Anglo, Teck Win Canada’s Approval to Form $50 Billion Miner
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Pipes at the Codelco El Teniente mine in Machali, Chile, on Wednesday, April 2, 2025. Copper extended its retreat from a nine-month high as sentiment in industrial metals markets soured ahead of new tariffs from US President Donald Trump. Photographer: Cristobal Olivares/Bloomberg Photo by Cristobal Olivares /BloombergArticle content(Bloomberg) — The Canadian government has approved Anglo American Plc’s acquisition of Teck Resources Ltd., helping to clear the way for the creation of a $50 billion metals giant focused on copper mines in Chile and Peru.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe approval under the Investment Canada Act formalizes commitments made by the miners in September and comes within a week of both firms’ shareholders giving their consent to the deal.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle content“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,” Teck Chief Executive Officer Jonathan Price said in a statement.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentAnglo’s deal to acquire Teck — struck about three months ago — will give it access to the Canadian firm’s portfolio of copper mines just as the metal is trading near record highs. Anglo’s copper business has also drawn the attention of rivals, with the London-based company twice rejecting approaches from BHP Group, the world’s biggest miner.Article contentAnglo and Teck agreed to strengthen earlier promises about the new headquarters, which will be in Vancouver. Two-thirds of senior executives at Anglo Teck will have to reside primarily in Canada, and the board will have 50% Canadian representation for seven years, according to Industry Minister Melanie Joly.Article contentThe minister said the deal would secure 4,000 jobs in the country — equal to Teck’s current employment there. The companies also said they’ll seek inclusion in Canada’s major stock indexes and spend at least C$4.5 billion ($3.3 billion) in the country within five years.Article contentTeck’s copper assets have long been coveted by major mining firms, though its flagship Quebrada Blanca mine in northern Chile has been beset by operational problems. Anglo owns a neighboring copper mine called Collahuasi.Article contentAnglo agreed to pay 1.3301 shares for each Teck share in a deal both companies presented as a zero-premium transaction when it was announced.Article content—With assistance from Doug Alexander.Article content(Updates with information, beginning in the fourth paragraph.)Article contentTrending McKinsey plots thousands of layoffs in consulting slowdown Work The Federal Reserve’s rate cut was a clear signal to investors Investor Posthaste: Canada's provinces face 'deteriorating' outlook, says Fitch Ratings News Bank of Canada expected to hold interest rate steady through 2026 as inflation cools Economy Garry Marr: How raiding your TFSA before the end of year could save you thousands Personal Finance Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. McKinsey plots thousands of layoffs in consulting slowdown Work The Federal Reserve’s rate cut was a clear signal to investors Investor Posthaste: Canada's provinces face 'deteriorating' outlook, says Fitch Ratings News Bank of Canada expected to hold interest rate steady through 2026 as inflation cools Economy Garry Marr: How raiding your TFSA before the end of year could save you thousands Personal Finance