Anglo-Teck

Anglo-Teck plc will be a British-Canadian multinational mining company with its corporate headquarters in Vancouver, Canada. The company will form as a result of the December 2025 shareholder approval from UK-based Anglo-American plc (informally abbreviated to ‘Anglo’) and Canadian-based Teck Resources Limited (informally abbreviated to ‘Teck’). Its primary listing will be on the London Stock Exchange where it is set to be a FTSE 100 constituent. It will also have secondary listings on the Toronto, New York and Johannesburg Stock Exchanges. 1

Structure and legal framework

Despite being framed as a ‘merger of equals’ by both the respective boards, the ownership structure post-merger will be split approximately 62.4% owned by former Anglo shareholders and 37.6% by former Teck shareholders. Reflecting a relatively similar split between the companies valuations as of January 2026, with Anglo having a market capitalisation of US$49.1 billion and Teck having roughly half the value of Anglo at US$25.9 billion (US$75 billion combined entity would make it the 12th most valuable mining company in the world as of January 2026) The combined entity will still maintain a significant presence in the United Kingdom with both its legal incorporation and tax domicile status staying in the UK.

Similarities and differences

The combined company is set to become a top-five global copper producer with Anglo producing 773,000 tonnes of copper and Teck producing an additional 446,000 in 2024 alone (1.22 million tonnes combined) which would place it 4th globally in 2024 figures with projected growth of 1.35 million tonnes by 2027. Besides copper, Anglo prioritises their output of Platinum (in which it is already the world’s largest producer), Zinc and Nickel while actively moving away from its diamond business. While Teck also prioritises copper and zinc it differs in the fact it also has secondary interests in lead, silver, gold, molybdenum, germanium, indium and cadmium, as well as mining coal for the steelmaking industry. This makes Anglo as of 2026 a much more streamlined and focused mining business. Additionally, while Anglo also looks to maintain its role as a major Iron ore producer, producing 60.8 million tonnes of iron ore in 2024 (the 5th most in the world), Teck does not have a notable iron ore production business of any scale or magnitude.

Approval process

on the 9th of December 2025 the merger gained shareholder and board approval. Two months after the deal was announced on the 9th of September 2025. The deal also got consent from the Canadian government in December 2025 following the necessary requirements of the Investment Canada Act 1985. Despite this, the full multi-jurisdictional regulatory process including the governments of the United Kingdom, United States and European Union is expected to continue through 2026 with completion set to take between 12 and 18 months from shareholder approval. (Late 2026 to Early 2027)

Leadership and plans

The chief executive officer (CEO) of the Anglo-Teck is set to be current Anglo-American CEO Duncan Wanblad, who will move from their current headquarters in London, England, to Vancouver in the Canadian province of British Columbia along with fellow Anglo-American executive John Heasley, who is already Anglo-American chief financial officer (CFO) who will be in the same role post-merger . The role of deputy-CEO will be taken up by current president and CEO of Teck Resources Jonathan Price, while the role of group chair will performed by Sheila Murray, a Teck director since 2018 and chair of the Teck board since 2020. The combined entity under this leadership will aim to cut $800 million in annual costs within four years of the mergers completion. This will consist of corporate cuts, with its London office being severely streamlined as many functions move to Vancouver, risking hundreds of employees at Anglo American’s London office through the plan to maintain current employment levels in Canada. It will also have operational cuts as the merger will reveal new efficiencies by combining adjacent assets in Chile (Collahuasi and Quebrada Blanca) allowing for shared infrastructure, including ports, pipelines and desalination. The combined entity expects US$1.4 billion in additional EBITDA (earnings before interest, taxation, depreciation and amortisation) annually by the time these decisions have been completed.