London and Johannesburg-listed mining giant Anglo American is to merge with rival miner Teck Resources to form Anglo Teck, a global miner focused on copper and critical minerals extraction.
The newly announced 50bn entity, which will be headquartered in Vancouver, Canada, says it will be a top five global copper producer with "an industry-leading portfolio of producing operations, including six world-class copper assets, alongside high-quality premium iron ore and zinc businesses."
The new business, which says it expects to offer investors more than 70 exposure to copper, positions itself as a "global critical minerals champion," and expects to list on the LSE London, JSE Johannesburg, TSX Toronto and NYSE New York.