Wrap Text
Anglo American and Teck receive Government of Canada approval for merger of equals under Investment Canada Act
Anglo American plc
Registered office: 17 Charterhouse Street London EC1N 6RA United Kingdom
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GB00BTK05J60
JSE Share Code: AGL
NSX Share Code: ANM
("the Company")
News Release
17 December 2025
Anglo American and Teck receive Government of Canada approval for merger of equals under Investment Canada Act
Anglo American plc ("Anglo American") and Teck Resources Limited ("Teck") have received regulatory
approval from the Government of Canada under the Investment Canada Act ("ICA") 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. A summary of the agreed commitments is set out in Appendix 1.
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.
Following completion, Anglo Teck will have its headquarters in Vancouver and will have its primary listing
on the LSE, retaining FTSE UK index inclusion, as well as listings on the JSE, TSX and NYSE(1).
Appendix 1: Investment Canada Act commitments
Anglo American and Teck have agreed to binding commitments with the Government of Canada under
the ICA, as summarised below.
Commitments a. to f. will remain in place in perpetuity:
a. The name of the combined global business will be Anglo Teck.
b. Anglo Teck's global headquarters will be in Canada.
c. A significant majority of Anglo Teck's senior management will be based in Canada, including the CEO,
Deputy CEO, and CFO as executive directors who will have their principal office and reside primarily
in Canada.
d. A substantial proportion of Anglo Teck plc's board of directors will be Canadian, comprising Anglo
Teck executive directors residing primarily in Canada referred to above, and Canadians.
e. Anglo Teck will further the leading environmental and social practices of both Teck and Anglo
American in Canada and promote within its organisational culture a recognition of the importance
of respecting Indigenous and community rights. Specifically, Anglo Teck will honour all existing
agreements in Canada with communities, Indigenous governments and labour unions, in accordance
with their terms.
f. Anglo Teck will have a listing on the TSX, subject to approval of the TSX, and will seek TSX index
inclusion.
Investing in Canada
The following commitments (g. to q.) are time-limited in duration:
g. Anglo Teck will spend at least C$4.5 billion in Canada within 5 years, including in connection with the
initiatives described below. Such expenditures will enable Anglo Teck to spend a total of at least C$10
billion in Canada over 15 years.
h. Anglo Teck will proceed with the Highland Valley Copper Mine Life Extension ("HVC MLE") Project,
requiring expected capital investment of approximately C$2.1 to C$2.4 billion over the term of the
HVC MLE.
i. Anglo Teck will make capital investments of up to C$850 million to sustain and enhance critical
minerals processing capacity at Teck's Trail Operations, including the potential expansion of
production of germanium and other strategic metals, in part subject to proceeding with the Red
Dog Mine life extension project. These investments will contribute to enhancing critical minerals
supply.
j. Anglo Teck will advance the development of the Galore Creek and Schaft Creek copper projects in
northwestern British Columbia, including capital expenditures of up to C$750 million.
k. Anglo Teck will cause expenditures to be made of at least C$300 million in Canadian critical mineral
exploration and technology, including expanding support to Canadian junior mining companies
through partnerships across Anglo Teck's global operating footprint, particularly in South Africa and
Southern Africa.
l. Anglo Teck will cause expenditures of at least C$100 million to be made in Canada, including to
establish and fund a Global Institute for Critical Minerals Research and Innovation – hosted and
involving leading institutions in Canada, South Africa and the UK – and invest in mining-related skills
training by leveraging partnerships with Indigenous skills training programmes and Canadian post-
secondary institutions.
m. Anglo Teck will maintain and enhance existing commitments to Indigenous governments,
communities, conservation, and other similar initiatives, including by contributing at least C$200
million to such initiatives.
n. Anglo Teck will maintain 100% of the aggregate employment levels at Teck's Canadian operations
and increase the level of youth employment and training opportunities.
o. Anglo Teck will provide Canadian and Indigenous suppliers with fair and equal opportunity to
compete for contracts to supply goods and services to Anglo Teck's Canadian and global operations.
p. Anglo Teck will explore opportunities to add copper production capacity at Trail Operations and
complete a study assessing the viability of constructing a new copper smelter in British Columbia.
q. Anglo Teck will continue and maintain Teck's remediation and reclamation activities at Teck
controlled sites.
Appendix 2: Commitments to South Africa
The merger to form Anglo Teck is designed to build a stronger, larger global critical minerals company
that is positioned to invest and grow across the merged company's global operational and project
footprint, including in South Africa. Anglo American has a long and proud history of contributing to the
economic growth of South Africa and supporting the country's national priorities. Anglo American
continues to reaffirm its enduring commitment to South Africa, including in relation to meaningful
representation from South Africa on the board and executive team, and the investments it is making in
its operations and in the social fabric of local communities. Following the merger, Anglo Teck will continue
to uphold and advance these commitments. Its subsidiaries with operations in South Africa will continue
to comply with all relevant empowerment and mining licences requirements.
Furthermore, Anglo Teck will continue to support and partner with the Canadian junior mining sector, an
important part of Canada's mining ecosystem, including through a combination of equity participation,
strategic partnerships and the provision of technical, commercial and operational guidance, to invest in
mineral exploration projects in Canada and across Anglo Teck's global operating footprint, with a specific
commitment to supporting partnerships in South Africa and southern Africa. As part of the effort to
support the junior mining sector, Anglo Teck also plans to make a financial contribution of ZAR600 million
to South Africa's Junior Mining Exploration Fund in partnership with the Industrial Development
Corporation of South Africa and the South African Department of Mineral and Petroleum Resources,
which seeks to assist qualifying junior miners to conduct prospecting work.
Anglo Teck has also undertaken to support the establishment of, and provide funding to, a Global Institute
for Critical Minerals Research and Innovation, hosted and involving leading institutions in Canada, South
Africa and the UK.
Notes:
1 Listings are subject to the approval or clearance from each applicable exchange. NYSE listing to be
implemented as a listing of American Depositary Receipts.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Tyler Broda
james.wyatt-tilby@angloamerican.com tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 1470
Marcelo Esquivel Emma Waterworth
marcelo.esquivel@angloamerican.com Emma.waterworth@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0) 20 7968 8574
Rebecca Meeson–Frizelle Michelle West-Russell
rebecca.meeson-frizelle@angloamerican.com michelle.west-russell@angloamerican.com
Tel: + 44 (0)20 7968 1374 Tel: +44 (0)20 7968 1494
South Africa Asanda Malimba
Nevashnee Naicker asanda.malimba@angloamerican.com
nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 8480
Tel: +27 (0)11 638 3189
Ernest Mulibana
ernest.mulibana@angloamerican.com
Tel: +27 (0)82 263 7372
Canada
Andy Lloyd
andy.lloyd@fgslongview.com
Tel: +1 416 402 5029
Notes:
Anglo American is a leading global mining company focused on the responsible production of copper,
premium iron ore and crop nutrients – future-enabling products that are essential for decarbonising the
global economy, improving living standards, and food security. Our portfolio of world-class operations
and outstanding resource endowments offers value-accretive growth potential across all three
businesses, positioning us to deliver into structurally attractive major demand growth trends.
Our integrated approach to sustainability and innovation drives our decision-making across the value
chain, from how we discover new resources to how we mine, process, move and market our products to
our customers – safely, efficiently and responsibly. Our Sustainable Mining Plan commits us to a series of
stretching goals over different time horizons to ensure we contribute to a healthy environment, create
thriving communities and build trust as a corporate leader. We work together with our business partners
and diverse stakeholders to unlock enduring value from precious natural resources for our shareholders,
for the benefit of the communities and countries in which we operate, and for society as a whole. Anglo
American is re-imagining mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes to unlock the inherent
value in its portfolio and thereby accelerate delivery of its strategic priorities of Operational excellence,
Portfolio simplification, and Growth. The sale of our steelmaking coal and nickel businesses and the
separation of our iconic diamond business (De Beers) continue to progress and, once completed, will
focus Anglo American on its world-class resource asset base in copper, premium iron ore and crop
nutrients.
www.angloamerican.com
Group terminology
In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our"
are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it
is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for
convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured,
managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-
day operations, including but not limited to securing and maintaining all relevant licences and permits, operational
adaptation and implementation of Group policies, management, training and any applicable local grievance
mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and
standardisation across the Anglo American Group but is not responsible for the day to day implementation of such
policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries
are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for
implementation, oversight and monitoring within their specific businesses.
Disclaimer
This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or
the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any
other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal,
accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives,
financial situation or particular needs of any recipient.
Forward-looking statements and third party information
This document includes forward-looking statements. All statements other than statements of historical facts included
in this document, including, without limitation, those regarding Anglo American's financial position, business,
acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations,
prospects and projects (including development plans and objectives relating to Anglo American's products,
production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related
(including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are
forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American
or industry results to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and
future business strategies and the environment in which Anglo American will operate in the future. Important factors
that could cause Anglo American's actual results, performance or achievements to differ materially from those in the
forward-looking statements include, among others, levels of actual production during any period, levels of global
demand and product prices, unanticipated downturns in business relationships with customers or their purchases
from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates
and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and
outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural
catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation
or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a
timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure
(including transportation) services, the development, efficacy and adoption of new or competing technology,
challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign
currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and
counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and
disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements
and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures,
competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities
such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo
American's assets and changes in taxation or safety, health, environmental or other types of regulation in the
countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk
factors identified in Anglo American's most recent Annual Report. Forward-looking statements should, therefore, be
construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These
forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any
obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK
Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Listings
Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana
Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any
updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's
expectations with regard thereto or any change in events, conditions or circumstances on which any such statement
is based.
Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will
necessarily match or exceed its historical published earnings per share. Certain statistical and other information
included in this document is sourced from third party sources (including, but not limited to, externally conducted
studies and trials). As such it has not been independently verified and presents the views of those third parties, but
may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any
responsibility for, or liability in respect of, such information.
©Anglo American Services (UK) Ltd 2025.
The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on
the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss
Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Legal Entity Identifier: 549300S9XF92D1X8ME43
Date: 17-12-2025 09:00:00
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