B.C.’s Teck Resources Ltd. has formally launched the approval process for its proposed ‘merger of equals’ with Great Britain’s Anglo American, ahead of a Dec. 9 special meeting of shareholders.
Teck’s board said it is unanimously recommending shareholders vote in favour of the transaction, which would create a new global critical minerals company called Anglo Teck, headquartered in Canada.
The all-stock deal would give Teck shareholders about 37.6 per cent of the merged company on a fully diluted basis.
Anglo shareholders would own the remaining 62.4 per cent.
Teck says the combination will create one of the world’s top copper producers, backed by a portfolio that includes six major copper operations, one of the world’s largest zinc mines, and two premium iron ore assets.
The company is touting near, medium and long-term growth potential, along with expected annual synergies valued at about $800 million before tax and an additional $1.4 billion in underlying annual EBITDA (earnings before interest, taxes, depreciation and amortization) synergies tied to adjacent operations in South America.
Copper production for the merged company is projected at 1.2 million tonnes, rising to roughly 1.35 million tonnes by 2027.
The company said more than 70 per cent of the combined business would be centred on copper.
Teck chair Sheila Murray said the merger represents an opportunity to build a larger, more resilient mining company headquartered in Canada.
Teck president and CEO Jonathan Price said the proposed transaction will deliver long-term value for shareholders and create significant economic opportunity in Canada.
The merger was first announced Sept. 8 and is expected to take 12 to 18 months to close, subject to shareholder approval, regulatory reviews and conditions under the Investment Canada Act.
The company said the deal is backed by Temagami Mining Company Limited, SMM Resources Incorporated, Dr. Norman B. Keevil and Teck’s directors and executive leadership team, who together hold just under 80 per cent of Class A shares and a small portion of Class B shares.
Teck says all have agreed to vote in favour of the merger.
Trail Operations
In Trail, United Steelworkers Local 480 says conversations with Teck have been positive since the merger was unveiled in early September.
Union president Chris Walker and Ron McKenzie, chair of the office and technical workers unit, say Teck officials have assured them there will be no changes to collective agreements, benefits or pensions, and no plans for workforce reductions at the Trail smelter.
Walker said Teck executives emphasized that Trail Operations and Highland Valley Copper remain core to the company’s long-term strategy.
He said Teck has committed to investing $4.5 billion across Canadian operations over the next five years, including about $750 million earmarked for Trail.
That investment would focus on critical mineral projects such as germanium and antimony production and preparing for future feed changes.
“We are cautiously optimistic, especially with the potential $750 million investment being discussed for Trail,” Walker told the Trail Times following a meeting with the company in September.
He said the union has seen no indication of changes to operations in Trail and does not expect immediate effects on union jobs. Local 480 represents about 1,200 workers at the site.
Walker said the union hopes the project investments will strengthen Trail Operations and support future bargaining, including opportunities for wage growth heading into the 2027 negotiations.
Teck has also highlighted Trail’s strategic significance.
Jayne Garry, community relations leader at Trail Operations, confirmed the planned investments include potential expansion of germanium and other strategic metals, exploring opportunities to add copper processing capacity, and supporting new critical minerals projects in Canada.
Garry said Anglo Teck will maintain employment levels in Canada with no net job reductions as a result of the merger, while generating new economic activity through these investments.
General Manager Matt Parrilla, of Trail Operations, has also told the union that the merger would help the company complete ongoing projects in Trail.
Price underscored the same point earlier this fall, calling the deal a natural progression of Teck’s strategy.
Local 480 says it will continue advocating for workers, pushing for a fair share of profits and ensuring Trail remains a provider of well-paid, community-sustaining union jobs.
“While we can’t predict the future or guarantee that every promise will be kept, at this moment it appears Trail Operations and its unionized workforce may be in an even stronger position than before,” the union said in a statement.