Teck Resources (TSX: TECK.b) and Anglo American received government approval under the Investment Canada Act for their merger of equals, anchored by binding commitments that include at least $4.5 billion of spending in Canada within five years and a minimum of $10 billion over 15 years.
The approval formalizes a package of undertakings that permanently fixes the combined company’s name as Anglo Teck and its global headquarters in Canada. A significant majority of senior management, including the CEO, Deputy CEO, and CFO, will be based in and primarily resident in Canada, and a substantial proportion of the board will be Canadian.
Anglo Teck will list on the TSX, seek TSX index inclusion, and retain a primary listing on the LSE alongside listings on the JSE and the NYSE via ADRs, each subject to exchange approvals. Headquarters will be in Vancouver.
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Spending commitments specify an expected $2.1 billion to $2.4 billion for the Highland Valley Copper Mine Life Extension project. Up to $850 million is earmarked to sustain and enhance critical minerals processing at Trail Operations, including potential germanium and other strategic metals capacity, in part subject to advancing the Red Dog life extension.
Development of the Galore Creek and Schaft Creek copper projects in northwestern British Columbia will be advanced with capital expenditures of up to $750 million. The companies will cause at least $300 million of expenditures in Canadian critical minerals exploration and technology, including expanded partnerships with Canadian juniors across Anglo Teck’s global footprint.
The commitments include at least $100 million in Canada to establish and fund a Global Institute for Critical Minerals Research and Innovation, hosted with leading institutions in Canada, South Africa, and the UK, plus investments in mining skills training through Indigenous programs and Canadian post-secondary institutions.
At least $200 million will be contributed to Indigenous, community, conservation, and similar initiatives. Anglo Teck will maintain 100% of aggregate employment levels at Teck’s Canadian operations and increase youth employment and training opportunities.
Procurement access is part of the framework: Canadian and Indigenous suppliers will receive fair and equal opportunity to compete for contracts across Canadian and global operations. Anglo Teck will explore adding copper production capacity at Trail and complete a study on the viability of a new copper smelter in British Columbia.
Shareholder approvals were secured on December 9, 2025, with both companies endorsing the merger. Remaining steps include competition and regulatory clearances in various jurisdictions, a final order from the Supreme Court of British Columbia, and completion of exchange-related processes.
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