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Vancouver-based <\/p>\n
Teck Resources Ltd.<\/p>\n
and London-based <\/p>\n
Anglo American PLC<\/p>\n
are planning to merge their operations into a combined company called Anglo Teck that will be headquartered in Canada and be one of the world\u2019s largest copper producers. Here\u2019s what you need to know about the deal. <\/p>\n
The United Kingdom-based multinational is one of the world\u2019s largest miners, with a diversified portfolio that includes <\/p>\n
copper<\/p>\n
, iron ore, steelmaking coal, nickel, manganese, diamonds and crop nutrients. It was founded in 1917 by Ernest Oppenheimer, a South African diamond and gold mining entrepreneur. <\/p>\n
The company has operations around the world, such as its copper projects in South America, steelmaking coal mines in Australia, iron ore in South Africa and nickel in Brazil, while it mines diamonds in Botswana, Canada, Namibia and South Africa. <\/p>\n
Anglo American has been looking to reduce its portfolio by primarily focusing on copper, iron ore and crop nutrients, commodities it describes as \u201cfuture-enabling products\u201d that are essential for decarbonizing the global economy and improving living standards and food security. <\/p>\n
As such, it\u2019s in the process of selling its coal and nickel businesses and separating its diamond business, which is run under the De Beers Group. Anglo American owns 85 per cent of De Beers, which produces a third of the world\u2019s rough diamonds by value, it said. <\/p>\n
Teck underwent a series of amalgamations and mergers before becoming Canada\u2019s largest diversified miner. But that status changed in 2023 when the company\u2019s shareholders, including Norman Keevil \u2014 who along with his family is credited for Teck\u2019s rise and holds a key vote in such situations \u2014 agreed to sell its steelmaking coal business to Glencore PLC to sharpen Teck\u2019s focus on metals such as copper and zinc, commodities necessary for the energy transition from coal. <\/p>\n
The company currently operates mines in Canada, the United States, Peru and Chile. Teck\u2019s calling card is its 60 per cent ownership of the Quebrada Blanca copper mine in Chile, which it said has a mining life of 27 years with further potential for expansion. <\/p>\n
The project has suffered from operational difficulties, such as cost overruns, but the merger with Anglo American is expected to help address that through synergies with Anglo American\u2019s Collahuasi mine, which is adjacent to Quebrada Blanca, the companies said. <\/p>\n
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If the all-share merger goes ahead, Anglo American and Teck shareholders will own about 62.4 per cent and 37.6 per cent, respectively, of Anglo Teck. Anglo American will issue 1.33 ordinary shares to existing Teck shareholders in exchange for each outstanding Teck class A common share and class B subordinate voting share. <\/p>\n
Anglo American also intends to declare a special dividend of US$4.5 billion, or about US$4.19 per share, for its shareholders ahead of the completion of the merger. <\/p>\n
Anglo Teck will have its global headquarters in Vancouver, with corporate offices in London and Johannesburg. Anglo American chief executive Duncan Wanblad will lead the merged company, while Teck chief executive Jonathan Price will become deputy CEO. The leadership team will work out of Canada. <\/p>\n
Changes in Canada\u2019s legal structure have made it more difficult for foreign companies to merge with or buy Canadian mining companies that deal with minerals, such as copper or lithium, deemed critical for the economy\u2019s future. <\/p>\n