Red Dog Operator Teck Merging with Anglo American Mining Company
Photo Credit: Alaska Business Archives | NANA
The operator of Red Dog Mine is merging with a former partner in the Pebble Mine project. Teck Resources Limited and Anglo American plc agreed to a $53 billion merger-of-equals to form Anglo Teck, retaining Teck’s headquarters in Vancouver, British Columbia.
Melding Copper and Zinc
Anglo Teck will hold an industry-leading portfolio of producing operations, including six world-class copper assets. The merged company will have the capacity to produce 1.2 million tonnes of copper per year, making it one of the world’s largest producers of this metal.
London-based Anglo American had been seeking copper in the Bristol Bay watershed until 2013, when it withdrew from the Pebble Limited Partnership.
Teck is already a globally significant producer of zinc and germanium thanks to Red Dog and the Trail zinc refinery in British Columbia.
“We are unlocking outstanding value both in the near and longer term, forming a global critical minerals champion with the focus, agility, capabilities, and culture that have characterized both companies for so long,” says Anglo American CEO Duncan Wanblad. “We have a unique opportunity to bring together two highly regarded mining companies whose portfolios and capabilities are deeply complementary, while also sharing a common set of values.”
Wanblad has been tapped to continue as CEO of Anglo Teck, while Teck’s Sheila Murray will chair the combined company’s board of directors. A significant majority of the senior executive team will be based in and reside in Canada, with the senior executive team including representation from the United Kingdom and South Africa.
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Teck President and CEO Jonathan Price becomes Wanblad’s deputy. “It is a natural progression of our strategy and portfolio simplification, which created a platform to enable exactly this sort of transformative transaction,” Price says. “Bringing together our world-class copper assets, premium iron ore and zinc operations, and an outstanding pipeline of high-quality growth projects provides enormous resiliency and optionality.”
To carry out the merger, Anglo American and Teck agreed to declare a special dividend to Anglo American shareholders of $4.5 billion (expected to be approximately $4.19 per ordinary share). Then, upon completion of the merger, each class A common share and class B subordinate voting share of Teck will be exchanged for 1.3301 ordinary shares of Anglo American. The arrangement requires approval of Teck shareholders at a special meeting, in addition to customary court approval in Canada.
Both companies say coming together as Anglo Teck will leverage proven capabilities in technical and operational excellence, sustainability, product marketing, and project execution to deliver significant, value-accretive growth.
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