Anglo American and Teck receive approval for merger of equals

(Posted on 18/12/25)

Anglo American plc and Teck Resources Limited have received regulatory approval from the Government of Canada under the Investment Canada Act for the merger of equals between Anglo American and Teck which was announced on 9 September 2025. Anglo American and Teck believe that the formation of Anglo Teck in a merger of equals will provide exceptional and enduring benefits for Canada, founded upon establishing a global critical minerals champion headquartered in Canada.

Anglo American and Teck set out a number of proposed commitments in their September transaction announcements which have been further defined into a set of binding commitments under the ICA. The commitments include that Anglo Teck will spend at least C$4.5 billion in Canada within 5 years, including in connection with the Highland Valley Copper mine life extension, enhancing critical minerals processing capacity at Trail, and advancing the development of the Galore Creek and Schaft Creek copper projects in northwestern British Columbia. Such expenditures will enable Anglo Teck to spend a total of at least C$10 billion in Canada over 15 years.

Duncan Wanblad, CEO of Anglo American, said: “We are delighted to receive regulatory approval from the Government of Canada for our merger of equals with Teck. Today’s confirmation by Minister of Industry, the Honourable Mélanie Joly, marks yet another step towards forming a major global critical minerals powerhouse, following the overwhelming endorsement of both our and Teck’s shareholders last week. Anglo Teck represents a significant investment in Canada, its people and its natural resources, underpinned by a comprehensive package of commitments designed to drive enduring economic and wider benefits associated with a thriving mining ecosystem in British Columbia, and in Canada as a whole.

“We are all committed to preserving and building on the proud heritage of both companies, in Canada, as home to Anglo Teck’s global headquarters, in South Africa where our commitment to investment and national priorities endures, and across our entire global operational and commercial footprint. We look forward to continuing our commitment to engage meaningfully with all stakeholders, including Indigenous Peoples and communities, as Anglo Teck. Together, Anglo Teck will be at the forefront of our industry in terms of value accretive growth in responsibly produced critical minerals.”

Jonathan Price, President and CEO of Teck, said: “The Government of Canada’s approval is an important step forward in the formation of Anglo Teck—a new global critical minerals champion headquartered in Canada. This merger will combine two world-class companies to form a business of significant scale and capability that will deliver billions in investment and drive new economic activity and job creation here in Canada and beyond.

“Canada – and British Columbia – are recognised worldwide as strong mining jurisdictions with critical minerals strategies focused on creating a positive environment to attract new investment and growth in responsible mining. Establishing Anglo Teck here in Vancouver is wholly aligned with government’s economic focus and will help to further elevate Canada’s role and impact on the global critical minerals stage, creating benefits for communities, Indigenous Peoples, employees and all stakeholders.”

The merger of Anglo American and Teck was approved by each company’s shareholders at meetings held on 9 December. Completion of the merger remains subject to conditions customary for a transaction of this nature, including relevant competition and regulatory approvals in various jurisdictions globally. The merger has already received competition approvals in Canada and Australia, and other reviews are progressing.