Teck and Anglo American to Combine Through Merger of Equals to Form a Global Critical Minerals Champion

September 16, 2025

• 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 EBITDA uplift expected from synergies between the adjacent Collahuasi and Quebrada Blanca operations on an average pre-tax annual basis from 2030 – 2049, which is expected to result in an increase of c.175,000 tonnes of potential additional annual copper production²;
• 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 NYSE (to be implemented as a listing of American Depositary Receipts), subject to the approval or clearance from each applicable exchange³
• 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 share⁴ 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 completion⁵
• Merger subject to customary closing and regulatory conditions, expected to complete within 12-18 months
• Boards of Anglo American and Teck unanimously support and recommend the Merger

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) and Anglo American plc (“Anglo American”) announce they have reached an agreement to combine the two companies in a merger of equals (“the Merger”) to form the Anglo Teck group (“Anglo Teck”), a global critical minerals champion and top five global copper producer, headquartered in Canada and expected to offer investors more than 70% exposure to copper¹.

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 realized 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 optimize the value of these adjacent assets to realize US$1.4 billion (100% basis) of underlying EBITDA revenue synergies on an average pre-tax annual basis from 2030-2049, 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 heritages of both companies, both in Canada as Anglo Teck the combined company’s natural headquarters and in South Africa where our commitments 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 producer 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 share, 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 shareholders4 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% ⁵ respectively, of Anglo Teck plc on a fully diluted basis. 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 NYSE (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 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 1.2 mt expected to growth by c.10% to c.1.35mt in 20276 from a portfolio of long-life assets with attractive cost profiles and outstanding resource endowments, including⁷
  • Collahuasi (Chile, 245.8kt attributable production, 44% ownership) 
  • Quebrada Blanca (Chile, 207.8kt production, 60% ownership) 
  • Quellaveco (Peru, 306.3kt production, 60% ownership)
  • Los Bronces (Chile, 172.4kt production, 50.1% ownership)
  • Highland Valley Copper (Canada, 102.4kt production, 100% ownership) 
  • Antamina (Peru, 96.1kt attributable production, 22.5% ownership)
• A major producer of premium iron ore (61 mt)8 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 EBITDA revenue synergies between the adjacent Collahuasi and Quebrada Blanca operations on an average annual pre-tax annual basis from 2030-2049, 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 realize US$1.4 billion (100% basis) of underlying EBITDA revenue synergies between the adjacent Collahuasi and Quebrada Blanca operations on an average pre-tax annual basis from 2030-2049 primarily through operational integration and optimisation of Collahuasi and Quebrada Blanca 
• Combined proven project development capabilities to maximize 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:
  • the Galore Creek and Schaft Creek projects in Northwestern British Columbia, Canada 
  • Zafranal in Peru, San Nicolas in Mexico, NuevaUnión in Chile, NewRange in the U.S. and Sakatti in Finland
  • 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, recognizing 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 December 31, 2024, Anglo American reported underlying EBITDA of US$8,460 million ⁹, as presented in its 2024 Integrated Annual Report, and Teck reported adjusted EBITDA of CAD$2,933 million¹⁰ 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 optionality
• Anglo Teck will also be well positioned to provide broad and efficient access to capital across the world, with Anglo Teck expected to have a primary listing on the LSE and retain FTSE indexation, as well as listings on the JSE, TSX and NYSE (to be implemented as a listing of American Depositary Receipts), subject to the approval or acceptance of each applicable exchange 

Strong values and clear purpose

• Anglo Teck will continue to prioritize 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 capitalizing 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 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 license 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 shareholders 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 American. 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 share 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 the completion date 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 0.01% 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. 

Teck Comprehensive Operations Review and QB Action Plan

As announced on September 2, 2025, Teck is undertaking a Comprehensive Operations Review, including detailed assessments of operating plans, input from third-party experts, and rigorous execution tracking. This review is expected to conclude by October 2025, with resulting updates to Teck’s previously disclosed guidance communicated no later than the company’s Q3 results.

In parallel to the ongoing review, Teck is advancing the QB Action Plan, which includes construction to safely raise the height of the tailings dam and a series of initiatives focused on improving sand drainage. A key component of this work is the optimization of sand drainage and sand deposition which remains our primary focus. This deliberate approach is expected to require time to complete in order to enable full production. These near-term efforts are critical to unlocking the full future potential of this world-class asset and to establishing the foundation for long-term, reliable performance.

Board of Directors’ recommendations

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. Teck was advised by independent financial and legal advisors and the Board received opinions from each of Scotiabank and BMO Capital Markets to the effect that, as of the date of each such opinion and subject to the assumptions, limitations and qualifications set forth therein, the share exchange ratio for the transaction is fair, from a financial point of view, to Teck shareholders. 

A copy of Scotiabank and BMO Capital Markets’ written fairness opinions, 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 to shareholders in connection with the Teck 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. 

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 American shares and the change in the company’s legal name to Anglo Teck in connection with the Merger. 

Advisors

Ardea Partners LP and BMO Capital Markets served as financial advisors to Teck. Scotiabank provided an independent fairness opinion to Teck’s Board of Directors in connection with the transaction. Wachtell, Lipton, Rosen & Katz, Stikeman Elliott LLP and Freshfields LLP are acting as legal advisors to Teck, with Felesky Flynn LLP acting as legal tax advisor.

Investor Conference Call and Information

Date: Tuesday, September 9, 2025
Time: 8:00 AM ET / 5:00 AM PT / 1:00 PM BST / 2:00 PM SAST
Listen-Only Webcast: here
Dial In for Investor & Analyst Q&A:
1.647.846.8877 International
1.833.752.3828 Toll Free (Canada/US)
44.20.3795.9972 (United Kingdom)
Quote “Anglo Teck”, to join the call

Alternate, pre-register to attend the call at: registration link. South Africa direct dial in number will be provided through the pre-registration link only. An archive of the webcast will be available at teck.com within 24 hours.

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. As announced September 2, 2025, Teck is undertaking a Comprehensive Operations Review, including detailed assessments of operating plans, input from third-party experts and rigorous execution tracking. This review is expected to conclude by October 2025, with resulting updates to Teck previously disclosed guidance communicated no later than the Company’s Q3 results. 
2. Refers to the potential additional copper production and underlying EBITDA on an annual average basis over the period from 2030-2049, as the uplift varies greatly over the period. Underlying EBITDA is a non-GAAP measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. See “Non-GAAP Measures”.
3. To be implemented as a listing of American Depositary Receipts, subject to the approval or clearance from each applicable exchange.
4. The Anglo American Special Dividend of ~US$4.5 billion is presented on a net basis, excluding Epoch Investment Holdings (RF) Proprietary Limited, Epoch Two Investment Holdings (RF) Proprietary Limited and Tarl Investment Holdings (RF) Proprietary Limited (the “Investment Companies”), which collectively hold Anglo American shares totalling 98,906,534 shares as of 5 September 2025. Therefore, the number of shares used, excluding shares held by the Investment Companies, is 1,074 million, which also excludes certain Anglo American own shares for which the right to receive dividends has been waived 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. 
5. The pro forma ownership in Anglo Teck is based on the exchange ratio of 1.3301, Teck shares (including both class A common shares and class B subordinate voting shares) of 489 million on a fully diluted, net share settled basis and Anglo American issued share capital of 1,079 million on a fully diluted basis (excluding shares held by the Investment Companies), each as of 5 September 2025.
6. 2024 actual copper production of 1,219kt, 2027F shown based on assumed copper production of 1,355kt. As announced September 2, 2025, Teck is undertaking a Comprehensive Operations Review, including detailed assessments of operating plans, input from third-party experts and rigorous execution tracking. This review is expected to conclude by October 2025, with resulting updates to Teck’s previously disclosed guidance communicated no later than the Company’s Q3 results.
7. Production figures 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). 
8. 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%. 
9. Anglo American historical underlying EBITDA for year ended 31 December 2024 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 a non-GAAP measure 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) presented before special items and remeasurements. 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. Underlying EBITDA is a non-GAAP measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. See “Non-GAAP Measures”.
10. Teck historical adjusted EBITDA for year ended 31 December 2024 has been extracted from Teck’s 2024 Annual Report without adjustment. Within Teck’s 2024 Annual Report, Teck adjusted EBITDA is a non-GAAP measure 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. While both companies’ financial information is prepared under IFRS, 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. Adjusted EBITDA is a non-GAAP measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. See “Non-GAAP Measures”.

Source

More Information

For further information, please contact:

Investor Contact:

Emma Chapman
Vice President, Investor Relations 
+44.207.509.6576
emma.chapman@teck.com 

Media Contact:

Dale Steeves
Director, External Communications
236.987.7405 
dale.steeves@teck.com 

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