CANADA has granted regulatory approval for Anglo American’s acquisition of Teck Resources, paving the way for a $50bn metals company focused on copper operations in Chile and Peru, said Bloomberg News on Tuesday
The Investment Canada Act approval, announced within days of shareholder consent from both companies, formalises commitments the miners made in September. The transaction, agreed approximately three months ago, provides Anglo with access to Teck’s copper portfolio as the metal trades near record levels.
“The government of Canada’s approval is an important step forward in the formation of Anglo Teck, a new global critical minerals champion headquartered in Canada,” said Teck chief executive Jonathan Price.
Industry Minister Melanie Joly said the deal would safeguard 4,000 Canadian jobs, matching Teck’s current workforce. Under strengthened commitments, two-thirds of Anglo Teck’s senior executives must reside primarily in Canada, whilst the board will maintain 50 per cent Canadian representation for seven years.
The combined entity will seek inclusion in Canada’s major stock indices and has pledged at least C$4.5 billion in Canadian spending within five years. A further C$10 billion commitment over 15 years will support extending the Highland Valley copper mine’s lifespan, enhancing the Trail refining complex, and developing two copper projects.
Teck’s copper assets have long attracted major mining companies, though its flagship Quebrada Blanca mine in northern Chile has faced operational challenges. Anglo operates the neighbouring Collahuasi mine.
The London-based company, which previously rejected two takeover approaches from BHP Group, agreed to exchange 1.3301 shares for each Teck share in what both parties characterised as a zero-premium transaction.
Additional regulatory approvals remain pending, although Australian competition authorities have cleared the deal.
