Two of the world's largest copper producers agree to merge into Anglo Teck
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British mining company Anglo American and Canadian Teck Resources have agreed to merge on equal terms. About said anglo American press service.

The new company will be named Anglo Teck and will become one of the world's five largest copper producers. Its value will be $53 billion.

More than 70% of its business will be related to copper, a metal that is key to electric vehicles, renewable energy and digital technologies. The company will also have strong positions in the production of high-quality iron ore and zinc.

Its core assets include six world-class copper mines in Chile, Peru and Canada, as well as one of the world's largest zinc mines in the United States. In addition, Anglo Teck will continue to develop major projects in Canada, Chile, Peru, Mexico, the United States, and Finland.

Anglo Teck's headquarters will be located in Vancouver, Canada, but the company will retain offices in London and Johannesburg.

The companies estimate that annual savings from the merger will reach $800 million. Starting in 2030, the integration of the neighboring Chilean deposits of Collahuasi and Quebrada Blanca is expected to result in an additional $1.4 billion in annual revenue and about 175,000 tons of copper.

Before the deal is finalized, Anglo American shareholders will receive a special dividend of $4.5 billion (about $4.19 per share). They will own about 62.4% of the shares in the new company, while Teck shareholders will own 37.6%.

The company will be listed on the world's leading stock exchanges – London, Johannesburg, Toronto and New York.

Representatives of both companies will remain in the management of Anglo Teck. Duncan Vanblad (Anglo American) will become CEO, Jonathan Price (Teck) will be his deputy, John Heasley will be CFO, and Sheila Murray will be chairman of the board of directors.

The merger is still subject to regulatory approvals. It is expected to be completed within 12-18 months.