Shareholders approve Anglo American’s tie up with Teck Resources

Tawanda Karombo

Shareholders in Anglo American have approved the Johannesburg and London-listed resource group’s tie up with Canadian miner, Teck Resources under a “merger of equals” basis that has been disputed by South African opponents to the deal.

South African shareholders in Anglo American stand to receive a R73 per share special dividend in addition to other economic benefits after the global miner agreed to the tie-up with Teck Resources.

This comes after Anglo American turned down an offer from global rival, BHP. Shares in Anglo American rose 1.40% on the JSE on Wednesday, extending the stock’s 3.1% and 9% rally over the past 30 and 90 days respectively.

This week, Anglo American announced that its shareholders had approved “resolutions proposed in connection with the implementation of the merger of equals” of Anglo American and Teck Resources.

The merger will create an enlarged Anglo Teck group that analysts however say will likely further be restructured and streamlined to principally focus on copper after the divestment of Anglo Platinum, De Beers and others.

After a general meeting held on December 9, said Duncan Wanblad, CEO of Anglo American: “We are delighted with the clear endorsement from our shareholders to take this next strategic step to unlock outstanding value as Anglo Teck.”

The merged entity will be renamed to Anglo Teck, becoming a top 5 global copper producer, with combined current production of 1.2 million tons and expected to rise by 10% to 1.35 million tons in 2027.

In addition to yielding $800m through synergies, Anglo Teck also stands to accrue $1.4 billion in potential uplifts to its earnings before interest, tax, depreciation and amortisation (Ebitda) from combining the Collahuasi and Quebrada Blanca mines in Chile.

Wanbald said Anglo Teck will birth a global critical minerals champion, with headquarters in Canada, and offering more than 70% exposure to copper. The merged entity will be underpinned by “a world-class portfolio of assets with  exceptional growth” optionality.

After complaints and concerns emerged over incentives and awards schemes for Anglo American executives, the company withdrew a resolution on this ahead of the general meeting.

"The voting on the ordinary resolution and the special resolution was taken on a poll. As announced on 8 December 2025, resolution 2 to amend the Anglo American Long-Term Incentive Plan Awards was withdrawn from the agenda of the General Meeting," said the company.

South African independent economist, Duma Gqubule, has argued that the transaction will “provide a final death knell” for the Johannesburg and London listed resource giant.

Anglo American has been shedding its South African assets under Wanblad, with the company finalising its exit from Anglo American Platinum this year.

However, Anglo American has said that its merger with Teck “does not change South Africa’s sovereignty, our operations and many other interests in South Africa or Anglo American’s obligations” in the country.

“The merger with Teck is about building a stronger global critical minerals company that is even better positioned to invest and grow, including in South Africa. As we have made clear repeatedly, South Africa, and our world class Kumba Iron Ore, are central to our strategy,” said Anglo American.

Anglo American insists that it is not exiting South Africa, with the merged entity set to continue its listing on the JSE as a very much larger global company. It said this would provide direct investment access for its substantial shareholder base in South Africa, including the Public Investment Corporation (PIC).

“Anglo American is deeply committed to South Africa - operationally, economically, and socially. Our proposed merger with Teck is, without doubt, a significant positive for South Africa and South African mining," it said.

"Anglo Teck forms one of the world’s leading critical minerals companies, a larger, stronger and more financially resilient company, even better positioned to invest in South Africa’s, and Southern Africa’s, mining future.” 

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