VANCOUVER – The head of Teck Resources says he’s happy with the way talks with government officials are going as the company seeks Ottawa’s approval for its proposed merger with U.K. mining giant Anglo American — even as the industry minister signalled last month she wanted more from the companies.
“Conversations are ongoing, and they’re productive and we’re very pleased in the way that they’re unfolding at the moment,” chief executive Jonathan Price told a conference call to discuss the company’s latest results Wednesday.
Teck announced a deal last month to merge with Anglo American to form the Anglo Teck group, however the deal requires approval under the Investment Canada Act, which can be used to block deals deemed against the national interest.
“We are engaging on an ongoing and collaborative basis with the Canadian government here,” Price said.
“Those discussions have been frequent and productive.”
He said he believes the company has put forward a strong and comprehensive package of commitments to Canada, a key element of which is the plan to move the headquarters of Anglo to Vancouver.
The companies have said the combination would create a $70-billion copper mining powerhouse with headquarters and top executives based in Vancouver. They have pitched it as a “merger of equals” even though Anglo American is worth more than double Teck.
Shareholders vote on the deal in December, while Price said the company will be completing all of its filings related to antitrust and competition with regulators globally.
Industry Minister Mélanie Joly has said Ottawa wants to see longer-term commitments to Canada if Teck is allowed to merge with Anglo American.
Teck and Anglo American have committed about $4.5 billion in spending in Canada over five years as part of the deal. However, a significant portion of that has already been announced by Teck, including the mine life extension of its Highland Valley copper mine.
Price’s comments came as the company reported a profit from continuing operations attributable to shareholders amounted to $281 million or 57 cents per diluted share for its third quarter.
The result compared with a loss of $748 million or $1.45 per diluted share in the same quarter last year.
On an adjusted basis, Teck says it earned 76 cents per diluted share from continuing operations in its latest quarter, up from an adjusted profit of 60 cents per diluted share a year earlier.
Revenue totalled $3.39 billion, up from $2.86 billion in the same quarter last year.
In reporting its third-quarter results, Teck said production at Quebrada Blanca in Chile continues to be constrained by the pace of development of a tailings management facility, requiring downtime in the concentrator.
This report by The Canadian Press was first published Oct. 22, 2025.
Companies in this story: (TSX:TECK.B)
