Features

CRU: Anglo and Teck announce intention to merge
Written by Josh Spores
September 9, 2025
The analysis above was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com.
Directors of Anglo American and Teck Resources have conditionally agreed to join together in what they describe as a merger of equals with a focus on copper.
CRU looked at the potential for a tie-up between the two miners back in August last year (See: Teck and Anglo held firm – could they act now?) where we explored the potential synergies that Teck and Anglo could have in their copper portfolios if they were to consolidate their presence in Chile and Peru.
The merged company is expected to offer investors more than 70% exposure to copper, and unlock significant potential for their copper assets. In addition, Teck is the third largest zinc miner globally and the combined entity will benefit from Anglo’s prized iron ore assets. The announcement also committed the joint entity to the development of the Woodsmith polyhalite project.
The companies said in a joint statement. “Anglo Teck will hold an industry-leading portfolio of producing operations, including six world-class copper assets, alongside high-quality premium iron ore and zinc businesses.”
After referring to the current restructuring to focus on copper, iron ore and crop nutrients, CEO Duncan Wanblad said: “Now is the optimal time to take this next strategic step to accelerate our growth.”
His counterpart at Teck, Jonathan Price, said of the combination: “It is a natural progression of our strategy and portfolio simplification, which created a platform to enable exactly this sort of transformative transaction.” Teck’s reorganization has included selling its Elk Valley Resources’ metallurgical interests in British Columbia (Canada) to Glencore.
Subject to regulatory approval and customary closing conditions, the merger is expected to be completed in 12 to 18 months. Directors of both companies unanimously recommend shareholders support the combination. It is envisaged Anglo American stockholders will own around 62.4% of the new company, and Teck’s 37.6%.
The plan is for Anglo Teck to be headquartered in Vancouver (Teck’s home city) with corporate offices in London and Johannesburg. The combination’s current market capitalization is $53 billion.
The merger is anticipated to deliver annual pre-tax synergies of around $800 million by the end of the fourth year following completion. Plans include working with stakeholders and partners in Collahuasi and Quebrada Blanca to optimize value from the adjacent copper mines in northern Chile.
Anglo American has a 44% stake in Collahuasi, while Teck operates Quebrada Blanca where it this month launched an operational review to improve performance at its expansion.
Josh Spores
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