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Teck Assets Restricted (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) and Anglo American plc (“Anglo American”) have obtained regulatory approval from the Authorities of Canada beneath the Funding Canada Act (“ICA”) for the merger of equals between Anglo American and Teck which was introduced on September 9, 2025. Anglo American and Teck consider that the formation of Anglo Teck in a merger of equals will present distinctive and enduring advantages for Canada, based upon establishing a worldwide essential minerals champion headquartered in Canada.
Anglo American and Teck set out a variety of proposed commitments of their September transaction bulletins which have been additional outlined right into a set of binding commitments beneath the ICA. The commitments embody that Anglo Teck will spend at the very least C$4.5 billion in Canada inside 5 years, together with in reference to the Highland Valley Copper mine life extension, enhancing essential minerals processing capability at Path, and advancing the event of the Galore Creek and Schaft Creek copper initiatives in northwestern British Columbia. Such expenditures will allow Anglo Teck to spend a complete of at the very least C$10 billion in Canada over 15 years. A abstract of the agreed commitments is about out in Appendix 1.
Jonathan Value, President and CEO of Teck, mentioned: “The Authorities of Canada’s approval is a vital step ahead within the formation of Anglo Teck—a brand new international essential minerals champion headquartered in Canada. This merger will mix two world-class corporations to type a enterprise of serious scale and functionality that can ship billions in funding and drive new financial exercise and job creation right here in Canada and past.
“Canada and British Columbia are recognised worldwide as robust mining jurisdictions with essential minerals methods targeted on making a optimistic surroundings to draw new funding and progress in accountable mining. Establishing Anglo Teck right here in Vancouver is wholly aligned with authorities’s financial focus and can assist to additional elevate Canada’s function and impression on the worldwide essential minerals stage, creating advantages for communities, Indigenous Peoples, workers and all stakeholders.”
Duncan Wanblad, CEO of Anglo American, mentioned: “We’re delighted to obtain regulatory approval from the Authorities of Canada for our merger of equals with Teck. In the present day’s affirmation by Minister of Business, the Honourable Mélanie Joly, marks yet one more step in direction of forming a serious international essential minerals powerhouse, following the overwhelming endorsement of each our and Teck’s shareholders final week. Anglo Teck represents a major funding in Canada, its individuals and its pure assets, underpinned by a complete package deal of commitments designed to drive enduring financial and wider advantages related to a thriving mining ecosystem in British Columbia and Canada as an entire.
“We’re all dedicated to preserving and constructing on the proud heritage of each corporations, in Canada, as residence to Anglo Teck’s international headquarters, in South Africa the place our dedication to funding and nationwide priorities endures, and throughout our total international operational and business footprint. We sit up for persevering with our dedication to have interaction meaningfully with all stakeholders together with Indigenous Peoples and communities as Anglo Teck. Collectively, Anglo Teck will probably be on the forefront of our {industry} when it comes to worth accretive progress in responsibly produced essential minerals.”
The merger of Anglo American and Teck was accepted by every firm’s shareholders at conferences held on December 9, 2025. Completion of the merger stays topic to situations customary for a transaction of this nature, together with the related regulatory approvals in numerous jurisdictions globally. The merger has already obtained competitors approvals in Canada and Australia, and different evaluations are progressing.
At completion, Anglo Teck could have its headquarters in Vancouver, and could have its major itemizing on the LSE, retaining FTSE UK index inclusion, in addition to listings on the JSE, TSX and NYSE. 1
Additional particulars concerning the Merger are set out in Teck’s administration data round dated November 3, 2025 (the “Round”), which is out there beneath Teck’s profile on SEDAR+ ( www.sedarplus.ca ) and on EDGAR ( www.sec.gov ).
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1 Listings are topic to the approval or clearance from every relevant trade. NYSE itemizing to be carried out as a list of American Depositary Receipts.
Appendix 1: Funding Canada Act commitments
Anglo American and Teck have agreed to binding commitments with the Authorities of Canada beneath the ICA, as summarized beneath.
Commitments a. to f. will stay in place in perpetuity:
a. The identify of the mixed international enterprise will probably be Anglo Teck.
b. Anglo Teck’s international headquarters will probably be in Canada.
c. A big majority of Anglo Teck’s senior administration will probably be based mostly in Canada, together with the CEO, Deputy CEO, and CFO as govt administrators who could have their principal workplace and reside primarily in Canada.
d. A considerable proportion of Anglo Teck plc’s board of administrators will probably be Canadian, comprising Anglo Teck govt administrators residing primarily in Canada referred to above, and Canadians.
e. Anglo Teck will additional the main environmental and social practices of each Teck and Anglo American in Canada and promote inside its organizational tradition a recognition of the significance of respecting indigenous and group rights. Particularly, Anglo Teck will honour all present agreements in Canada with communities, Indigenous governments and labour unions, in accordance with their phrases.
f. Anglo Teck could have a list on the TSX, topic to approval of the TSX, and can search TSX index inclusion.
Investing in Canada
The next commitments (g. to q.) are time-limited in period:
g. Anglo Teck will spend at the very least C$4.5 billion in Canada inside 5 years, together with in reference to the initiatives described beneath. Such expenditures will allow Anglo Teck to spend a complete of at the very least C$10 billion in Canada over 15 years.
h. Anglo Teck will proceed with the Highland Valley Copper Mine Life Extension (“HVC MLE”) Challenge, requiring anticipated capital funding of roughly C$2.1 to C$2.4 billion over the time period of the HVC MLE.
i. Anglo Teck will make capital investments of as much as C$850 million to maintain and improve essential minerals processing capability at Teck’s Path Operations, together with the potential growth of manufacturing of germanium and different strategic metals, partially topic to continuing with the Crimson Canine Mine life extension venture. These investments will contribute to enhancing essential minerals provide.
j. Anglo Teck will advance the event of the Galore Creek and Schaft Creek copper initiatives in northwestern British Columbia, together with capital expenditures of as much as C$750 million.
ok. Anglo Teck will trigger expenditures to be fabricated from at the very least C$300 million in Canadian essential mineral exploration and know-how, together with increasing assist to Canadian junior mining corporations by partnerships throughout Anglo Teck’s international working footprint, notably in South Africa and Southern Africa.
l. Anglo Teck will trigger expenditures of at the very least C$100 million to be made in Canada, together with to determine and fund a World Institute for Essential Minerals Analysis and Innovation– hosted and involving main establishments in Canada, South Africa and the UK – and put money into mining-related expertise coaching by leveraging partnerships with Indigenous expertise coaching programmes and Canadian post-secondary establishments.
m. Anglo Teck will preserve and improve present commitments to Indigenous governments, communities, conservation, and different comparable initiatives, together with by contributing at the very least C$200 million to such initiatives.
n. Anglo Teck will preserve 100% of the mixture employment ranges at Teck’s Canadian operations and improve the extent of youth employment and coaching alternatives.
o. Anglo Teck will present Canadian and Indigenous suppliers with truthful and equal alternative to compete for contracts to produce items and providers to Anglo Teck’s Canadian and international operations.
p. Anglo Teck will discover alternatives so as to add copper manufacturing capability at Path Operations and full a research assessing the viability of establishing a brand new copper smelter in British Columbia.
q. Anglo Teck will proceed and preserve Teck’s remediation and reclamation actions at Teck managed websites.
Appendix 2: Commitments to South Africa
The merger to type Anglo Teck is designed to construct a stronger, bigger international essential minerals firm that’s positioned to take a position and develop throughout the merged firm’s international operational and venture footprint, together with in South Africa. Anglo American has an extended and proud historical past of contributing to the financial progress of South Africa and supporting the nation’s nationwide priorities. Anglo American continues to reaffirm its enduring dedication to South Africa, together with in relation to significant illustration from South Africa on the board and govt staff, and the investments it’s making in its operations and the social cloth of native communities. Following the merger, Anglo Teck will proceed to uphold and advance these commitments. Its subsidiaries with operations in South Africa will proceed to adjust to all related empowerment and mining licences necessities.
Moreover, Anglo Teck will proceed to assist and accomplice with the Canadian junior mining sector, an necessary a part of Canada’s mining ecosystem, together with by a mix of fairness participation, strategic partnerships and the supply of technical, business and operational steerage, to put money into mineral exploration initiatives in Canada and throughout Anglo Teck’s international working footprint, with a particular dedication to supporting partnerships in South Africa and southern Africa. As a part of the hassle to assist the junior mining sector, Anglo Teck additionally plans to make a monetary contribution of ZAR600 million to South Africa’s Junior Mining Exploration Fund in partnership with the Industrial Growth Company of South Africa and the South African Division of Mineral and Petroleum Assets, which seeks to help qualifying junior miners to conduct prospecting work.
Anglo Teck has additionally undertaken to assist the institution of, and supply funding to, a World Institute for Essential Minerals Analysis and Innovation, hosted and involving main establishments in Canada, South Africa and the UK.
Ahead Trying Statements
This information launch accommodates sure forward-looking data and forward-looking statements as outlined in relevant securities legal guidelines (collectively known as forward-looking statements). These statements relate to future occasions or future efficiency. All statements aside from statements of historic reality are forward-looking statements. The usage of any of the phrases “anticipate”, “can”, “may”, “set up”, “plan”, “proceed”, “commit”, “estimate”, “count on”, “might”, “will”, “would”, “venture”, “present”, “predict”, “doubtless”, “potential”, “ought to”, “consider” and comparable expressions is meant to establish forward-looking statements. These statements contain recognized and unknown dangers, uncertainties and different components which will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements. These statements converse solely as of the date of this information launch. These forward-looking statements embody, however will not be restricted to, statements in regards to the anticipated timing of completion of the Merger, and different statements that aren’t historic details.
These statements are based mostly on a variety of assumptions, together with, however not restricted to, assumptions concerning basic enterprise and financial situations, future outlook and anticipated occasions, comparable to the power and timing of Anglo American and Teck to finish the Merger, the power of Teck and Anglo American to acquire all required regulatory approvals, the power of Teck and Anglo American to fulfill all different closing situations to the Merger, the strategic imaginative and prescient of the merger between Teck and Anglo American following the closing of the Merger, integration of Anglo American and Teck following the closing of the Merger, the power for Anglo Teck to offer distinctive and enduring advantages for Canada, the power for Anglo Teck to fulfill all of its binding commitments beneath the ICA, the power for Anglo Teck to spend C$4.5 billion in Canada inside 5 years, the power of Anglo Teck to boost essential minerals processing at path and to advance the event of the Galore Creek and Schaft Creek copper initiatives, the power for Anglo Teck to spend at the very least C$10 billion in Canada over the subsequent 5 years, expectations concerning Anglo Teck’s popularity and market notion, expectations concerning Anglo Teck’s goal alignment with the Canadian authorities, expectations concerning Anglo Teck’s head workplace positioned in Vancouver, British Columbia, Canada, expectations concerning Anglo Teck’s dedication to considerably put money into Canada and its pure assets, expectations with respect to Teck’s present stakeholders, Indigenous nations and native communities, and Anglo Teck’s dedication to proceed its social and environmental practices and engagement, expectations concerning Anglo Teck’s environmental practices, expectations concerning board and senior administration positions and residence, the continued development of the HVC MLE and the longer term Crimson Canine mine life extension venture, means of Anglo Teck to take care of all present agreements in Canada with communities, Indigenous nations and labour unions, means for Anglo Teck to have its major itemizing on the LSE, the power for Anglo Teck’s shares to be listed on the JSE, TSX and NYSE (topic to approval of the relevant securities trade), means for Anglo Teck to retain Anglo American’s FTSE UK index inclusion, means for Anglo Teck’s potential future shares listed on the TSX to realize index inclusion, expectations with respect to different capital investments in Canada for future operations, exploration, know-how, initiatives and operations, means to determine and fund a World Institute for Essential Minerals Analysis and Innovation in Canada, South Africa and the UK, establishing and sustaining junior mining partnerships throughout Anglo Teck, expectations concerning the power of Anglo Teck to take care of 100% of the employment ranges at Teck’s Canadian operations and to extend the extent of youth employment and coaching alternatives, the power for Anglo Teck to evaluate and assemble a possible new copper smelter in British Columbia, our expectations that Anglo Teck will proceed and preserve Teck’s remediation and reclamation actions at Teck managed websites, continued dedication to South Africa, means to proceed to adjust to all related empowerment and mining license necessities in South Africa, and Anglo Teck’s means to financially contribute to South Africa’s Junior Mining Exploration Fund. The foregoing checklist of assumptions just isn’t exhaustive. Occasions or circumstances may trigger precise outcomes to differ materially.
Ahead-looking data is predicated on the data out there on the time these statements are made and are of fine religion perception of the officers and administrators of Teck and Anglo American as of the time with respect to future occasions and are topic to dangers and uncertainties that would trigger precise outcomes to vary materially from these expressed within the forward-looking data. Components which will trigger precise outcomes to differ materially embody, however will not be restricted to, the likelihood that the Merger is not going to be accomplished on the phrases and situations, or on the timing, at present contemplated, and that it might not be accomplished in any respect, as a consequence of a failure to acquire or fulfill, in a well timed method or in any other case, required regulatory approvals and different situations to the closing of the Merger or for different causes, public notion of the Merger, market response to the Merger, the damaging impression that the failure to finish the Merger for any purpose may have on the enterprise of Anglo American or Teck, the power of Anglo American and Teck to efficiently combine and seize anticipated synergies, basic financial and market situations, together with curiosity and international trade charges, international monetary markets, commodity pricing, out there credit score and money, adjustments in authorities rules, legal guidelines or in tax legal guidelines, {industry} competitors, change in relationships with significant stakeholders, together with Indigenous teams and native communities, worker dedication to Anglo Teck following the closing of the Merger, adjustments in environmental practices, in search of potential TSX itemizing and index inclusion, persevering with assist of the Canadian authorities, continued assist of shareholders, significant stakeholders, Indigenous teams and native communities, Anglo Teck’s monetary situation following the closing of the Merger, tariffs and worldwide commerce restrictions, litigation issues , land title disputes or different associated issues, technological developments and different components described or mentioned in Anglo American’s or Teck’s disclosure supplies filed with relevant securities regulatory authorities now and again.
Teck assumes no obligation to replace forward-looking statements besides as required beneath securities legal guidelines. Additional data regarding dangers, assumptions and uncertainties related to these forward-looking statements, the Merger and Teck’s enterprise could be discovered within the Round in respect of the Merger filed beneath Teck’s profile on SEDAR+ ( www.sedarplus.ca ) and on EDGAR ( www.sec.gov ).
About Teck
Teck is a number one Canadian useful resource firm targeted on responsibly offering metals important to financial improvement and the vitality transition. Teck has a portfolio of world-class copper and zinc operations throughout North and South America and an industry-leading copper progress pipeline. We’re targeted on creating worth by advancing accountable progress and guaranteeing resilience constructed on a basis of stakeholder belief. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Inventory Alternate beneath the symbols TECK.A and TECK.B and the New York Inventory Alternate beneath the image TECK. Be taught extra about Teck at www.teck.com or comply with @TeckResources .
Investor Contact:
Emma Chapman
Vice President, Investor Relations
+44.207.509.6576
emma.chapman@teck.com
Media Contact:
Dale Steeves
Director, Exterior Communications
236.987.7405
dale.steeves@teck.com
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