“We are unlocking outstanding value both in the near and longer term – forming a global critical minerals champion with the focus, agility, capabilities and culture that have characterised both companies for so long,” said Duncan Wanblad, Chief Executive Officer of Anglo American.
“This merger of two highly complementary portfolios will create a leading global critical minerals champion headquartered in Canada – a top five global copper producer with exceptional mining and processing assets,” said Jonathan Price, Chief Executive Officer of Teck.
Copper is central to electrification, grid expansion, and EV's. The International Energy Agency’s 2025 critical minerals outlook warns that copper demand could outpace supply through 2030 across clean energy scenarios, even with new projects in development. By merging, Anglo Teck positions itself as a strategic supplier aligned with Canadian, U.S., and EU efforts to secure critical minerals outside of China.
The companies expect $800 million in recurring annual pre-tax synergies within four years, with 80% realized by year two. A further $1.4 billion in average annual EBITDA is projected from 2030–2049 by integrating the Collahuasi and Quebrada Blanca operations in Chile, unlocking about 175,000 tonnes of additional copper per year. Analysts note these adjacency synergies are unusually significant for the sector.
The merger follows portfolio streamlining by both companies. Teck divested its steelmaking coal business in 2024, while Anglo American has signaled plans to separate De Beers and exit nickel. Both companies are doubling down on copper, premium iron ore, and zinc.
Anglo Teck has committed to invest $3.3 billion in Canada over five years, extend the Highland Valley Copper mine, and boost processing at Trail Operations. The company also pledged to maintain Canadian employment levels, respect Indigenous agreements, and support junior mining sectors in Canada and South Africa.
