Anglo American and Teck to combine and form a global critical minerals champion

On September 9, 2025, Anglo American plc (“Anglo American”) and Teck Resources Limited (“Teck”) announced an agreement to combine the two companies in a merger of equals to form the Anglo Teck group (“Anglo Teck”), a global critical minerals champion and top five global copper producer, headquartered in Canada.

The merger will be implemented by way of a plan of arrangement of Teck under the Canada Business Corporations Act. Anglo American will issue 1.3301 ordinary shares (or, in the case of electing eligible Canadian Teck shareholders, 1.3301 exchangeable shares) to existing shareholders of Teck in exchange for each outstanding class A common share and class B subordinate voting share of Teck, consistent with a merger of equals at market.

Subject to satisfaction of certain conditions, the Anglo American board also intends to declare a special dividend of US$4.5 billion (expected to be approximately US$4.19 per ordinary share), to be paid by Anglo American to its shareholders on the Anglo American register of members ahead of completion of the merger. The special dividend creates an efficient opening balance sheet and allows more balanced participation for Anglo American and Teck shareholders in the go-forward business value delivery.

The plan of arrangement will require the approval of at least 66 2/3% of class A common and class B subordinate voting shareholders of Teck, voting as separate classes, at a special meeting of shareholders. It will also require customary court approval in Canada.

Eligible Canadian shareholders of Teck will be able to elect to receive, for each Class A common share and Class B subordinate voting share, exchangeable shares in a Canadian subsidiary of Anglo American, which will be exchangeable into Anglo Teck plc ordinary shares for a period of up to 15 years after the completion of the merger, instead of the Anglo Teck plc ordinary shares to which they would otherwise be entitled at completion.

The issuance of new Anglo Teck plc ordinary shares, in connection with the merger, will be subject to the approval by more than 50% of Anglo American shareholders at a special meeting.

The merger is also subject to completion conditions customary for a transaction of this nature, including approval under the Investment Canada Act and competition and regulatory approvals in various jurisdictions globally.

The merger is expected to close within 12-18 months, subject to necessary approvals.

Immediately following completion of the merger, Anglo American and Teck shareholders will own approximately 62.4% and 37.6% respectively, of Anglo Teck plc on a fully diluted basis.

Further information can be found on GlobeNewswire’s website.

Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. It has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline.

Anglo American is a leading global mining company focused on the responsible production of copper, premium iron ore and crop nutrients – future-enabling products that are essential for decarbonising the global economy, improving living standards, and food security.