After several months of speculation, Anglo American has had its “merger of equals” with Teck Resources approved by Industry Minister Mélanie Joly.The British mining giant announced in September that it had reached an agreement to acquire Vancouver-based Teck in an all-stock deal estimated to be worth roughly US$27.6 billion.Last week, shareholders of both companies overwhelmingly approved the deal..“Today’s confirmation by the Minister of Industry, the Honourable Mélanie Joly, marks yet another step towards forming a major global critical minerals powerhouse, following the overwhelming endorsement of both our shareholders and Teck’s shareholders last week,” Duncan Wanblad, Anglo American CEO said.Anglo made several major moves in September as the company sought Ottawa’s approval, including saying it would spend at least $4.5 billion in-country over five years. It also stated it would move its headquarters from London to Vancouver, as well as relocate many of its high-ranking personnel to Canada.However, Anglo will remain domiciled in London, and the company’s primary stock listing will still be on the London Stock Exchange..Joly said in a statement on Monday night that she had determined the merger was of “net benefit to Canada” and represented an “unequivocal endorsement of the federal government's efforts to build the strongest economy in the G7.”With the Canadian government’s approval, Anglo and Teck have also agreed to secure approximately 4,000 jobs in Canada (100% of Teck's employment levels in Canada today), as well as proceed with important investments, including the Highland Valley Copper Mine Life Extension Project, which will create 2,900 new jobs in Canada, and enhanced critical minerals processing capacity at Teck's existing Trail Operations.According to Teck, the completion of the merger “remains subject to conditions customary for a transaction of this nature, including the relevant regulatory approvals in various jurisdictions globally.”.BC Premier David Eby reacted to the news on X, saying it was “great news for BC” and that the new entity will “help unlock prosperity in the Northwest and deliver good jobs and benefits across the province.”The new company will form one of the largest copper producers in history, with the overall value of the merger, including debt, estimated at more than $70 billion.
