Copper Fox congratulates Teck, Anglo American on merger

Executive Summary

• Teck Resources Ltd. and Anglo American PLC have received regulatory approval from the Government of Canada under the Investment Canada Act for their $53-billion merger of equals.
• The approval clears the way for the creation of one of the world's largest copper producers, following shareholder endorsements from both companies.
• Copper Fox Metals holds a 25% carried interest in the Schaft Creek copper project, which is part of the Anglo Teck merger; the company highlights the commitment to invest at least $4.5 billion in Canada over five years, including advancing the Schaft Creek project.

Key Details

• Transaction Value: The merger is valued at $53 billion.
• Regulatory Status: Approved by Industry Minister Melanie Joly under the Investment Canada Act. Previous approval was granted on national security grounds in November; this approval confirms the deal delivers a net economic benefit to Canada.
• Investment Commitment: Anglo Teck has committed to investments of at least $4.5 billion in Canada within five years.
• Project Impact: Investments include advancing the development of the Schaft Creek copper project.
• Copper Fox Interest: Copper Fox Metals holds a 25% carried interest in the Schaft Creek Joint Venture (Teck holds 75% and is the operator).
• Remaining Approvals: Regulatory reviews continue in Europe, Japan, South Korea, the United States, Chile, and China regarding antitrust concerns. The full approval process could take up to 18 months.
• Market Position: The merged entity, Anglo Teck, would control just under 5% of the global copper market.
• Headquarters: The new entity will be headquartered in British Columbia.

Notable Quotes

• "The government of Canada's approval is an important step forward in the formation of Anglo Teck which will be headquartered in British Columbia, a strong mining jurisdiction in Canada. With Anglo Teck committing to investments of at least $4.5-billion in Canada within five years and within those investments including advancing the development of the Schaft Creek copper project, a project which Copper Fox holds a 25-per-cent carried interest in with Teck, the company looks forward to the potential benefits for communities, indigenous peoples, employees and all stakeholders." — Elmer B. Stewart, President and CEO of Copper Fox Metals