Santiago, Chile, September 2025 – Anglo American and Teck Resources Limited announce that they have reached an agreement to merge both companies in a merger of equals, creating the Anglo Teck Group, a global leader in critical minerals and one of the top five global copper producers, headquartered in Canada and expected to offer investors over 70% copper exposure.
Both Anglo American and Teck believe the merger will be highly attractive to shareholders and stakeholders of both companies, enhancing portfolio quality, resilience, and strategic positioning. By uniting the strengths of both companies, Anglo Teck will leverage its proven capabilities in technical and operational excellence, sustainability, product commercialization, and project execution to achieve significant, value-adding growth across the business cycle.

Anglo Teck will own an industry-leading portfolio of producing operations, including six world-class copper assets, along with high-quality iron ore and zinc businesses. Anglo Teck will be one of the world’s largest copper producers and will benefit from some of the world’s highest-quality copper deposits, with significant brownfield and greenfield copper development projects located in attractive and well-established mining jurisdictions, to further grow the business. Anglo Teck will also retain the option for growth across its broad product portfolio, including premium iron ore, zinc, and crop nutrients.

The merger is expected to generate annual pre-tax synergies of approximately US$800 million by the end of the fourth year following completion of the transaction, with approximately 80% expected to be realized on an annualized basis by the end of the second year following completion, driven by economies of scale, operational efficiencies, and commercial and functional excellence.

Anglo Teck will also collaborate with key stakeholders and partners at Collahuasi and Quebrada Blanca to optimize the value of these adjacent assets and realize US$1.4 billion (on a 100% basis) of underlying EBITDA(2) revenue synergies on an average annual pre-tax basis between 2030 and 2049, primarily through the operational integration and optimization of Collahuasi and Quebrada Blanca. This will build on Anglo American’s success with similar adjacent partnerships in Brazil and elsewhere in Chile.

Anglo Teck will be a leading global mining company headquartered in Vancouver with corporate offices in London and Johannesburg to support the global group. With key leadership positions based in Canada, including Duncan Wanblad as Executive Chairman, Jonathan Price as Deputy Executive Chairman, John Heasley as Chief Financial Officer, and Sheila Murray as President, Anglo Teck will play a greater role in the Canadian mining ecosystem. Anglo Teck will also continue to play a significant role in mining and business leadership in South Africa and the UK, and expects to be in a strong position to support these countries’ critical minerals strategies and the priorities of local communities and stakeholders. Country offices and trading centers will continue to support the operational presence of the combined business.