Anglo American and Teck merger set to become fifth biggest copper miner
Anglo American and Teck look set to merge in one of the largest mining deals in history, with the both companies making announcements this morning. The new company will be called “Anglo Teck”.
The merger would make Anglo Teck the fifth-largest copper producer, with combined production of 875kt in 2025, based on Benchmark’s forecasted data (484kt from Anglo American and 391kt from Teck). Anglo Teck would remain behind the “Big Three” of Codelco, BHP, and Freeport McMoRan, as well as Grupo Mexico.
The company would also be a major copper concentrate supplier. Unlike majors Codelco and Freeport, which have integrated smelting capacity at site, Anglo Teck’s portfolio would be geared heavily towards copper concentrate.
The company’s key copper assets would include 44% of Collahuasi and 60% of Quebrada Blanca in Chile, and 60% of Quellaveco in Peru. More than 70% of the company’s portfolio is expected to be weighted towards copper, according to the announcement.
Under the proposal, Anglo American shareholders would hold 62.4% and Teck shareholders 37.6% of Anglo Teck plc immediately post-completion. The deal is expected to close within 12–18 months.
Both Anglo American and Teck have been the subject of takeover attempts in recent years. Glencore tried to acquire Teck’s base metals business in 2023, while BHP failed in its bid for Anglo American in 2024. If the proposed merger succeeds, it could shield Anglo Teck from further unsolicited bids.
Although Anglo is significantly larger than Teck, the companies are more comparable in scale than in previous takeover attempts. Teck described the deal as a “Merger of Equals” in its statement. This deal follows other recent copper M&A moves, including Rio Tinto’s acquisition of Turquoise Hill and BHP’s takeover of Oz Minerals.
Copper market fundamentals are expected to become increasingly tight in the coming years, as the metal is critical to global decarbonisation due to its conductivity and applications in clean energy technologies.
Benchmark forecasts demand growth both from energy transition industries and from traditional end-use sectors. Meanwhile, new mined supply is projected to fall short of requirements, creating a mined supply gap of ~8.3Mt by 2035.
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