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Anglo American Plc, the mining group led by South African executive Duncan Wanblad, and Canada’s Teck Resources have received overwhelming shareholder approval for a $50 billion merger of the two companies, marking the largest mining deal of the year.
Anglo American secured 99 percent approval from its shareholders, while Teck’s class A and class B shareholders backed the deal with more than 99 percent and 90 percent of votes, respectively. The combined company, Anglo Teck, would rank as the world’s fifth-largest copper producer.
“Shareholders have given us a strong mandate to take this next step,” Wanblad said. “Anglo Teck will be well positioned to deliver long-term value in copper, a critical mineral for the energy transition.”
Copper at the core
Copper prices have surged to record highs since last October, driving demand for large-scale mining consolidation. Anglo Teck will have more than 70% of its portfolio exposed to copper, according to the companies. Teck CEO Jonathan Price said the merger would create a “world-class copper growth platform” with strong potential for both firms.
Adjacent copper mines in Chile, separated by just a few kilometers, are seen as a key driver of the merger, allowing the companies to unlock resources more efficiently than they could alone. Investors welcomed the tie-up.
Adam Matthews, chief responsible investment officer at the Church of England Pensions Board, said the merged company “will play a vital role in supporting the energy transition.” Nick Stansbury, head of climate solutions at L&G Asset Management, called the deal “a compelling combination with clear strategic logic.”
Under the agreement, Anglo American will hold 62.4% of the combined company, while Teck shareholders will own the remainder, the company will maintain its London listing, with headquarters in Vancouver, regulatory approval is still required, including confirmation that the merger is a net economic benefit to Canada.
Next steps and industry context
Anglo American, founded in 1917, has a diversified mining portfolio that includes platinum, copper, diamonds, nickel, and iron ore. Under Wanblad the company has undergone a significant restructuring. The company also reported a 7 percent revenue decline to $8.95 billion in the first half of 2025.
The merger announced in September is seen as a defining move in Anglo’s reshaped portfolio. Anglo American has also drawn renewed interest from BHP Group, which last year abandoned a $49 billion takeover attempt after a public standoff. The merger positions Anglo American and Teck to strengthen copper output and capitalize on rising demand, while keeping shareholders focused on long-term returns rather than short-term sales.
