Anglo American is nearing a deal to acquire Canada’s Teck Resources in a transaction that could create one of the world’s largest copper producers.
Bloomberg reported that discussions are in advanced stages, and the deal could be announced as soon as this week, although the terms of the transaction remain unclear.
The acquisition comes amid growing confidence that global copper demand will be boosted by the energy transition. Teck, which mainly holds copper assets, became an attractive target after exiting coal in 2023.
Teck, which has a market capitalisation of about $US17.17 billion ($26.04 billion), is set to produce up to 525,000 tonnes of copper this year, with plans to expand production further.
Anglo’s bid for copper comes as it delivered a strong second quarter in 2025, performing well in its copper divisions.
“I am pleased to report another solid quarter in copper and iron ore, with both businesses tracking to guidance,” Anglo American chief executive officer Duncan Wanblad said.
“In copper, we benefited from strong performance at both Quellaveco and Los Bronces, while Collahuasi improved from its first quarter. In iron ore, our focus on operational excellence is also continuing to drive the right results with another excellent quarter of delivery from both Minas-Rio and Kumba.”
Copper production for the quarter reached 173,300 tonnes. While this represents an 11 per cent year-on-year decrease due to planned lower output in Chile, production was up three per cent quarter-on-quarter thanks to stronger output from Collahuasi and higher plant throughput at Quellaveco in Peru.
Anglo’s potential bid follows previous consolidation attempts in the mining industry. Last year, Anglo rejected a takeover approach from BHP, which sought to expand its copper portfolio.
The company rejected the offer in May 2024, which added another $4.4 billion to BHP’s original $60 billion offer.
Anglo said the Big Australian’s stipulation of a demerger between Anglo and Anglo American Platinum and Kumba Iron Ore was “highly unattractive”.
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