Anglo American (LSE: AAL) rises after Canada clears the Anglo‑Teck merger under the Investment Canada Act. Here’s what investors should watch next.
Anglo American plc (LSE: AAL) is back in the spotlight today after the company confirmed a major regulatory breakthrough for its proposed “merger of equals” with Canada’s Teck Resources—one of the defining mining deals of 2025 and a bellwether for how governments are approaching critical minerals in an era of electrification and supply-chain security.
In a regulatory news release dated 17 December 2025, Anglo American said it and Teck have received Government of Canada approval under the Investment Canada Act (ICA)—a milestone that brings the creation of “Anglo Teck” a step closer, while also locking in far-reaching commitments on investment, governance, employment, Indigenous engagement, and Canadian industrial capacity. [1]
Today’s Anglo American (AAL) news — everything moving the story on 17.12.2025
Here are the main Anglo American headlines and market-moving updates published today:
- Canada approves the Anglo‑Teck merger under the Investment Canada Act, with a detailed package of binding commitments (investment spend, HQ location, governance and listings). [2]
- AAL shares trade sharply higher in London, up about 3% in morning dealing (data delayed), as investors price in reduced regulatory uncertainty. [3]
- Broker action: Berenberg raised its price target on Anglo American to 3,400p and reiterated “buy” in a morning broker-ratings round-up. [4]
- Policy angle: Reuters highlighted the speed of the Canadian approval as a signal of a more “open for business” posture amid tariff and investment pressures—an interpretation that has broader implications for global mining M&A. [5]
What follows is a full, publication-ready breakdown of what happened, what Canada required, why copper is driving the strategy—and what investors should be watching next.
What happened today: Canada gives the green light for the Anglo‑Teck merger
Anglo American and Teck confirmed they have received regulatory approval from the Government of Canada under the Investment Canada Act for their announced merger of equals (first announced 9 September 2025). The combined group is expected to trade as Anglo Teck once the full set of closing conditions is satisfied. [6]
The Canadian decision matters not just because it’s a major jurisdiction for Teck, but because it’s the deal’s “center of gravity”—politically and operationally—given the commitment to place the combined company’s global headquarters in Canada and build out long-term investment programs tied to Canadian copper and critical-minerals infrastructure. [7]
The binding commitments: what Anglo Teck must do in Canada
Canada’s approval didn’t come free. It came with binding commitments that Anglo and Teck said were defined under the ICA framework.
1) Major investment spending: C$4.5bn in five years, at least C$10bn over 15 years
The combined company committed to spend at least C$4.5 billion in Canada within five years, and indicated this would enable at least C$10 billion of total spending over 15 years. [8]
2) Big-ticket projects named in the commitments
The disclosure highlights specific initiatives tied to copper production and processing in British Columbia, including:
- Highland Valley Copper mine life extension, with expected capital investment of roughly C$2.1bn to C$2.4bn. [9]
- Investment to sustain and enhance critical minerals processing at Teck’s Trail Operations, with capital investments of up to C$850m, including possible expansion into strategic metals like germanium. [10]
- Advancing the Galore Creek and Schaft Creek copper projects in northwestern British Columbia, including capex of up to C$750m. [11]
- Funding for exploration and technology, including at least C$300m in Canadian critical-mineral exploration and technology. [12]
3) Governance, jobs, and a “Canada-first” management footprint
A major part of the approval is structural: Anglo Teck’s global headquarters would be in Canada, and a significant majority of senior management—including the CEO, Deputy CEO and CFO—would be based in Canada and reside primarily there. [13]
The package also includes commitments around employment levels, supplier opportunities, and honoring existing agreements with communities, Indigenous governments and labour unions. [14]
4) Listing plans: London primary listing, plus TSX and more
The company reiterated that after completion, Anglo Teck would have its primary listing in London (LSE) while also seeking/maintaining listings including JSE, TSX and NYSE (via ADR listing subject to approvals)—a structure designed to preserve UK index inclusion while establishing a strong Canadian capital-markets base. [15]
5) A potential copper smelter study in British Columbia
One of the more strategic long-lead commitments is a commitment to explore additional copper production at Trail and complete a study on the viability of constructing a new copper smelter in British Columbia—a noteworthy point as governments increasingly push miners to do more domestic processing rather than only exporting concentrate. [16]
Market reaction: Anglo American shares rise and Berenberg lifts its target
In London, Anglo American’s shares traded higher on the day, with the FT’s market data showing AAL around 2,928p, up about 3.17% in morning trading (delayed), alongside an intraday range visible in the historical price table for Dec. 17. [17]
Meanwhile, broker commentary also moved in Anglo’s favour: a broker-ratings round-up reported Berenberg raised Anglo American’s price target to 3,400p (from 3,100p) and maintained a “buy” recommendation. [18]
This combination—regulatory momentum + positive broker revisions—is the kind of news mix that tends to perform well in Google Discover, because it connects a clear “what happened” catalyst with immediate “what does the market think” context.
Why Canada’s fast approval is being watched globally
Beyond the deal itself, today’s developments are also being read as a signal about how Canada will treat large foreign-involved M&A in critical minerals going forward.
Reuters reported that the approval was granted in roughly three months, which sources characterized as faster than typical for transactions of this scale in mining—especially involving sensitive critical-minerals considerations. The Reuters piece framed this speed as part of a broader attempt to reduce uncertainty and attract investment amid tariff pressures and shifting trade dynamics. [19]
For global miners and dealmakers, that matters because the “rulebook” on national security, supply-chain policy, and industrial commitments is increasingly shaping the feasibility (and cost) of big cross-border mergers.
Deal status and timeline: what’s approved, what’s still pending
Anglo and Teck emphasized that the merger—while now cleared under the ICA—still requires additional regulatory and competition approvals in other jurisdictions.
Key points confirmed in today’s disclosures:
- Both companies’ shareholders approved the merger at meetings held on 9 December 2025. [20]
- The deal has already received competition approvals in Canada and Australia, with other reviews progressing. [21]
- Completion remains subject to the typical closing conditions for a transaction of this nature, including additional regulatory approvals globally. [22]
What investors typically watch next in this phase:
- Updates on remaining regulatory reviews (and any remedies required)
- Timelines for completion and listing mechanics
- Integration planning and synergy targets (especially around copper operations)
The strategic logic: copper scale, processing capacity, and “critical minerals” branding
The deal’s logic is straightforward: scale in copper (and related critical minerals), plus jurisdictional positioning that aligns with government strategies.
Anglo and Teck have consistently presented Anglo Teck as a “critical minerals champion,” and today’s Canadian approval package reinforces that branding by tying the combined company’s commitments to mine life extensions, processing capacity at Trail, and development-stage copper projects. [23]
Copper has become central not just to electrification narratives but to national policy. Reuters previously reported that the combined group is expected to become one of the world’s major copper producers—part of a broader industry trend toward consolidation and scale as miners chase long-life, high-quality copper supply. [24]
Anglo American’s reshaping continues in the background
While the merger headlines dominate today, it’s important context—especially for a Google News audience—that Anglo American has been reshaping its portfolio.
A Business Day report notes Anglo has been pursuing portfolio simplification moves including the sale of its steelmaking coal and nickel businesses, alongside a planned separation of its diamond unit De Beers. [25]
That strategic “clean-up” matters because it changes how investors model Anglo American’s future cash flows, commodity exposure, and risk profile—particularly if the company becomes more concentrated in copper and other energy-transition materials.
What this means for investors in AAL right now
Today’s news doesn’t complete the Anglo‑Teck transaction—but it meaningfully de-risks it in one of the most politically sensitive jurisdictions involved.
Three immediate implications stand out:
- Regulatory momentum is improving. Canada is a cornerstone jurisdiction for Teck, and ICA approval reduces a major source of uncertainty. [26]
- The deal comes with real constraints. The commitments are detailed, time-bound in places, and investment-heavy—supportive of long-term strategy but potentially demanding in execution. [27]
- Markets are reacting positively today. AAL traded up ~3% in London and analysts are adjusting targets upward, suggesting investors increasingly see a path to closing. [28]
Bottom line
On 17 December 2025, Anglo American (AAL) is being repriced by the market as a company with a clearer path to completing its Teck merger, supported by Canada’s approval under the Investment Canada Act and a thick set of binding commitments that anchor the combined group in Vancouver and in long-term Canadian critical-minerals investment. [29]
References
1. www.moneyweb.co.za, 2. www.moneyweb.co.za, 3. markets.ft.com, 4. www.sharesmagazine.co.uk, 5. www.reuters.com, 6. www.moneyweb.co.za, 7. www.moneyweb.co.za, 8. www.moneyweb.co.za, 9. www.moneyweb.co.za, 10. www.moneyweb.co.za, 11. www.moneyweb.co.za, 12. www.moneyweb.co.za, 13. www.moneyweb.co.za, 14. www.moneyweb.co.za, 15. www.moneyweb.co.za, 16. www.moneyweb.co.za, 17. markets.ft.com, 18. www.sharesmagazine.co.uk, 19. www.reuters.com, 20. www.moneyweb.co.za, 21. www.moneyweb.co.za, 22. www.businessday.co.za, 23. www.moneyweb.co.za, 24. www.reuters.com, 25. www.businessday.co.za, 26. www.moneyweb.co.za, 27. www.angloamerican.com, 28. markets.ft.com, 29. www.moneyweb.co.za
