Shareholders at Anglo American and Canadian firm, Teck, have agreed to a merger deal valued at around $53bn.

The allotment of new shares was approved by 99.17% of Anglo American shareholders to create the group, Anglo Teck.

The British mining firm had to defend the merger in October, after Teck cut its copper output guidance for the current financial year.

Under the deal, Anglo American will hold 64.2% of the global copper group, which is set to unlock $1.4bn in average annual EBITDA and $800m in pre-tax recurring annual synergies.

The completion of the merger remains subject to conditions, including approval under the Investment Canada Act.

Chief executive officer at Anglo American, Duncan Wanblad, said: "We are extremely pleased to have received such strong support both from shareholders and stakeholders alike. Today marks a major milestone towards forming Anglo Teck - a global critical minerals champion, headquartered in Canada, and a top five global copper producer.

"Bringing together the best of both companies, Anglo Teck is set up to deliver outstanding value for shareholders of both companies - in the near term through a unique combination of industrial and other synergies, and in the longer term by applying proven capabilities to exceptional growth optionality, offering investors more than 70% exposure to copper.

"Looking ahead, we will continue to work closely with Teck and the regulatory authorities across various jurisdictions during the course of 2026 to obtain the necessary approvals to progress towards completion."

Following the announcement, shares in Anglo American and Teck dropped by 0.79% and 0.86%, respectively.

Head of markets at AJ Bell, Dan Coatsworth, stated that the merger marks a new chapter in the "top tier of the mining industry".

He concluded: "Now comes the hard part – living up to the hype at the heart of the merger rationale. Big deals are notoriously value-destructive, either because management over-estimated cost synergies, culture clashes rear their ugly head, or financial returns fall short.

"The combined Anglo/Teck group will be a big player in the copper market, where the outlook for the metal price is red hot. It just needs to be able to capitalise on the market opportunity and not be derailed by production issues, such as labour strikes, lower than expected ore grades or processing problems."

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