Anglo American backs Teck merger, reiterates strategic rationale

Anglo American plc has acknowledged Teck Resources Limited's operational review, stating that the outcome aligns with its independent due diligence. The company reiterates that the overall strategic rationale for the merger, including all synergy values and timing announced on 9 September 2025, remains unchanged. Anglo American conducted extensive due diligence, including site visits and engagement on technical, legal, and financial matters.

Anglo American expresses full support for Teck's measured approach to the ramp-up of the Quebrada Blanca ("QB") operation, noting its own success with similar issues at Quellaveco. The revised approach to establishing a long-term tailings facility is deemed crucial for realizing QB's inherent value. Anglo American believes the combined entity will unlock significant additional value, especially with the Collahuasi adjacency.

The merger is expected to create substantial value, including an annual average EBITDA uplift of $1.4 bn from the combination of Collahuasi and QB, and $800m in pre-tax recurring annual synergies. This combination aims to build a stronger, more resilient company, delivering value for shareholders and stakeholders.