDA from 2030 through 2049 and the potential for roughly 175,000 tonnes of extra annual copper output.
Those longer-term gains will take time and coordination with partners, but if delivered they would bolster throughput in one of the world’s most important copper districts.
The companies cite combined annual copper production of about 1.2 million metric tons and a pathway toward roughly 1.35 million tons by 2027, supported by a portfolio that includes Highland Valley in British Columbia, Collahuasi and Quebrada Blanca in Chile, Quellaveco in Peru, and stakes in Antamina and Los Bronces.
The group will also retain scale businesses in premium iron ore and zinc, including Red Dog in Alaska, which adds diversification through the cycle.
The continued TSX listing keeps the merged company in front of Canada’s deep pool of mining specialists and generalist funds that allocate through Canadian mandates.
It also preserves a local venue for price discovery in a period when policy support for electrification and grid build-outs has sharpened the market’s focus on copper supply.
The combination offers a single security with copper leverage plus optionality in other critical minerals, while the London primary listing and NYSE ADRs broaden the shareholder base and liquidity across time zones.
Anglo Teck also plans to continue Anglo American’s portfolio simplification, including work to separate De Beers and complete previously announced disposals in steelmaking coal and nickel. Those moves could reshape cash flow and capital allocation in the first few years after closing.
