Overview

• Anglo American and Teck Resources unveiled a friendly deal to merge into a US$50-billion company to be called Anglo Teck.
• The combined company will be headquartered in Vancouver, with most senior executives relocating to Canada.
• South Africa’s Public Investment Corp. and Mining Minister Gwede Mantashe, vocal against a prior BHP approach, have been muted on this transaction.
• CEO Duncan Wanblad pledged an ongoing commitment to South Africa, including board and executive representation, support for junior exploration, and keeping Kumba Iron Ore central to the business.
• Anglo’s pivot continues a long-running move away from its South African base after shifting its head office to London in 1999 and pursuing Latin American copper projects, with potential divestment of De Beers still on the table.