Anglo American (AAL) in the Spotlight: Canada Probes Teck Mega‑Merger as Quellaveco Copper Mine Hits 1m‑Tonne Milestone

LONDON / OTTAWA / LIMA – 27 November 2025.
Anglo American plc (LON: AAL; JSE: AGL) is back at the centre of global mining news today as Canada launches a national security review of its proposed $53 billion merger-of-equals with Teck Resources, influential proxy advisers line up behind the deal, and the group’s flagship Quellaveco copper mine in Peru passes a landmark one‑million‑tonne production milestone. ^[1]

On the market, Anglo American shares traded more than 1.5% lower on Thursday as industrial miners dragged the FTSE 100 down 0.3%, giving back part of Wednesday’s 2.5% jump that saw the stock close around 2,847p, roughly 5% below its October 52‑week high. ^[2]

Below is a roundup of everything Anglo‑related that matters for today, 27 November 2025.

Today’s Anglo American (AAL) news at a glance

Canada launches a national security review of the proposed Anglo–Teck merger under the Investment Canada Act, with a decision expected “in the coming months.” ^[3]
Proxy advisers ISS and Glass Lewis back the deal, recommending that Teck shareholders vote for the merger-of-equals at the 9 December special meeting. ^[4]
Anglo American shares slide >1.5% as industrial miners weigh on the FTSE 100 a day after the UK’s tax‑raising budget. ^[5]
Quellaveco copper mine surpasses one million tonnes of output roughly three years after start‑up, reinforcing Anglo’s long‑term copper growth story. ^[6]
Rival BHP has walked away from a renewed takeover attempt, reducing “interloper risk” ahead of the Anglo–Teck shareholder votes and limiting the odds of a competing bid for at least six months. ^[7]

Canada launches national security review of Anglo–Teck mega‑merger

Canada has formally confirmed that the proposed merger between Anglo American and Teck Resources will undergo a national security review under the Investment Canada Act, adding a new regulatory layer to one of the largest mining deals in recent memory. ^[8]

Industry Minister Mélanie Joly told reporters on Wednesday that such reviews are a standard part of the process and said Ottawa expects to reach a decision in the coming months. The review will assess how the transaction could affect Canada’s national security interests, with particular attention to critical minerals and related supply chains. Copper and germanium—both produced within the Teck portfolio—are on Canada’s official critical minerals list. ^[9]

The Anglo–Teck tie‑up, announced in September, is valued at about $53 billion and would combine Anglo’s diversified global footprint with Teck’s Canadian roots and project pipeline. Analysts expect the merged group, to be branded Anglo Teck, to become one of the world’s top copper producers, with headquarters in Vancouver and a dual listing maintained on major exchanges, including London and Toronto. ^[10]

While both companies have already pledged to maintain a significant on‑the‑ground presence in Canada, reporting by Reuters and Miningmx indicates that Ottawa is pushing for stronger commitments on future investment and employment as part of the approval package. ^[11]

Market reaction has been relatively calm so far. Teck’s shares rose around 1% in Toronto on Wednesday, while Anglo American closed up roughly 2.4% in London as investors digested the additional scrutiny but appeared to view the review as part of a normal regulatory pathway rather than an immediate red flag. ^[12]

Teck shareholders are scheduled to vote on the merger on 9 December, and the national security review is just one element of a wider regulatory gauntlet that also includes competition and foreign‑investment approvals in several jurisdictions. ^[13]

Why Canada’s national security review matters for Anglo investors

For Anglo American shareholders, the Investment Canada Act review is now one of the main swing factors that could delay, reshape or—if things turned very sour—derail the merger: ^[14]

Timing risk: National security reviews can take months and sometimes come with extensions. Even if approval is ultimately granted, the process can push back closing and prolong uncertainty.
Conditions risk: Ottawa has already signalled it wants strong commitments on jobs and investment in Canada. That could translate into legally binding undertakings around capital spending at assets such as Teck’s Highland Valley copper mine, or even influence where future expansion dollars are directed. ^[15]
Precedent risk: Canada tightened the Investment Canada Act in 2024 to give itself wider powers over foreign acquisitions in sensitive sectors like critical minerals. Regulators globally are watching how Ottawa handles this deal as a precedent for future mining consolidation. ^[16]

So far, though, Joly has framed the review as routine, and there is no public sign that Ottawa intends to block the transaction outright. ^[17]

ISS and Glass Lewis urge Teck investors to back the Anglo deal

If Canada’s review introduces a new variable, shareholder advisory firms are trying to remove another: voting risk.

In a detailed statement published late on Wednesday, Teck announced that independent proxy advisers Institutional Shareholder Services (ISS) and Glass Lewis both recommend that Teck shareholders vote “FOR” the merger-of-equals with Anglo American at the 9 December special meeting. ^[18]

According to Teck’s summary of their reports, ISS concluded that the merger is strategically compelling given expected synergies, the improved financial strength of the combined company and the positive share‑price reaction since the deal was unveiled. Glass Lewis emphasised the enlarged scale, asset quality and long‑term copper growth profile of the merged group, arguing that “Anglo Teck” would be financially stronger and more resilient than Teck standing alone. ^[19]

Teck’s board, led by CEO Jonathan Price, reiterated that it sees the Anglo deal as the best path forward for shareholders and other stakeholders, and described the enlarged group as a “global critical minerals champion” headquartered in Canada with a world‑class copper and critical‑minerals portfolio. ^[20]

Key dates highlighted in Teck’s materials include: ^[21]

Record date: 20 October 2025 – only shareholders on this date can vote.
Proxy voting deadline: 11:00 a.m. PST on 5 December.
Special meeting of shareholders: 9 December 2025.
Conditions to closing: approvals under the Investment Canada Act and other competition and regulatory regimes worldwide.

ISS and Glass Lewis carry significant weight with institutional investors, particularly in North America and Europe. Their endorsement doesn’t guarantee a “yes” vote, but it materially increases the odds that the resolution passes. ^[22]

Market reaction: Anglo shares soften after strong run

Despite the stream of supportive news around the merger, Anglo American’s share price moved lower on Thursday.

A Reuters market report shows the FTSE 100 down around 0.3%, with industrial miners among the weakest sectors after the UK’s new budget. Anglo American and Rio Tinto were each more than 1.5% lower in morning trade, reflecting softer commodity prices and some profit‑taking after a strong recent rally. ^[23]

That follows a notably strong session on Wednesday, when MarketWatch data shows Anglo American closing up about 2.48% at £28.47 (2,847p). FT data indicates the stock remains roughly 5% below its 52‑week high around 3,008p set on 9 October, but comfortably above its April lows near 1,641p. ^[24]

Sentiment has also been influenced by rival BHP’s decision earlier this week to abandon a renewed takeover attempt. Reuters reported that BHP made a fresh approach offering mostly shares and a small cash component, but walked away after discussions with Anglo’s board, saying it remained confident in its own organic growth pipeline. ^[25]

Analysts quoted in that coverage noted that BHP’s withdrawal significantly reduces the “interloper risk” that a competing bid could disrupt the Anglo–Teck combination. Under UK takeover rules, BHP is now effectively barred from making another offer for Anglo for six months, absent special circumstances, giving Anglo’s management more breathing room to focus on the Teck merger and ongoing restructuring. ^[26]

Quellaveco: one‑million‑tonne copper milestone underlines Anglo’s growth story

Away from boardrooms and regulators, Anglo American is also making headlines on the ground.

MiningFeeds reports that Quellaveco, Anglo’s flagship copper mine in southern Peru, has now produced more than one million tonnes of copper since ramp‑up began in 2022—a symbolic threshold reached roughly three years after first production. ^[27]

The large open‑pit operation was designed to deliver around 300,000 tonnes of copper per year on average over its first decade of life. According to Anglo’s update cited in the report, Quellaveco produced more than 300,000 tonnes of copper in both 2023 and 2024, and is expected to contribute between 310,000 and 340,000 tonnes in 2025, consistent with a projected mine life of about 36 years. ^[28]

Quellaveco is also a flagship for Anglo’s FutureSmart Mining™ concept. The mine runs entirely on renewable electricity, is equipped with autonomous drilling systems and a fleet of automation‑ready haul trucks, and is managed via a remote operations centre that allows real‑time monitoring and optimisation of production and energy use. ^[29]

Company estimates referenced by MiningFeeds suggest that at steady‑state, Quellaveco’s annual copper output could supply enough metal for more than five million electric vehicles per year, underscoring its strategic importance in the global energy transition. Anglo has also argued that meeting projected global copper demand may require the equivalent of around 60 new mines of Quellaveco’s scale by 2040. ^[30]

For the Anglo–Teck merger, Quellaveco is one of the cornerstone producing assets that anchors Anglo’s near‑term cash flow. Analysis from CRU Group describes the combined copper business as pairing Anglo’s stable output from Quellaveco, Collahuasi and Los Bronces with Teck’s growth projects such as Highland Valley’s extension and Zafranal, creating a portfolio that blends reliability with development‑led growth. ^[31]

Strategic context: from takeover target to copper champion

The latest developments cap a dramatic strategic pivot for Anglo American.

In 2024 and early 2025, the company was under pressure after rejecting multi‑billion‑dollar offers from BHP and facing activist scrutiny over its portfolio mix and underperforming assets. ^[32]

Since then, Anglo has:

Demergered its platinum unit as Valterra Platinum (formerly Anglo American Platinum), turning it into a separately listed company while retaining a minority stake. ^[33]
Moved to simplify its portfolio, advancing plans to exit coal and signalling a willingness to reshape or sell down its interest in De Beers to concentrate capital on higher‑growth, energy‑transition commodities such as copper and fertilizer minerals. ^[34]
Streamlined its leadership structure to better reflect a leaner, copper‑focused portfolio, as outlined in recent internal restructuring announcements. ^[35]

CRU’s copper analysis suggests that on 2024 numbers, the combined Anglo–Teck copper portfolio would rank around sixth globally, with roughly 0.9 Mt of equity‑attributable production. Under a scenario that includes sanctioned expansions and Teck’s key pipeline projects, CRU sees a path for the merged group to reach about 1.6 Mt of copper production by 2035, potentially lifting it into the industry’s top three producers. ^[36]

That growth profile comes with a classic mining capex cycle: elevated investment through the late 2020s on projects such as the Highland Valley extension, Collahuasi expansion, and developments like San Nicolás, Nueva Unión I and Schaft Creek, followed by rising operating cash flow as new volumes ramp up in the early 2030s. ^[37]

If regulators and shareholders ultimately sign off, Anglo Teck would emerge not just as a larger mining company, but as a key Western supplier of copper and other critical minerals at a time when governments are racing to secure energy‑transition supply chains—one reason Canada’s national security lens is now squarely focused on the deal. ^[38]

What to watch next for Anglo American shareholders

While only you can decide what to do with your own money, there are some clear catalysts and risks for anyone following Anglo American and the proposed Anglo–Teck combination:

1. Regulatory approvals

Investment Canada Act review: The biggest new variable. Investors will watch for any signals on timing and conditions, especially around commitments for jobs and capital spending in Canada. ^[39]
Other jurisdictions: Competition and foreign‑investment approvals will also be needed in Chile, Peru, the EU and potentially other markets where the companies operate large assets. ^[40]

2. Shareholder votes

Teck’s 9 December meeting is now backed by both ISS and Glass Lewis, which boosts the probability of a “yes” vote among institutions that follow their guidance. ^[41]
Anglo’s own shareholder vote will also be pivotal. Support from ISS for both sets of shareholders, reported by Reuters, suggests that governance-focused investors are broadly comfortable with the transaction’s terms. ^[42]

3. Copper prices and the macro backdrop

Even a perfectly executed merger will be sensitive to the copper price. Much of the value case articulated by the companies and third‑party analysts rests on tight long‑term copper supply, surging demand from electrification and constraints on new project development. ^[43]

4. Execution and integration risk

Bringing together two large organisations, integrating overlapping South American copper districts and sequencing a heavy global project pipeline will test management. CRU’s work highlights the potential upside, but also the need for “disciplined sequencing” and careful capital allocation to turn optionality into real free cash flow. ^[44]

5. The “Plan B” scenario

If the merger were to stumble—whether on regulation, politics or shareholder opposition—BHP is sidelined for at least six months under UK takeover rules, meaning Anglo would likely have to fall back on its standalone restructuring and organic growth plan rather than hoping for a bidding war. ^[45]

Bottom line

For Anglo American, 27 November 2025 marks another inflection point in a year of transformation:

Canada has opened a national security file on its biggest ever deal.
Powerful proxy advisers have thrown their weight behind that same merger.
Its flagship Peruvian copper mine has crossed a symbolic production threshold.
The market is still weighing all of this against macro headwinds and lingering memories of BHP’s abandoned bid.

How those threads play out over the coming weeks—especially the Canadian review and December shareholder votes—will go a long way toward determining whether Anglo American’s future is as a rejuvenated standalone diversified miner, or as the senior partner in Anglo Teck, a new copper heavyweight at the heart of the energy transition.

Disclaimer: This article is for general information only and does not constitute investment advice, a recommendation to buy or sell any security, or a substitute for independent financial analysis. Always do your own research or consult a licensed adviser before making investment decisions.