On September 8, 2025, Anglo American plc and Teck Resources Limited have agreed to combine in a merger of equals valued at US$50 billion (approximately C$68 billion at the time of announcement), creating Anglo Teck, a global critical minerals champion and top five copper producer. Headquartered in Vancouver, Anglo Teck will provide investors with more than 70% copper exposure and hold a premier portfolio of six world-class copper assets, as well as premium iron ore and zinc operations. The merger is expected to deliver approximately US$800 million (C$1.1 billion) in annual pre-tax synergies by the end of the fourth year post-completion, with about 80% realized by the end of year two. Additionally, the integration of the adjacent Collahuasi and Quebrada Blanca operations is anticipated to generate an average annual underlying EBITDA uplift of US$1.4 billion (C$1.9 billion) from 2030 to 2049, resulting in an estimated 175,000 tonnes of additional annual copper production. Anglo Teck will be listed on the LSE, TSX, JSE, and NYSE (via ADRs), subject to regulatory approvals. Anglo American shareholders will receive a special dividend of US$4.5 billion (C$6.1 billion) ahead of completion and will own 62.4% of Anglo Teck, with Teck shareholders holding 37.6%. The boards of both companies unanimously support the merger, which is expected to close within 12–18 months, subject to customary approvals.

Anglo American’s financial advisors are Centerview Partners, Morgan Stanley, Goldman Sachs, and RBC Capital Markets, with legal counsel from Latham & Watkins LLP, Torys LLP, and Webber Wentzel. Teck’s financial advisors are Ardea Partners LP and BMO Capital Markets, with legal counsel from Wachtell, Lipton, Rosen & Katz, Stikeman Elliott LLP, Freshfields LLP, and Felesky Flynn LLP, and Scotiabank providing an independent fairness opinion.