Teck and Anglo American receive Government of Canada approval for merger of equals under Investment Canada Act

Executive Summary

• The Government of Canada approved the Anglo American‑Teck merger of equals under the Investment Canada Act.
• The combined entity, to be named Anglo Teck, will have its global headquarters in Vancouver and a primary listing on the LSE, with additional listings on the JSE, TSX and NYSE.
• Binding commitments require Anglo Teck to invest at least C$4.5 billion in Canada within five years (C$10 billion over 15 years), including major capital projects such as the Highland Valley Copper Mine life extension, Trail processing expansion, and development of Galore Creek and Schaft Creek copper projects.

Key Details

• Regulatory Approval: Received from the Government of Canada under the Investment Canada Act (ICA).
• Merger Structure: Merger of equals between Anglo American plc and Teck Resources Limited; shareholders approved on Dec 9, 2025.
• Corporate Identity: Combined business will be called Anglo Teck with global headquarters in Vancouver, Canada.
• Listings: Primary listing on the London Stock Exchange (LSE); secondary listings on the Johannesburg Stock Exchange (JSE), Toronto Stock Exchange (TSX), and New York Stock Exchange (NYSE) via ADRs (subject to exchange approvals).
• Commitments – Perpetual:
• Name “Anglo Teck” and Canadian headquarters.
• Majority of senior management and board members based in Canada.
• Adherence to high environmental, social, and Indigenous engagement standards.
• TSX listing pursuit and index inclusion.
• Commitments – Time‑Limited (5–15 years):
• Minimum C$4.5 billion investment in Canada within five years; total C$10 billion over 15 years.
• Highland Valley Copper Mine Life Extension: Capital spend of approx. C$2.1–C$2.4 billion.
• Trail Operations Expansion: Up to C$850 million for critical minerals processing (including germanium) and potential Red Dog Mine life extension linkage.
• Galore Creek & Schaft Creek Projects: Up to C$750 million for development.
• Critical Mineral Exploration & Technology: At least C$300 million, including support for Canadian junior miners.
• Global Institute for Critical Minerals Research and Innovation: Minimum C$100 million funding; collaborative effort across Canada, South Africa, and the UK.
• Indigenous & Community Initiatives: Minimum C$200 million contributions; maintain 100% employment levels at Canadian operations and increase youth training.
• Supplier Diversity: Fair opportunity for Canadian and Indigenous suppliers.
• Potential New Copper Smelter Study in British Columbia.
• South Africa Commitments:
• Ongoing compliance with empowerment and mining licence requirements.
• ZAR600 million contribution to South Africa’s Junior Mining Exploration Fund (partnered with IDc and the Department of Mineral and Petroleum Resources).
• Closing Conditions: Subject to customary closing conditions, including additional regulatory approvals in other jurisdictions; competition approvals already obtained in Canada and Australia.
• Reference Documents: Management Information Circular dated 3 Nov 2025 (available on SEDAR+ and EDGAR).

Notable Quotes

“The Government of Canada’s approval is an important step forward… 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.” – Jonathan Price, President & CEO, Teck

“We are delighted to receive regulatory approval… Anglo Teck represents a significant investment in Canada, its people and its natural resources…” – Duncan Wanblad, CEO, Anglo American