The British Anglo American has come up with the combination of Canada Teck’s resources with a single company worth $ 53 billion.
The British mining company Anglo American and Canadian Teck Resources have concluded a aggregation agreement. The Financial Times reported this Tuesday, September 9th.
Under the terms of the agreement, the Anglo American owns 62.4% of the United Company, and Teck’s shareholders are owned by others.
It is expected that a new company called Anglo Teck will be included in the five largest copper manufacturers worldwide with a market value of $ 53 billion.
The Anglo Teck Headquarters is located in Vancouver (Canada), but the company will save offices in London and Johannesburg.
Anglo Teck will represent the stock exchanges of London, Johannesburg, Toronto and New York. The management of the company will include representatives of both parties: Duncan Vanblad will be the general director, his deputy is Jonathan Price.
More than 70% of its business is linked to copper – metal, which is the key to electric vehicles, changed energy and digital technology.
Among the major properties are the six -world -class copper mines in Chile, Peru and Canada, as well as one of the largest zinc mines in the world in the United States. In addition, Anglo Teck will continue to develop large projects in Canada, Chile, Peru, Mexico, USA and Finland.
To complete the integration, regulators’ consent is required, and the process may last 12-18 months
Last year, Anglo American got 770 thousand tons of copper, while Teck’s plan was up to 525 thousand tons and a significant increase in labor by the end of the decade this year.
The company has a joint sharing with giant copper deposits in Chile – Collahuasi and Quebrada Blanca, which is united today.
Keep in mind that in July, copies for copper grew 13% – most of the day since 1969 – after US President Donald Trump announced the introduction of a 50% duty throughout the country’s brass imports.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.