Canada Clears $53B Anglo American–Teck Merger to Create Copper Giant
Copper | 2025-12-17 07:52:32
The federal review was completed in just over three months, significantly faster than several recent mining transactions.
By Paul Ploumis
SEATTLE (Scrap Monster): Canada has given final approval to the $53 billion merger between Anglo American and Teck Resources, clearing the path for the creation of one of the world’s largest copper producers as global demand for the metal continues to rise.
While Industry Minister Mélanie Joly approved the transaction on national security grounds in November, the deal still required confirmation that it would deliver a net economic benefit to Canada under stricter foreign takeover rules.
That review led to binding commitments from Anglo American, including relocating its global headquarters to Vancouver from London and investing C$4.5 billion over five years, rising to at least C$10 billion over 15 years. Additional pledges include C$100 million toward critical minerals research and mining skills development.
The federal review was completed in just over three months, significantly faster than several recent mining transactions. Anglo American CEO Duncan Wanblad said the approval strengthens the group’s ambition to build a global critical minerals leader, while Teck CEO Jonathan Price highlighted the deal’s potential to unlock major investment and economic growth.
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POLL
Which key commitment did Anglo American make as part of the approval conditions?
Frequently Asked Questions
- What decision has Canada made regarding the Anglo American–Teck Resources deal?
Canada has given final approval to the $53 billion merger, clearing all regulatory and national security reviews.
- Why was additional review required after initial approval?
Beyond national security clearance, the deal had to demonstrate a net economic benefit to Canada under stricter foreign takeover rules.
- What commitments has Anglo American made to secure approval?
Anglo committed to relocating its global headquarters to Vancouver, investing at least C$10 billion over 15 years, and contributing funds to critical minerals research and mining skills development.
