The British mining giant Anglo American and the Canadian mining company Teck Resources limited announced that they have reached an agreement on the merger of the equals to create a new world leader in the supply chains of critically important minerals. The United Company, which will be called Anglo Teck PLC, will be included in the five largest copper manufacturers with headquarters in Vancouver and offices in London and Johannesburg.
According to the conditions, Anglo American shareholders will belong to 62.4 percent, and Teck shareholders - 37.6 percent. The completion is expected within 12-18 months in anticipation of the approval of regulatory organs and shareholders.
The scale and portfolio Anglo Teck
The new company will receive more 70 percent of copper revenue, while maintaining the effects of iron ore and zinc.annual copper production will reach 1.2 million tons, increasing to 1.35 million tons by 2027. Anglo Teck will also produce 61 million tons of premium iron ore per year and will remain a large zinc manufacturer fixed on the Red Dog mine in Alaska.
The merger will continue to simplify the Anglo American portfolio, including the division of De Beers and the division sale of steel coal and nickel assets. synergy and financial impactby the fourth year, Anglo Teck expects that the annual synergistic The effect to taxation will be $ 800 million, and by the second year - 80%. Efficiency will increase the stability and long-term creation of cost in all commodity cycles.
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