Overview
- The Investment Canada Act approval requires the merged company to be named Anglo Teck, base its global headquarters in Vancouver, and place a majority of senior management and substantial board representation in Canada, with a TSX listing to be sought.
- Anglo Teck committed to invest at least C$4.5 billion in Canada within five years and at least C$10 billion over 15 years, including the Highland Valley Copper life‑extension (about C$2.1–C$2.4 billion), up to C$850 million at Trail processing, and up to C$750 million to advance Galore Creek and Schaft Creek.
- Binding obligations include honoring existing agreements with Indigenous governments, communities and unions, maintaining 100% of Teck’s aggregate Canadian employment levels, expanding youth employment and training, and ensuring fair access for Canadian and Indigenous suppliers.
- Shareholders of both companies approved the deal on December 9, competition approvals are in place in Canada and Australia, and further regulatory clearances are still required in other jurisdictions, which Anglo said could take up to 18 months.
- At completion the company plans a primary listing on the LSE with additional listings on the JSE, TSX and NYSE subject to exchange approvals, and it will support junior miners and research through measures including a ZAR600 million contribution to South Africa’s Junior Mining Exploration Fund and a Global Institute for Critical Minerals Research and Innovation.