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Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.
Anglo American’s Quellaveco copper mine in Peru, which transitioned to using 100 percent renewable energy in April 2023. On Tuesday, Anglo announced its intention to merge with Canadian miner Teck Resources Ltd., a merger that would create the second-largest publicly listed copper mining company in the world. (Photo courtesy of Anglo American)
London—De Beers’ parent company Anglo American announced Tuesday that it is merging with Teck Resources Ltd., a Canadian company with copper and zinc mines in the United States, Canada, Chile, and Peru.
The new $50 billion company, called Anglo Teck, will be the second-largest listed producer of copper in the world.
Copper is in high demand right now because of the mineral’s use in renewable energy solutions, like wind turbines, solar panels, and electric and hydrogen fuel cell vehicles.
Anglo Teck also will be a major producer of iron ore via mines in South Africa and Brazil—iron ore is used in “green” steel production—and will operate the Red Dog zinc mine in Alaska and the zinc and lead smelting and refining facilities at Trail Operations in British Columbia.
As part of the deal, Anglo American will relocate its headquarters from London to Vancouver, Canada, where Teck is based.
Anglo American Chief Executive Duncan Wanblad will serve as CEO of Anglo Teck, while Teck’s President and CEO Jonathan Price will be deputy CEO.
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The new $50 billion company, called Anglo Teck, will be the second-largest listed producer of copper in the world.
Copper is in high demand right now because of the mineral’s use in renewable energy solutions, like wind turbines, solar panels, and electric and hydrogen fuel cell vehicles.
Anglo Teck also will be a major producer of iron ore via mines in South Africa and Brazil—iron ore is used in “green” steel production—and will operate the Red Dog zinc mine in Alaska and the zinc and lead smelting and refining facilities at Trail Operations in British Columbia.
As part of the deal, Anglo American will relocate its headquarters from London to Vancouver, Canada, where Teck is based.
Anglo American Chief Executive Duncan Wanblad will serve as CEO of Anglo Teck, while Teck’s President and CEO Jonathan Price will be deputy CEO.
While the merger of the companies is a major development in the mining world, it changes nothing about Anglo American’s position on De Beers Group.
In Tuesday’s announcement of the merger, the company said it is still committed to its “portfolio simplification,” which includes offloading De Beers.
Anglo American publicly confirmed it was looking to sell De Beers, as well as its steelmaking coal, nickel, and platinum businesses, in May 2024, as part of a broader strategy to downsize its portfolio and focus on mining minerals that will be used in “green” energy solutions.
The downsizing followed a failed takeover attempt by rival BHP Group.
Anglo American fully exited the platinum business last week when it sold its remaining stake in Valterra Platinum (formerly Anglo American Platinum), which operates in South Africa and Zimbabwe.
De Beers has proved to be a tougher sell in the current market, though CEO Al Cook told National Jeweler in May that he expects the deal to be finalized in the first half of 2026.
In Tuesday’s announcement of the merger, Anglo American head Wanblad said the company has made “significant” progress in downsizing its portfolio and that now is the “optimal” time to take the next step.
“We have a unique opportunity to bring together two highly regarded mining companies whose portfolios and capabilities are deeply complementary, while also sharing a common set of values,” he said.
“Together, we are propelling Anglo Teck to the forefront of our industry in terms of value accretive growth in responsibly produced critical minerals.”
The merger of Anglo American and Teck Resources is taking place under the Canada Business Corporations Act and is subject to certain closing conditions, including the approval of both Anglo American and Teck shareholders.
The deal is expected to close in 12-18 months.
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