Anglo American says Teck merger on track after 'pivotal' 2025
Anglo American PLC at its annual general meeting on Wednesday described 2025 as ‘highly consequential’, as it updated shareholders on its merger and disposal plans.
The London-based mining house in September said it would combine with Canadian peer Teck Resources Ltd, forming ‘one of the world’s largest copper producers’ to be called Anglo Teck.
The combined firm’s new board will be announced in due course, Anglo Chair Stuart Chambers noted on Wednesday.
The company already has named Sheila Murray as chair of Anglo Teck. Anglo and Teck each will nominate 50% of the non-executive board. Completion of the merger is targeted later in 2026 or in early 2027.
Chair Chambers commented: ‘Despite the volatility in the world around us, we made great strides in 2025 to ensure that Anglo American is a more agile and resilient business, and one that is focused squarely on safe, stable and responsible operations. The progress to simplify our own portfolio, in parallel with advancing our merger with Teck at some pace and with such overwhelming shareholder support highlights the determination and energy with which we have been repositioning Anglo American to the forefront of our industry in terms of value-accretive growth.’
Chambers reiterated the view he had shared a year earlier, that Anglo will focus on copper, premium iron ore and crop nutrients, which the company sees playing into ‘structural trends of decarbonisation, improving living standards, and food security’.
‘We have continued to build on this momentum, progressing our portfolio transformation over the course of 2025, in parallel with the merger agreement,’ Chambers continued, referencing the sale of Anglo American Platinum Ltd, now Valterra Platinum Ltd.
Anglo continues to work on the disposal of its steelmaking coal business, nickel division, and De Beers diamond operations.
It previously had agreed to sell the coal business to Peabody Energy Corp, before the deal fell through.
Chief Executive Duncan Wanblad noted: ‘While we were very disappointed that Peabody decided not to complete the previously agreed transaction for the balance of the business, we expect that we will successfully reach an alternative sales agreement for value in 2026.’
Wunblad called the deaths of two Anglo American employees in Brazil and Zimbabwe last year ‘simply unacceptable’ and stressed that the company continues to prioritise safety.
Wanblad continued: ‘This has been a pivotal year for the future of our business both in terms of simplifying our portfolio and delivering long-term value-accretive growth through the transformation merger to create Anglo Teck.’
Chair Chambers added: ‘In a year characterised by volatile markets and slow economic recovery in China, and with weaker iron ore prices and cyclically low diamond prices, Anglo American delivered a stable operating and financial performance.’
Anglo American shares traded marginally lower at 3,507.50 pence on Wednesday afternoon in London. They were up 0.6% to R 792.10 in Johannesburg.
On Tuesday, Anglo American reported a rise in copper, manganese and diamond output in the first quarter of 2026, but lower iron ore production.
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