Anglo American plc (LON:AAL) and Teck Resources Limited have announced they have reached an agreement to combine the two companies in a merger of equals to form the Anglo Teck group (Anglo Teck), a global critical minerals champion and top five global copper producer7, headquartered in Canada and expected to offer investors more than 70% exposure to copper1.
· Outstanding value creation through at market merger of equals
· Anglo Teck is expected to offer more than 70% copper exposure1 and outstanding further growth optionality embedded
· US$800 million in pre-tax recurring annual synergies from combining both companies
· Additional US$1.4 billion (100% basis) annual average underlying EBITDA2 uplift expected from synergies between the adjacent Collahuasi and Quebrada Blanca operations from 2030-20493, which is expected to result in an increase of c.175,000 tonnes of potential additional annual copper production
· Strong balance sheet underpinned by a larger, more diversified asset and cash flow base, including premium iron ore and zinc
· Enhanced global capital markets footprint: primary listing on LSE, listings on JSE, TSX and NYSE4
· Headquartered in Canada and committed to the heritage of both companies and their significant business leadership roles in Canada, South Africa and the UK
· Special dividend to Anglo American shareholders of US$4.5 billion (c.US$4.19 per share5) ahead of completion
· Anglo American shareholders to own c.62.4% and Teck shareholders to own c.37.6% of Anglo Teck plc immediately post completion6
· Merger subject to customary completion and regulatory conditions, expected to complete in 12-18 months
· Boards of Anglo American and Teck unanimously support and recommend the transaction
Both Anglo American and Teck believe the Merger will be highly attractive for both companies’ shareholders and stakeholders, enhancing portfolio quality, resilience and strategic positioning. Bringing together the strengths of both companies, Anglo Teck will leverage proven capabilities in technical and operational excellence, sustainability, product marketing and project execution to deliver significant, value-accretive growth through the cycle.
Anglo Teck will hold an industry-leading portfolio of producing operations, including six world-class copper assets, alongside high-quality premium iron ore and zinc businesses. Anglo Teck will be one of the world’s largest copper producers, and will benefit from some of the world’s highest quality copper endowments, with major brownfield and greenfield copper development projects, located in attractive and well-established mining jurisdictions, to further grow the business. Anglo Teck will also retain growth optionality across its wider product portfolio, including in premium iron ore, zinc and crop nutrients.
The Merger is expected to deliver annual pre-tax synergies of approximately US$800 million by the end of the fourth year following completion of the transaction, with approximately 80% expected to be realised on a run rate basis by the end of the second year following completion, driven by economies of scale, operational efficiencies, and commercial and functional excellence. Anglo Teck will also work with key stakeholders and partners in Collahuasi and Quebrada Blanca to optimise the value of these adjacent assets to realise US$1.4 billion (100% basis) of underlying EBITDA2 revenue synergies on an average pre-tax annual basis from 2030-20493, primarily through operational integration and optimisation of Collahuasi and Quebrada Blanca. This will build on Anglo American’s success with similar adjacency partnerships in Brazil and elsewhere in Chile.
Anglo Teck will be a global mining leader with its global headquarters located in Vancouver and corporate offices to support the global group in London and Johannesburg. With key leadership roles based in Canada, including Duncan Wanblad as CEO, Jonathan Price as Deputy CEO, and John Heasley as CFO, with Sheila Murray as Chair, Anglo Teck will play an enhanced role in the Canadian mining ecosystem, while continuing to play a significant role in mining and business leadership in South Africa and the UK, and expects to be strongly positioned to support the critical minerals strategies of these countries and the priorities of local communities and stakeholders. Country offices and marketing hubs will continue to support the operational footprint of the combined business.
Duncan Wanblad, Chief Executive Officer of Anglo American, commented:
“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 characterised both companies for so long. Having made such significant progress with Anglo American’s portfolio transformation, which has already added substantial value for our shareholders over the past year, now is the optimal time to take this next strategic step to accelerate our growth. 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. We are all committed to preserving and building on the proud heritage of both companies, both in Canada, as Anglo Teck’s natural headquarters, and in South Africa where our commitment to investment and national priorities endure. Together, we are propelling Anglo Teck to the forefront of our industry in terms of value accretive growth in responsibly produced critical minerals.”
Jonathan Price, Chief Executive Officer of Teck, commented:
“This merger of two highly complementary portfolios will create a leading global critical minerals champion headquartered in Canada – a top five global copper producer7 with exceptional mining and processing assets located across Canada, the United States, Latin America, and Southern Africa. It is a natural progression of our strategy and portfolio simplification, which created a platform to enable exactly this sort of transformative transaction. 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. This transaction will create significant economic opportunity in Canada, while positioning Anglo Teck to deliver sustainable, long-term value for shareholders and all stakeholders.”
The Merger will be implemented by means of a plan of arrangement through which Anglo American will issue 1.3301 ordinary shares (or, in the case of electing eligible Canadian Teck shareholders, 1.3301 Exchangeable Shares (as defined below)) to the existing Teck shareholders in exchange for each outstanding Teck class A common share and class B subordinate voting share6 consistent with a merger of equals at market. Subject to satisfaction of certain conditions, the Anglo American board also intends to declare a special dividend of US$4.5 billion (expected to be approximately US$4.19 per ordinary share) to be paid by Anglo American to its shareholders5 on the Anglo American register of members (the “Anglo American Special Dividend”) ahead of completion of the Merger. The Anglo American Special Dividend creates an efficient opening balance sheet and allows more balanced participation for Anglo American and Teck shareholders in the go-forward business’ value delivery. Immediately following completion of the Merger, Anglo American and Teck shareholders will own approximately 62.4% and 37.6%6 respectively, of Anglo Teck plc. The Anglo American Special Dividend will be subject to adjustment to ensure Anglo American and Teck shareholders receive aligned ordinary course dividends prior to completion of the Merger.
Anglo Teck will benefit from a global capital markets footprint across major centres of mining finance and technical expertise, with expected stock market listings on the LSE (Equity Shares (Commercial Companies)) JSE, TSX and NYSE4 (to be implemented as a listing of American Depositary Receipts), subject to the approval or acceptance of each applicable exchange.
At or prior to completion, Anglo American and Teck will each nominate for appointment 50% of the non-executive directors of the Anglo Teck plc board, with Sheila Murray to serve as Chair of Anglo Teck upon completion. Upon completion, the executive directors of Anglo Teck plc will be Duncan Wanblad as CEO, Jonathan Price as Deputy CEO, and John Heasley as CFO. The CEO, Deputy CEO, and CFO, and a significant majority of the senior executive team will be based in and reside in Canada, with the senior executive team including meaningful representation from South Africa and the UK. Prior to completion, Anglo American will seek shareholder approval to change its legal name to “Anglo Teck plc” from completion of the Merger and, from and after completion of the Merger, Anglo Teck will conduct its business under the “Anglo Teck” trade name.
Strategic Rationale and Benefits of the Transaction
Premier critical minerals portfolio with world-class copper assets
· Top five global copper producer with combined annual copper production of ~1.2mt expected to grow by c.10% to ~1.35mt in 2027 from a portfolio of long-life assets with attractive cost profiles and outstanding resource endowments, including8:
o Collahuasi (Chile, 245.8kt attributable production, 44% ownership)
o Quebrada Blanca (Chile, 207.8kt production, 60% ownership)
o Quellaveco (Peru, 306.3kt production, 60% ownership)
o Los Bronces (Chile, 172.4kt production, 50.1% ownership)
o Highland Valley Copper (Canada, 102.4kt production, 100% ownership)
o Antamina (Peru, 96.1kt attributable production, 22.5% ownership)
· A major producer of premium iron ore (61mt)9 that facilitates cleaner steelmaking from mines in South Africa and Brazil
· One of the world’s largest producers of mined zinc through the world-class Red Dog mine in Alaska, as well as operator of one of the world’s largest fully integrated zinc and lead smelting and refining facilities at Trail Operations in British Columbia
· Anglo Teck will remain committed to Anglo American’s announced portfolio simplification, including ongoing work to separate De Beers for value alongside completion of the steelmaking coal and nickel disposals. Anglo American will continue to advance these efforts prior to completion
Compelling value creation through synergies
· Total anticipated pre-tax recurring annual synergies of US$800 million and an additional US$1.4 billion (100% basis) of underlying EBITDA2 revenue synergies between the adjacent Collahuasi and Quebrada Blanca operations on an average pre-tax annual basis from 2030-20493, which is expected to result in an increase of c.175,000 tonnes of potential additional annual copper production
· Anglo American and Teck have both recently been engaged in substantial portfolio simplification, which makes this the right time to bring the two companies together with a streamlined, new organisational structure that retains and leverages the best of both organisations across a larger global business
Additional value-creation opportunities
Copper
· Collahuasi and Quebrada Blanca are adjacent operations that have the potential to unlock value in a capital efficient manner. Near-term opportunities to enhance cash flow and value include using Quebrada Blanca’s infrastructure to process higher-grade ore from Collahuasi. Anglo American and Teck are committed to working at pace with the other stakeholders of these assets to realise US$1.4 billion (100% basis) of underlying EBITDA2 revenue synergies between the adjacent Collahuasi and Quebrada Blanca operations on an average annual basis from 2030-20493 primarily through operational integration and optimisation of Collahuasi and Quebrada Blanca
· Combined proven project development capabilities to maximise the potential from an extensive pipeline of brownfield and greenfield copper growth options in Canada, Chile, Peru, Mexico, the United States and Finland, with a pathway towards a significant additional uplift in copper production
· Anglo Teck will remain committed to working with Codelco to implement a joint mine plan in respect of the two companies’ respective, adjacent copper mines of Los Bronces and Andina in Chile with the view to unlocking an additional 2.7 million tonnes of copper production during the course of that joint mine plan after 2030
· Other development prospects include:
o the Galore Creek and Schaft Creek projects in Northwestern British Columbia, Canada
o Zafranal in Peru, San Nicolas in Mexico, NuevaUnión in Chile, NewRange in the US and Sakatti in Finland
o further brownfield opportunities to deliver the full potential from outstanding resource endowments across the existing portfolio
Anglo Teck will continue to build on both Anglo American and Teck’s longstanding success in and commitment to global mineral exploration and discovery, supported by a focus on technology and innovation.
Premium iron ore, crop nutrients and germanium
· Anglo Teck is also set for significant growth in premium iron ore output through the development of the high-quality, multi-billion tonne Serpentina resource in Brazil, an adjacency to Minas-Rio, and the addition of UHDMS technology at Kumba in South Africa to deliver a far greater proportion of premium quality iron ore products and thereby enhance margins
· Opportunity to significantly increase germanium and other specialty critical minerals production from Trail Operations metallurgical facility, supporting the critical minerals priorities of Canada
· Anglo Teck will continue to progress the development of the Woodsmith project in the UK with its ongoing potential to be a generational asset in crop nutrients. Full development remains subject to meeting stringent investment criteria for risk-adjusted value, including syndication to one or more investment / strategic partners
Exploration and discovery
· Anglo Teck will continue to build on both companies’ longstanding success in and commitment to mineral exploration and discovery, with exploration teams active across Canada, Latin America, the US, Europe, Southern Africa and Australia
· Anglo Teck plans to invest at least CAD$300 million (over five years following completion) in critical mineral exploration and technology in Canada, recognising Canada’s extensive potential for further responsible mineral development
· Anglo Teck will continue to support and partner with the Canadian junior mining sector, an important part of Canada’s mining ecosystem, by investigating the application of a range of modern geoscience and data approaches in mineral exploration opportunities, including AI, and supporting broader partnerships across Anglo Teck’s operating footprint, particularly in South Africa and southern Africa. As part of the effort to support the junior mining sector, Anglo Teck also plans to make financial contributions to South Africa’s Junior Mining Exploration Fund in partnership with the Industrial Development Corporation of South Africa and the South African Department of Mineral and Petroleum Resources, which seeks to assist qualifying junior miners to conduct prospecting work
Enhanced financial resilience
Focused scale
· For the year ended 31 December 2024, Anglo American reported underlying EBITDA2 of US$8,460 million10, as presented in its 2024 Integrated Annual Report, and Teck reported adjusted EBITDA2 of CAD$2,933 million11 as presented in its 2024 Annual Report, each with robust cost-curve positioning creating confidence in performance through the cycle. This is expected to be further enhanced by sustainable margin improvement from the anticipated synergies
· Stronger, more resilient financial platform with scale advantages, including greater flexibility to reallocate capital dynamically to the highest-returning opportunities including shareholder returns
Value focused capital allocation
· Anglo Teck will remain committed to maintaining a strong balance sheet and will target an investment grade credit profile underpinned by a diverse asset base
Global capital markets presence
· Second largest listed copper-focused producer, with future growth optionality12
· Anglo Teck will also be well-positioned to provide broad and efficient access to capital across the world, with Anglo Teck plc expected to have a primary listing on the LSE and retain FTSE indexation, as well as listings on the JSE, TSX and NYSE4 (to be implemented as a listing of American Depositary Receipts)
Strong values and clear purpose
· Anglo Teck will continue to prioritise long-term value creation that focuses on safety and health, is inclusive and responsible, and catalyses environmental protection and social progress, building on their respective track records. Both Anglo American and Teck have earned recognition as leaders in sustainability within the global mining industry, including leading social and environmental stewardship, Indigenous and community relations, and responsible resource development
Committed to Canada
Anglo American and Teck believe that the formation of Anglo Teck in a merger of equals will provide exceptional and enduring benefits for Canada, including establishing a global critical minerals champion headquartered in Canada, bringing strengthened Canadian leadership in critical minerals on the world stage. It will accelerate Canada’s ambition of capitalising on its natural resource advantages – driving enhanced capacity across the value chain and broader market access, further leveraged by Anglo Teck’s considerable operational footprint and growth optionality in North America, Latin America, southern Africa and Europe.
Anglo American and Teck believe the benefit to Canada of the formation of Anglo Teck to form a global critical minerals champion headquartered in Canada is unprecedented. Reflecting this commitment to Canada, Anglo Teck will provide undertakings under the Investment Canada Act that will provide, among other things, that:
· The global headquarters of Anglo Teck will be located in Canada
· Anglo Teck will invest at least approximately CAD$4.5 billion over five years in Canada, including in respect of the Highland Valley Copper Mine Life Extension, improving critical minerals processing capacity at Trail, advancing potential major new copper mines in Northwestern British Columbia, supporting critical minerals exploration, innovation, skills training, research and jobs growth in Canada
· Anglo Teck will also explore opportunities to add copper processing capacity at Trail and support the establishment of new critical minerals processing facilities in Canada
· The CEO, Deputy CEO, CFO and a significant majority of the executive management team will be based in and reside in Canada
· A substantial proportion of Anglo Teck’s board of directors will be Canadian
· Anglo Teck will honour all agreements with communities, Indigenous governments, and labour unions in Canada and promote within its organizational culture a recognition of the importance of respecting Indigenous and community rights
· Anglo Teck will maintain employment levels in Canada with no net reduction in the number of employees in the business in Canada as a result of the transaction and generate new economic activity and jobs through the investments noted above
· Anglo Teck plc will be listed on the TSX, subject to the approval of the TSX
· Anglo Teck will carry on both Anglo American and Teck’s respective industry leadership in environmental and social performance
A detailed summary of these commitments is set out in an Appendix to this announcement.
Committed to South Africa
Anglo American has a long and proud history of contributing to the economic growth of South Africa and supporting the country’s national priorities. Throughout its regular engagements with the Government of South Africa, Anglo American continues to reaffirm its enduring commitment to South Africa, including in relation to meaningful representation from South Africa on the board and executive team, and the investments it is making in its operations and the social fabric of local communities. Following the Merger, Anglo Teck will continue to uphold and advance these commitments. Its subsidiaries with operations in South Africa will continue to comply with all relevant empowerment and mining licenses requirements.
Furthermore, Anglo Teck will continue to support and partner with the Canadian junior mining sector, an important part of Canada’s mining ecosystem, by investigating the application of a range of modern geoscience and data approaches in mineral exploration opportunities, including AI, and supporting broader partnerships across Anglo Teck’s operating footprint, particularly in South Africa and southern Africa. As part of the effort to support the junior mining sector, Anglo Teck also plans to make financial contributions to South Africa’s Junior Mining Exploration Fund in partnership with the Industrial Development Corporation of South Africa and the South African Department of Mineral and Petroleum Resources, which seeks to assist qualifying junior miners to conduct prospecting work.
Anglo Teck will also offer to work with the Government of Canada to establish a Global Institute for Critical Minerals Research and Innovation, funded by Anglo Teck and hosted in Canada, and potentially involving leading institutions in Canada, South Africa, the UK and other countries.
Governance
It is currently proposed that the directors of Anglo Teck plc will be nominated for appointment by the boards of Anglo American and Teck, respectively, at completion, and the nominated directors will enter into customary service contracts (for executive directors) and appointment letters (for non-executive directors) with Anglo Teck plc on normal commercial terms. The Anglo American Board supports the principles of the UK Corporate Governance Code (the “UK Code”) and ahead of completion of the Merger, Anglo American intends to continue to fully comply with the UK Code. Following completion, Anglo Teck will continue to apply the principles of good corporate governance set out in the UK Code.
Headquarters
The Anglo Teck group will have its global headquarters in Vancouver, British Columbia, Canada, where the CEO, Deputy CEO, and CFO and a significant majority of the senior executive team will be based. Anglo Teck will also retain corporate offices in London and Johannesburg, thereby contributing to and drawing on three key centres of mining finance and technical expertise to support Anglo Teck’s growth and investment ambitions. Anglo Teck plc will inherit Anglo American’s UK incorporation and tax status.
Transaction process, conditions and timing
Anglo American and Teck have entered into an agreement (the “Arrangement Agreement”) to effect the Merger by way of a plan of arrangement of Teck under the Canada Business Corporations Act. Subject to satisfaction of certain conditions, the Anglo American Board also intends to declare the Anglo American Special Dividend of US$4.5 billion (expected to be approximately US$4.19 per ordinary share) to be paid by Anglo American to its shareholders5 on the Anglo American register of members ahead of completion of the Merger. At 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 American6. The plan of arrangement will require the approval of at least 662/3% of the votes cast in person or by proxy by class A common and class B subordinate voting shareholders of Teck, voting as separate classes, at a special meeting of shareholders. The plan of arrangement will also require customary court approval in Canada.
Eligible Canadian shareholders of Teck will be able to elect to receive, for each class A common shares and class B subordinate voting share, exchangeable shares in a Canadian subsidiary of Anglo American (the “Exchangeable Shares”), which will be exchangeable into Anglo Teck plc ordinary shares for a period of up to 15 years after completion, instead of the Anglo Teck plc ordinary shares to which they would otherwise be entitled at completion. The Exchangeable Shares will have the same economic and voting rights as the Anglo Teck plc ordinary shares and are intended to be listed for trading on the TSX, subject to the approval of the TSX.
The issuance of new Anglo Teck plc ordinary shares in connection with the Merger will be subject to the approval by more than 50% of Anglo American shareholders voting in person or by proxy at the relevant shareholder meeting of Anglo American. In addition, the Board of Directors of Anglo American may consider amending its director remuneration policy and incentive plans at the relevant shareholder meeting to facilitate Anglo American’s retention and incentivisation requirements arising in the period prior to completion of the Merger, as appropriate.
The Merger is also subject to completion conditions customary for a transaction of this nature, including approval under the Investment Canada Act and competition and regulatory approvals in various jurisdictions globally.
The Arrangement Agreement contains customary representations, warranties and covenants for a transaction of this nature. The Arrangement Agreement also contains customary pre-completion covenants, including the obligation of each of Anglo American and Teck to conduct their respective businesses in the ordinary course consistent with past practice and to refrain from taking certain specified actions without the consent of the other party.
The Arrangement Agreement includes customary deal protections, including provisions that allow Anglo American and Teck to consider unsolicited acquisition proposals and for either board to terminate the transaction to accept a superior proposal (subject to a right to match) or to change its recommendation that shareholders vote to approve the Merger in those circumstances. A break fee in the amount of US$330 million will be payable by Anglo American or Teck in certain circumstances.
In connection with the Merger, Temagami Mining Company Limited (“Temagami”), SMM Resources Incorporated (“SMM”), Dr. Norman B. Keevil and certain of the directors and executive officers of Teck and Anglo American, in respect of approximately 79.8% of the outstanding Teck class A common shares, 0.02% of the outstanding Teck class B subordinate voting shares, and 0.1% of the Anglo American shares, as applicable, have entered into customary voting agreements agreeing to vote those Teck or Anglo American shares, respectively, in favour of the Merger and against any competing acquisition proposals, which agreements prohibit voting for, supporting or participating in a competing transaction unless the applicable board has changed its recommendation that the shareholders vote to approve the Merger or the Arrangement Agreement is otherwise terminated.
The Merger is expected to close within 12-18 months.
Board of Directors’ recommendations
Anglo American
Considering all the information outlined above, the Board of Directors of Anglo American has unanimously determined that the Merger is fair to and in the best interests of Anglo American’s shareholders as a whole and unanimously recommends that Anglo American shareholders vote in favour of the issuance of new Anglo Teck plc shares and the change in the company’s legal name to Anglo Teck plc in connection with the Merger.
Teck
The Board of Directors of Teck has unanimously determined that the Merger is in the best interests of Teck and is fair to Teck’s shareholders and unanimously recommends that Teck shareholders vote in favour of the Merger. In arriving at its unanimous recommendation in favour of the Merger, the Board of Directors of Teck considered several factors, including the opinion of Scotiabank to the effect that, as of the date thereof and subject to the assumptions, limitations and qualifications therein, the consideration to be received by Teck shareholders pursuant to the transaction is fair, from a financial point of view, to such shareholders.
A copy of Scotiabank’s written fairness opinion, as well as additional details regarding the terms and conditions of the Arrangement Agreement and the transaction and the rationale for the recommendation by Teck’s Board of Directors, will be included in the management proxy circular and other materials to be mailed by Teck to Teck shareholders in connection with their shareholder meeting to approve the transaction. The summaries of the Arrangement Agreement and voting and support agreements in this press release are qualified in their entirety by the provisions of those agreements. Copies of the Arrangement Agreement and voting and support agreements and, when finalized, the meeting materials will be filed under Teck’s profile on SEDAR+ at www.sedarplus.ca.
Advisors
Anglo American are being advised by Centerview Partners, Morgan Stanley, Goldman Sachs and RBC Capital Markets as financial advisers. Latham & Watkins LLP, Torys LLP, and Webber Wentzel are acting as legal advisers to Anglo American.
Presentation and Webcast
A conference call is being hosted at 13.00 BST / 08.00 EDT / 05.00 PDT / 14.00 SAST on Tuesday, September 9, 2025. Please join the call approximately fifteen minutes before the scheduled time and quote “Anglo Teck”. Or, pre-register to attend the call at: registration link. South Africa direct dial in number will be provided through the pre-registration link only.
Dial in numbers
1.647.846.8877 International
1.833.752.3828 Toll Free (Canada/US)
44.20.3795.9972 (United Kingdom)
This conference call will also be simultaneously broadcast via webcast which will include audio and slides. The webcast can be accessed here.
Notes to the announcement:
1. Production mix is based on assumed copper production of 1,355kt, iron ore production of 61Mt and zinc production of 423kt, converted to copper equivalent basis at long-term consensus prices, with iron ore CFR basis adjusted to FOB at spot freight rates.
2. Non-GAAP measure which in this context means measures that are not prepared in accordance with either UK-adopted International Accounting Standards (as adopted by Anglo American) or IFRS as issued by the IASB (as adopted by Teck) and therefore have no standardised meaning and may not be comparable to similar measures presented by other issuers. Definitions of non-GAAP measures are presented in Notes 10, 11 and Appendix II (Further Information) below.
3. For the purposes of quantification, synergies have been estimated for the period 2030-2049 but are expected to continue beyond this period.
4. Listings are subject to the approval or clearance from each applicable exchange. NYSE listing to be implemented as a listing of American Depositary Receipts.
5. Anglo American pays dividends to all shares ranking for dividend including Epoch Investment Holdings (RF) Proprietary Limited, Epoch Two Investment Holdings (RF) Proprietary Limited and Tarl Investment Holdings (RF) Proprietary Limited (together, the “Investment Companies”), which collectively held Anglo American shares totalling 98,906,534 shares as of 5 September 2025. The Investment Companies are each owned by independent charitable trusts whose trustees are independent of the Group and were established to purchase Anglo American shares as part of Anglo American’s 2006 share buyback programme. Pursuant to certain arrangements with an indirect subsidiary of Anglo American, the Investment Companies are entitled to receive dividends on their Anglo American shares but have waived their right to vote in respect of all of the Anglo American shares they hold or will hold in Anglo Teck plc.
Consistent with its customary practice, the Anglo American Special Dividend of US$4.5 billion is presented on a net basis, excluding the value payable to the Investment Companies and any own shares for which rights to the dividend have been waived. The calculation of the Special Dividend on a per share basis will be subject to the number of Anglo American shares ranking for dividend excluding the Investment Companies and any own shares for which rights to the dividend have been waived as at the relevant record date. As of 5 September 2025 this was 1,074,288,648 shares.
6. The pro forma ownership in Anglo Teck plc is based on Anglo American’s issued share capital of 1,079,143,738 as of 5 September 2025 (i.e. excluding Anglo American shares held by Investment Companies), Teck shares outstanding of 488,869,975, fully diluted on a net share settled basis as of 5 September 2025 (comprising 7,599,532 class A common shares outstanding and 481,270,443 class B subordinate voting shares inclusive of estimated dilutive impact of Teck share options) and the agreement between Anglo American and Teck whereby Anglo American will declare the US$4.5 billion Anglo American Special Dividend ahead of completion of the Merger and Anglo American will issue 1.3301 ordinary shares to the existing Teck shareholders in exchange for each outstanding Teck class A common share and class B subordinate voting share at completion of the Merger.
7. Source: Wood Mackenzie. Attributable 2027F production.
8. Production figure of ~1.2mt as well as production figures on an asset-level basis are based on copper production for the year ended 31 December 2024, as presented in Anglo American’s 2024 Integrated Annual Report and Teck’s 2024 Annual Report. Figures shown on a 100% basis for Quebrada Blanca, Quellaveco, Los Bronces, and Highland Valley, 44% for Collahuasi, and 22.5% for Antamina. Also includes 100% basis of production from El Soldado (50.1% ownership) and Carmen de Andacollo (90% ownership). 2027F production shown based on combined assumed copper production of 1,355kt.
9. Production figure based on iron ore production for the year ended 31 December 2024, as presented in Anglo American’s 2024 Integrated Annual Report. Figure is on a 100% basis; Kumba effective interest is 53.4% and Minas-Rio interest is 85%.
10. Anglo American historical underlying EBITDA for year ended 31 December 2024 is a non-GAAP measure and has been extracted from Anglo American’s audited Financial Statements within the 2024 Integrated Annual Report without adjustment. Within Anglo American’s 2024 Integrated Annual Report, Anglo American underlying EBITDA is defined as underlying EBIT before depreciation and amortisation and includes the Group’s attributable share of associates’ and joint ventures’ underlying EBIT before depreciation and amortisation. Underlying EBIT is Operating profit/(loss) from continuing operations presented before special items and remeasurements and includes the Group’s attributable share of associates’ and joint ventures’ underlying EBIT. Underlying EBIT of associates and joint ventures is the Group’s attributable share of associates’ and joint ventures’ revenue less operating costs before special items and remeasurements of associates and joint ventures. Special items and remeasurements include revenue remeasurements, operating special items, operating remeasurements, non-operating special items, financing special items and remeasurements, and tax associated with special items and remeasurements. Anglo American’s financial statements for the year ended 31 December 2024 were prepared in accordance with UK-adopted International Accounting Standards and those parts of the Companies Act 2006 applicable to companies reporting under those standards and the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom as applicable to periodic financial reporting.
11. Teck historical adjusted EBITDA for year ended 31 December 2024 is unaudited and a non-GAAP measure and has been extracted from Teck’s 2024 Annual Report without adjustment. Within Teck’s 2024 Annual Report, Teck adjusted EBITDA is defined as EBITDA before the pre-tax effect of the adjustments that are made to adjusted profit from continuing operations attributable to shareholders. EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortisation. For adjusted profit from continuing operations attributable to shareholders, profit is adjusted from continuing operations attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on Teck’s balance sheet or are not indicative of Teck’s normal operating activities. Teck prepares its historical financial information in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). The historical financial information of Teck is shown as extracted from Teck’s reported financial information and has not been adjusted to align with Anglo American’s accounting policies.
12. Source: Wood Mackenzie. Attributable 2027F production adjusted to only include listed, majority copper-focused producers.
