Anglo American and Teck Shareholders Approve $53B Merger to Form Copper Mining Giant
Tuesday’s vote followed Anglo’s decision to withdraw a proposed revision to executive incentive awards after opposition from investors.
SEATTLE (Scrap Monster): Shareholders of Anglo American and Teck Resources have formally endorsed the companies’ planned $53 billion all-stock merger, clearing a major milestone in the creation of a new copper-focused mining powerhouse. Approval was secured at both firms’ general meetings on Tuesday, allowing the companies to move forward with the next phase: securing regulatory clearance in key jurisdictions, including Canada.
The transaction, unveiled in September, brings together two of the industry’s most strategically important copper operations. Analysts estimate that integrating Anglo’s Collahuasi and Teck’s Quebrada Blanca assets could push combined production above one million tonnes annually by the early 2030s, potentially exceeding output from BHP’s flagship Escondida mine.
Key highlights of the merger include:
• Formation of a Canada-based global critical minerals leader
• More than 70% revenue exposure to copper
• Consolidation of high-growth, tier-one assets with long-term expansion potential
Tuesday’s vote followed Anglo’s decision to withdraw a proposed revision to executive incentive awards after opposition from investors. The miner said the plan was intended to retain key leadership during the transition. The approval also follows BHP’s unsuccessful attempt last month to mount a competing takeover.