Teck Resources has taken a significant step forward in its proposed merger with Anglo American by filing and mailing the notice of meeting, management information circular, and related documents for a special shareholder meeting on December 9, 2025. The company has made these materials, including the interim court order authorizing the vote, available on its website. Teck’s board strongly recommends shareholders vote in favour of the all-stock merger of equals.
The deal aims to create “Anglo Teck,” a Canada-based critical minerals group and top five global copper producer. Teck emphasizes that the structure allows its investors to maintain full exposure to future value, highlighting anticipated synergies between Quebrada Blanca and Collahuasi, as well as Anglo American’s ongoing value initiatives.
Board chair Sheila Murray frames the merger as a unique opportunity to build a larger, more resilient Canadian-headquartered mining company. Chief executive Jonathan Price expects the merger to deliver substantial value for shareholders and create significant economic opportunities in Canada. However, some critics within the industry question certain aspects of the proposed merger.
The terms presented to investors reveal that Teck shareholders would own approximately 37.6 percent of the combined company on a fully diluted basis at closing. Anglo American investors would hold the remainder and receive a US$4.5 billion special dividend before completion. The companies project a premier copper-focused portfolio, supported by zinc and premium iron ore, with six tier-one copper assets, one of the world’s largest zinc mines, and two high-margin iron ore operations.
Management estimates roughly US$800 million in recurring pre-tax synergies at the corporate level and about US$1.4 billion in underlying annual EBITDA synergies between the adjacent Collahuasi and QB operations on a 100 percent basis over 2030–2049. The combined group targets copper output of about 1.2 million tonnes, rising to approximately 1.35 million tonnes in 2027 from existing operations.
Teck has disclosed significant insider support for the deal. Temagami Mining Company Limited, SMM Resources Incorporated, chairman emeritus Norman Keevil, and Teck’s directors and executives have committed to vote in favor, representing roughly 79.8 percent of Class A super voting shares and about 0.02 percent of Class B subordinate voting shares as of the record date.
The special meeting will take place both in person in Vancouver and online on December 9, 2025, at 11:00 a.m. Pacific Time. Shareholders of record at the close of business on October 20, 2025, may vote.
This development comes amid recent revelations that Brazilian mining giant Vale held talks with Teck Resources before agreeing to an acquisition by Anglo American this fall, adding another layer of complexity to the ongoing merger discussions.
As the December shareholder meeting approaches, all eyes will be on the outcome of this vote and its potential to reshape the global mining industry landscape. Industry Canada and the Competition Bureau also have yet to review and approve the merger.
