REG - Anglo American PLC - Anglo American and Teck receive merger approval

Anglo AmericanAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251216:nRSP6799La&default-theme=true

RNS Number : 6799L  Anglo American PLC  16 December 2025

 16 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
 (mailto:james.wyatt-tilby@angloamerican.com)

                                                                                  Tel: +44 (0)20 7968 1470
 Tel: +44 (0)20 7968 8759

                                                                                  Emma Waterworth
 Marcelo Esquivel                                                                   Emma.waterworth@angloamerican.com (mailto:Emma.waterworth@angloamerican.com)

Tel: +44 (0) 20 7968 8574
 marcelo.esquivel@angloamerican.com (mailto:marcelo.esquivel@angloamerican.com)

 Tel: +44 (0)20 7968 8891

                                                                                  Michelle West-Russell

                                                                                  michelle.west-russell@angloamerican.com
 Rebecca Meeson-Frizelle                                                            (mailto:michelle.west-russell@angloamerican.com)

 rebecca.meeson-frizelle@angloamerican.com                                          Tel: +44 (0)20 7968 1494
 (mailto:rebecca.meeson-frizelle@angloamerican.com)

 Tel: + 44 (0)20 7968 1374

                                                                                  Asanda Malimba

                                                                                  asanda.malimba@angloamerican.com
 South Africa

                                                                                  Tel: +44 (0)20 7968 8480
 Nevashnee Naicker

 nevashnee.naicker@angloamerican.com

 Tel: +27 (0)11 638 3189

 Ernest Mulibana
 ernest.mulibana@angloamerican.com (mailto:ernest.mulibana@angloamerican.com)

 Tel: +27 (0)82 263 7372

 Canada

 Andy Lloyd

 andy.lloyd@fgslongview.com (mailto: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 (http://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.  (TM) and (TM) are trademarks of
Anglo American Services (UK) Ltd.

 

 

Legal Entity Identifier: 549300S9XF92D1X8ME43

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCLQLBFELLBFBE



            Copyright 2019 Regulatory News Service, all rights reserved