Vancouver copper miner Teck Resources Ltd. may have agreed to join up with a London-based company more than twice its size, but top executives have been adamant the merged company would maintain a distinctly Canadian flavour.
Teck and Anglo American PLC are pitching their $70-billion tie-up as a “merger of equals” with plans for roughly even representation across upper management and the board of directors.
The headquarters of the proposed new company — Anglo Teck — is to be moved to Vancouver and top executives with Anglo American plan to relocate to that city.
The deal also includes $4.5 billion in spending commitments in Canada over five years, but it’s not clear how much of that is new.
Katherine Wetmore, a partner in consulting firm KPMG’s mining practice, says it seems there’s a true commitment to the Canadian market.
For that reason, she doesn’t see the blockbuster deal having a huge impact on Canada’s mining sector as a whole and notes some of the most valuable names on the TSX will continue to be from that industry.
“Largely, this is not, in my view, a huge change,” she said.
“In fact, it’s a net positive because it’s a larger company that will remain in Canada with its head office, and its investments and presence.”
Wetmore said she’s expecting to see continued deal activity in the Canadian mining space.
“The mining industry is very strong in Canada. There’s a lot of high potential players and projects, both in the precious metals space as well as in the critical minerals space.”
She said that appetite for deals is being driven by the industry’s focus on securing resources for technological advances and for the transition to lower emissions energy.
“I think this is all positive indication of where things are expected to go in the near future.”
Anglo Teck would maintain its listings on the London and Johannesburg stock exchanges and also apply for listings on the Toronto and New York stock exchanges.
The plan is to keep the company incorporated in London, which would mean the S&P/TSX composite index would lose Teck from its listings, since companies need to be based in the country to be included.
The deal will be subject to review under the Investment Canada Act, which can be used to block deals deemed not in the national interest.
This report by The Canadian Press was first published Sept. 10, 2025.
Companies in this story: (TSX:TECK.B)
