Teck and Anglo American receive Government of Canada approval for merger of equals under Investment Canada Act
Press Release
December 15, 2025
Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) and Anglo American plc (“Anglo American”) have received regulatory approval from the Government of Canada under the Investment Canada Act (“ICA”) for the merger of equals between Anglo American and Teck which was announced on September 9, 2025. Anglo American and Teck believe that the formation of Anglo Teck in a merger of equals will provide exceptional and enduring benefits for Canada, founded upon establishing a global critical minerals champion headquartered in Canada.
Anglo American and Teck set out a number of proposed commitments in their September transaction announcements which have been further defined into a set of binding commitments under the ICA. The commitments include that Anglo Teck will spend at least C$4.5 billion in Canada within 5 years, including in connection with the Highland Valley Copper mine life extension, enhancing critical minerals processing capacity at Trail, and advancing the development of the Galore Creek and Schaft Creek copper projects in northwestern British Columbia. Such expenditures will enable Anglo Teck to spend a total of at least C$10 billion in Canada over 15 years. A summary of the agreed commitments is set out in Appendix 1.
Jonathan Price, President and CEO of Teck, said: “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. This merger will combine two world-class companies to form a business of significant scale and capability that will deliver billions in investment and drive new economic activity and job creation here in Canada and beyond.
“Canada and British Columbia are recognised worldwide as strong mining jurisdictions with critical minerals strategies focused on creating a positive environment to attract new investment and growth in responsible mining. Establishing Anglo Teck here in Vancouver is wholly aligned with government’s economic focus and will help to further elevate Canada’s role and impact on the global critical minerals stage, creating benefits for communities, Indigenous Peoples, employees and all stakeholders.”
Duncan Wanblad, CEO of Anglo American, said: “We are delighted to receive regulatory approval from the Government of Canada for our merger of equals with Teck. Today’s confirmation by Minister of Industry, the Honourable Mélanie Joly, marks yet another step towards forming a major global critical minerals powerhouse, following the overwhelming endorsement of both our and Teck’s shareholders last week. Anglo Teck represents a significant investment in Canada, its people and its natural resources, underpinned by a comprehensive package of commitments designed to drive enduring economic and wider benefits associated with a thriving mining ecosystem in British Columbia and Canada as a whole.
“We are all committed to preserving and building on the proud heritage of both companies, in Canada, as home to Anglo Teck’s global headquarters, in South Africa where our commitment to investment and national priorities endures, and across our entire global operational and commercial footprint. We look forward to continuing our commitment to engage meaningfully with all stakeholders including Indigenous Peoples and communities as Anglo Teck. Together, Anglo Teck will be at the forefront of our industry in terms of value accretive growth in responsibly produced critical minerals.”
The merger of Anglo American and Teck was approved by each company’s shareholders at meetings held on December 9, 2025. Completion of the merger remains subject to conditions customary for a transaction of this nature, including the relevant regulatory approvals in various jurisdictions globally. The merger has already received competition approvals in Canada and Australia, and other reviews are progressing.
At completion, Anglo Teck will have its headquarters in Vancouver, and will have its primary listing on the LSE, retaining FTSE UK index inclusion, as well as listings on the JSE, TSX and NYSE.[1]
Further details regarding the Merger are set out in Teck’s management information circular dated November 3, 2025 (the “Circular”), which is available under Teck’s profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov).
[1] Listings are subject to the approval or clearance from each applicable exchange. NYSE listing to be implemented as a listing of American Depositary Receipts.
Appendix 1: Investment Canada Act commitments
Anglo American and Teck have agreed to binding commitments with the Government of Canada under the ICA, as summarized below.
Commitments a. to f. will remain in place in perpetuity:
- The name of the combined global business will be Anglo Teck.
- Anglo Teck’s global headquarters will be in Canada.
- A significant majority of Anglo Teck’s senior management will be based in Canada, including the CEO, Deputy CEO, and CFO as executive directors who will have their principal office and reside primarily in Canada.
- A substantial proportion of Anglo Teck plc’s board of directors will be Canadian, comprising Anglo Teck executive directors residing primarily in Canada referred to above, and Canadians.
- Anglo Teck will further the leading environmental and social practices of both Teck and Anglo American in Canada and promote within its organizational culture a recognition of the importance of respecting indigenous and community rights. Specifically, Anglo Teck will honour all existing agreements in Canada with communities, Indigenous governments and labour unions, in accordance with their terms.
- Anglo Teck will have a listing on the TSX, subject to approval of the TSX, and will seek TSX index inclusion.
Investing in Canada
The following commitments (g. to q.) are time-limited in duration:
- Anglo Teck will spend at least C$4.5 billion in Canada within 5 years, including in connection with the initiatives described below. Such expenditures will enable Anglo Teck to spend a total of at least C$10 billion in Canada over 15 years.
- Anglo Teck will proceed with the Highland Valley Copper Mine Life Extension (“HVC MLE”) Project, requiring expected capital investment of approximately C$2.1 to C$2.4 billion over the term of the HVC MLE.
- Anglo Teck will make capital investments of up to C$850 million to sustain and enhance critical minerals processing capacity at Teck’s Trail Operations, including the potential expansion of production of germanium and other strategic metals, in part subject to proceeding with the Red Dog Mine life extension project. These investments will contribute to enhancing critical minerals supply.
- Anglo Teck will advance the development of the Galore Creek and Schaft Creek copper projects in northwestern British Columbia, including capital expenditures of up to C$750 million.
- Anglo Teck will cause expenditures to be made of at least C$300 million in Canadian critical mineral exploration and technology, including expanding support to Canadian junior mining companies through partnerships across Anglo Teck’s global operating footprint, particularly in South Africa and Southern Africa.
- Anglo Teck will cause expenditures of at least C$100 million to be made in Canada, including to establish and fund a Global Institute for Critical Minerals Research and Innovation– hosted and involving leading institutions in Canada, South Africa and the UK – and invest in mining-related skills training by leveraging partnerships with Indigenous skills training programmes and Canadian post-secondary institutions.
- Anglo Teck will maintain and enhance existing commitments to Indigenous governments, communities, conservation, and other similar initiatives, including by contributing at least C$200 million to such initiatives.
- Anglo Teck will maintain 100% of the aggregate employment levels at Teck’s Canadian operations and increase the level of youth employment and training opportunities.
- Anglo Teck will provide Canadian and Indigenous suppliers with fair and equal opportunity to compete for contracts to supply goods and services to Anglo Teck’s Canadian and global operations.
- Anglo Teck will explore opportunities to add copper production capacity at Trail Operations and complete a study assessing the viability of constructing a new copper smelter in British Columbia.
- Anglo Teck will continue and maintain Teck’s remediation and reclamation activities at Teck controlled sites.
Appendix 2: Commitments to South Africa
The merger to form Anglo Teck is designed to build a stronger, larger global critical minerals company that is positioned to invest and grow across the merged company’s global operational and project footprint, including in South Africa. Anglo American has a long and proud history of contributing to the economic growth of South Africa and supporting the country’s national priorities. Anglo American continues to reaffirm its enduring commitment to South Africa, including in relation to meaningful representation from South Africa on the board and executive team, and the investments it is making in its operations and the social fabric of local communities. Following the merger, Anglo Teck will continue to uphold and advance these commitments. Its subsidiaries with operations in South Africa will continue to comply with all relevant empowerment and mining licences requirements.
Furthermore, Anglo Teck will continue to support and partner with the Canadian junior mining sector, an important part of Canada’s mining ecosystem, including through a combination of equity participation, strategic partnerships and the provision of technical, commercial and operational guidance, to invest in mineral exploration projects in Canada and across Anglo Teck’s global operating footprint, with a specific commitment to supporting partnerships in South Africa and southern Africa. As part of the effort to support the junior mining sector, Anglo Teck also plans to make a financial contribution of ZAR600 million to South Africa’s Junior Mining Exploration Fund in partnership with the Industrial Development Corporation of South Africa and the South African Department of Mineral and Petroleum Resources, which seeks to assist qualifying junior miners to conduct prospecting work.
Anglo Teck has also undertaken to support the establishment of, and provide funding to, a Global Institute for Critical Minerals Research and Innovation, hosted and involving leading institutions in Canada, South Africa and the UK.
About Teck
Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.
Investor Contact:
Emma Chapman
Vice President, Investor Relations
+44.207.509.6576
emma.chapman@teck.com
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236.987.7405
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