London, April 30, 2026, 15:04 BST
Anglo American plc confirmed its merger with Teck Resources is still aiming for completion sometime between September 2026 and March 2027. The only major regulatory hurdle left is Chinese antitrust signoff, as the competition review remains outstanding. On Wednesday, shareholders signed off on all 21 resolutions at the miner’s annual general meeting.
That decision preserves one of the sector’s biggest copper plays as pressure mounts on miners to expand output sensibly, not at any price. Anglo has been moving to streamline its business, focusing on copper, premium iron ore—favored for its use in steelmaking—and crop nutrients, while offloading coal, nickel, and De Beers.
Chief Executive Duncan Wanblad told shareholders the merger hands Anglo investors upwards of 70% exposure to copper, adding that the company has made “rapid progress” on pulling the deal together. Chair Stuart Chambers pointed to “strong support” from shareholders across all 21 AGM resolutions, with roughly 63% of the share capital already cast. Anglo American
Anglo shares rose 1.15% to 3,555.50 pence in delayed London trade, according to Bloomberg data at 14:46 BST, with the market still open. The gain followed the company’s quarterly output update and came just a day after the AGM vote, putting the stock back in the black.
Anglo said first-quarter copper output ticked up 1% to 170,400 tonnes, thanks to gains at Los Bronces and Collahuasi in Chile. Premium iron ore production slipped 2%, landing at 15.2 million tonnes. Guidance for 2026 remains intact: 700,000-760,000 tonnes of copper and 55 million-59 million tonnes of premium iron ore.
Teck, set to merge, topped analyst forecasts last week after posting record copper sales and stronger pricing. Adjusted earnings reached C$1.75 per share—well ahead of the C$1.15 consensus from LSEG, Reuters noted. Copper output climbed 32% to 140,000 tons.
If completed, the merger vaults the combined group into the ranks of the world’s five largest copper producers. Anglo investors would retain a 62.4% stake; Teck holders get the remaining 37.6%. The announcement follows Anglo’s rejection of BHP’s approach and Teck’s earlier resistance to Glencore, so the move is as much about bulking up as it is about warding off heavyweight competitors.
Competitive heat shows no sign of cooling. Glencore reported Thursday that first-quarter copper production climbed 19% to 199,600 metric tons—boosted by better African ore quality and increased volumes from Peru’s Antamina. The figures highlight why diversified miners continue to chase copper assets.
Berenberg bumped up its price target on Anglo American to 4,100p from 3,600p, sticking with a buy call. The analysts pointed to “catalysts to outperform” as the Teck merger draws near. They also noted the market still hasn’t factored in all the potential earnings gains from the deal or from Anglo’s current portfolio. Scottish Widows Investments
There’s unfinished business at Anglo beyond merger talks. CEO Wanblad told reporters the company aims to hammer out a new deal for its steelmaking coal assets in 2026, after Peabody dropped out of the earlier agreement. Over in nickel, the sale to MMG remains tied up in the approvals process, and work on separating De Beers is still underway.
The timeline isn’t set in stone. China’s antitrust review might drag out, diamond demand hasn’t picked up, and Anglo flagged ongoing market swings and cost pressures tied to Middle East tensions. Add to that, the company cautioned that anything from production rates to demand, pricing, regulatory moves or asset sales might still sway the final result.
At this stage, Anglo is pitching a slimmer, copper-centric business to shareholders, sweetened by a one-time $4.5 billion special dividend—essentially an extra payment on top of the usual. That payout lands soon after the Teck transaction wraps up. All eyes now on Chinese regulators: the real question is whether they’ll clear the deal before Anglo’s timeline, running from late 2026 to early 2027, starts to slip.
