A major new copper mining company is set to emerge as Anglo American and Teck announce a historic merger. The combined group, valued at more than US$50 billion, aims to complete the deal within 12 to 18 months, pending regulatory approval.
The new company, named Anglo Teck, will be headquartered in Vancouver with a primary listing in London. It represents the largest merger in the mining sector in recent years.
Copper demand has surged globally as countries shift to cleaner energy and the rise of artificial intelligence (AI) fuels industrial growth. The metal is crucial for electric-vehicle batteries, wind turbines, solar panels, and consumer electronics.
“This merger of two highly complementary portfolios will create a leading global critical minerals champion headquartered in Canada,” said Teck chief executive Jonathan Price.
Anglo American shareholders will hold 62.4 percent of the new group, while Teck shareholders will own the remaining stake. Price added that Anglo Teck will become a “top five global copper producer with exceptional mining and processing assets across Canada, the United States, Latin America, and Southern Africa.”
Copper also plays a role in military equipment, including aircraft, while AI and data centers are driving growing demand for the metal. In addition to copper, the merged company will manage premium iron ore, zinc, and crop nutrients operations.
Anglo Teck expects recurring annual pre-tax cost savings of $800 million, starting four years after the merger is complete.
“We are all committed to preserving and building on the proud heritage of both companies, both in Canada, as Anglo Teck’s natural headquarters, and in South Africa where our commitment to investment and national priorities endure,” said Anglo American chief executive Duncan Wanblad. He will serve as CEO of Anglo Teck, with Price as his deputy.
Anglo American shares jumped more than eight percent in early trading, pushing the company to the top of London’s FTSE 100 index. Rival miners also saw gains following the announcement.
“Anglo American’s merger with Teck is its latest strategic move, placing copper at the core of its portfolio,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. “With over 70 percent copper exposure, the combined group is well-positioned to benefit from rising demand driven by electrification and the energy transition.”
Anglo American previously rejected a multi-billion-dollar takeover bid from Australian rival BHP in 2024, following a failed offer from Swiss commodities giant Glencore for Teck in 2023. More recently, US-based Peabody Energy abandoned a $3.8-billion deal to acquire Anglo American’s steelmaking coal business.
Founded in 1917 by German-born industrialist Ernest Oppenheimer in South Africa, Anglo American has grown into a global mining leader. The new Anglo Teck merger signals the next phase of the company’s expansion in copper and other critical minerals.
