Cecilia Jamasmie | December 16, 2025 | 3:34 am
The Canadian government has approved the $53-billion Anglo Teck mega-merger, clearing the way for the creation of one of the world’s largest copper producers as global demand for the metal accelerates.
Although industry minister Mélanie Joly greenlit the merger on national security grounds in November, lawmakers still needed to conclude that the deal would deliver a net economic benefit to Canada under tightened takeover rules.
That sparked negotiations over legally binding commitments from Anglo American. Those include moving the company’s headquarters to Vancouver from London and investing at least C$4.5 billion ($3.2bn) in Canada over five years, rising to a minimum of C$10 billion ($7.3bn) over 15 years. The company has also committed at least C$100 million ($73m) to initiatives such as a global Institute for Critical Minerals Research and Innovation and expanded mining-related skills training for Indigenous and Canadian post-secondary institutions.
Joly said the undertakings would drive growth and job creation while strengthening Canada’s strategic interests.
Ottawa completed its review in just over three months, a faster timeline than many expected. By comparison, the federal government took about eight months to approve Glencore (LON: GLEN)’s acquisition of Teck’s coal business in 2024.
Anglo American chief executive Duncan Wanblad said on Tuesday the approval marked another step toward building a global critical minerals leader, citing strong shareholder support from both companies.
Teck president and CEO Jonathan Price, who will serve as second-in-command of the combined business, said the deal would unlock billions in investment and generate new economic activity in Canada and abroad.
Second-largest deal
Shareholders approved the transaction last week, marking the mining sector’s second-largest deal on record, behind only Glencore’s $90-billion merger with Xstrata in May 2013.
The merged company, Anglo Teck, will keep its primary listing in London, retaining FTSE UK index inclusion, alongside listings on the JSE, TSX and NYSE. Shares of both companies have climbed since the transaction was announced, lifting their combined market value to about $60 billion on Tuesday.
While the merger has secured key approvals in Canada and Australia, regulatory reviews continue elsewhere. Anglo American said the full approval process could take up to 18 months.
Jefferies analysts warned that other jurisdictions could still object, citing copper’s status as a supply-constrained critical mineral.
Regulators in Europe, Japan, South Korea, the US, Chile and China are examining the deal over antitrust concerns, including whether too much market power would be concentrated in one company. Anglo Teck would control just under 5% of the global copper market.
Source: https://www.mining.com/canada-clears-way-for-53b-anglo-teck-merger/
