London, April 30, 2026, 15:04 BST
Anglo American plc said its planned merger with Teck Resources remained on track for completion between September 2026 and March 2027, with Chinese antitrust approval — a competition review of whether the deal would unfairly restrict markets — now the last named regulatory milestone. Shareholders also passed all 21 resolutions at the miner’s annual general meeting on Wednesday.
That keeps alive one of the mining sector’s largest copper bets at a time when investors are pushing miners to prove they can add supply without overpaying. Anglo is trying to simplify itself around copper, premium iron ore — higher-grade ore used in steelmaking — and crop nutrients, while selling or separating coal, nickel and De Beers.
Chief Executive Duncan Wanblad told shareholders the merger would give Anglo investors more than 70% exposure to copper and said the company had made “rapid progress” toward the combination. Chair Stuart Chambers said shareholders had given “strong support” to all 21 AGM resolutions, representing about 63% of the share capital already voted. Anglo American
Anglo shares were up 1.15% at 3,555.50 pence in delayed London trading, with the market still open, Bloomberg data showed at 14:46 BST. The move put the stock in positive territory after the company’s quarterly output update and a day after the AGM vote.
Anglo reported first-quarter copper production rose 1% to 170,400 tonnes, helped by Los Bronces and Collahuasi in Chile, while premium iron ore output fell 2% to 15.2 million tonnes. The company kept 2026 guidance unchanged, including 700,000-760,000 tonnes of copper and 55 million-59 million tonnes of premium iron ore.
Teck, the merger partner, last week beat analysts’ estimates for first-quarter profit on record copper sales and higher prices. Reuters reported Teck’s adjusted earnings at C$1.75 a share against an LSEG-compiled estimate of C$1.15, while copper output rose 32% to 140,000 tons.
The deal would create a top-five copper producer, with Anglo shareholders owning 62.4% of the combined company and Teck shareholders 37.6%. It was announced after Anglo rebuffed BHP and after Teck had previously fended off Glencore, making the transaction both a growth move and a defense against larger rivals.
Competitive pressure is not easing. Glencore said on Thursday its first-quarter copper output rose 19% to 199,600 metric tons, helped by stronger African grades and higher production at Antamina in Peru, underscoring why copper assets remain the prize for diversified miners.
Berenberg raised its Anglo American price target to 4,100p from 3,600p and kept a buy rating, saying the shares had “catalysts to outperform” as the Teck merger approaches. The bank also said the market had not fully priced the earnings upside from the deal and Anglo’s existing assets. Scottish Widows Investments
Anglo still has work to do outside the merger. Wanblad said the group expected to reach an alternative sale agreement for its steelmaking coal assets in 2026 after Peabody walked away from a prior deal, while the nickel sale to MMG was still moving through approvals and De Beers separation work continued.
But the timetable is not risk-free. China’s antitrust review could take longer than expected, diamond markets remain weak, and Anglo said Middle East conflict was adding market volatility and possible cost inflation. The company also warned that production levels, commodity demand, prices, regulatory rulings and asset sales could all shift outcomes.
For now, Anglo is selling investors a narrower, copper-heavy company with a one-off $4.5 billion special dividend — a special dividend is an extra shareholder payout outside the normal cycle — due shortly after the Teck deal closes. The next test is whether Chinese regulators clear the path before the company’s late-2026 to early-2027 window slips.
