Source Credit : Portfolio Prints
Overview of the Deal
On September 9, 2025, Anglo American and Teck Resources confirmed a transformational “merger of equals” to create a new mining powerhouse named Anglo Teck. The combined entity will boast a market capitalization exceeding $53 billion, positioning it as one of the world’s premier copper producers.
Ownership Structure & Governance
Under the agreement, Anglo American shareholders will control approximately 62.4% of Anglo Teck, while Teck shareholders will hold the remaining 37.6%. Leadership will be shared: Duncan Wanblad, Anglo American’s CEO, will lead as CEO of Anglo Teck, and Jonathan Price, Teck’s CEO, will serve as Deputy CEO.
Headquarters & Listings
Anglo Teck will be headquartered in Canada (Vancouver) but will retain a primary listing on the London Stock Exchange, with secondary listings on the Johannesburg Stock Exchange, Toronto Stock Exchange, and New York Stock Exchange.
Strategic Rationale
The merger is a strategic bet on copper, whose demand is surging due to trends like electric vehicle adoption and AI-powered data center growth. Anglo Teck aims to achieve $800 million in annual cost savings by the end of its fourth year, driven by streamlined leadership structure, operational efficiencies, and synergy realization.
Opportunities in Chilean Copper Operations
The two companies operate adjacent copper assets in Chile—Collahuasi and Quebrada Blanca. Their integration is expected to create additional operational benefits and synergies. These include improved infrastructure utilization, processing efficiencies, and enhanced production planning.
Next Steps & Approvals
The merger, expected to complete within 12 to 18 months, remains subject to antitrust and regulatory approvals across multiple jurisdictions. Shareholder votes and court proceedings under a formal plan of arrangement will be required.
Why It Matters
Creation of a global copper champion
The merger consolidates complementary portfolios, merging Anglo’s and Teck’s copper, iron ore, and zinc strengths into one diversified, resilient platform.
Favors Canada, benefits Britain
With headquarters in Vancouver and listings spanning London to New York, the arrangement bridges key financial centres while preserving global access.
Synergy-driven value
The estimated $800 million annual cost savings reflect substantial savings in leadership, overhead, procurement, and functions.
Geographic leverage
Combining adjacent Chilean copper operations lays the groundwork for operational optimization, potential cost savings, and enhanced copper production.
Industry consolidation amid rising demand
As demand for copper accelerates—especially for decarbonization and digital infrastructure—this merger signals bold strategic positioning in a resource-intensive industry.
Summary Table
| Aspect |
Details |
| New Entity |
Anglo Teck |
| Market Cap |
Over $53 billion |
| Ownership Split |
Anglo 62.4%, Teck 37.6% |
| HQ Location |
Vancouver, Canada |
| Stock Listings |
Primary in London; secondary in JSE, TSX, NYSE |
| Annual Cost Savings |
$800 million by Year 4 |
| Strategic Partners |
Chilean copper operations—Collahuasi & Quebrada Blanca |
| Leadership |
Duncan Wanblad (CEO), Jonathan Price (Deputy CEO) |
| Timeline |
Completion expected in 12–18 months |
Anglo American and Teck Resources have agreed to merge in a $53 billion deal to form “Anglo Teck” a new global mining giant.
The combined company will be headquartered in Vancouver, keep its main stock listing in London, and focus heavily on copper—driven by rising demand from EVs and data centers. Anglo shareholders will own about 62%, Teck holders 38%. The merger is expected to deliver $800 million in annual savings and unlock synergies from their copper operations in Chile. The deal still requires shareholder and regulatory approvals and could take 12–18 months to finalize.
