Industry Minister Mélanie Joly has given the green light to the merging of Canadian resource firm Teck Resources Ltd. with British company Anglo American PLC. Joly stated that the merger would bring a positive outcome for Canada, describing it as a significant achievement.
Both Teck and Anglo American have endorsed the merger, labeling it as a “merger of equals,” despite Anglo American’s value being more than double that of Teck. Shareholders recently approved the plan to form Anglo Teck, a $70 billion copper mining powerhouse, initially announced in September.
As part of the approval conditions, the merged entity will be headquartered in Vancouver, with most of its executives and board members based there. The companies have also agreed to commitments, including safeguarding approximately 4,000 Canadian jobs and investing $4.5 billion in Canada over five years.
Minister Joly praised the agreement as a testament to the government’s efforts to strengthen the economy, stating that Anglo Teck, based in Vancouver, will represent Canada globally. B.C. Premier David Eby expressed optimism about the merger, highlighting the potential for economic growth and job creation in the region.
Teck CEO Jonathan Price emphasized that the approval paves the way for establishing a global leader in critical minerals. The completion of the merger is pending customary conditions and regulatory approvals in various jurisdictions, with competition clearances already secured in Canada and Australia.
