By Adam Whittaker and Rhiannon Hoyle

Anglo American and Teck Resources have agreed to combine their business in a deal that will create one of the world's largest copper producers with a combined market value of more than $53 billion.

The deal comes as miners look to shore up access to copper, which is essential to the energy transition and a core component in the wiring used in the booming data-center sector.

Both companies have rejected takeover approaches from rivals in recent years and have sought to restructure their portfolios. Anglo rejected a roughly $50 billion offer from BHP last year while Teck rejected a $23 billion offer from Glencore in 2023 before later selling it its steelmaking assets.

The deal is set to create a copper giant with a combined annual output of some 1.2 million metric tons. This would put the merged company roughly on par with U.S. producer Freeport-McMoRan, but still trailing Australia's BHP, which mined more than 2 million tons of the red metal in the year to June, and Chile's Codelco, which produced 1.3 million tons in 2024.

The combined group's production is set to grow by around 10% to around 1.35 million tons in 2027.

Anglo shareholders are set to own around 62.4% of the business, with Teck shareholders owning around 37.6%. It will be headquartered in Vancouver with corporate offices in London and Johannesburg.

Anglo's Duncan Wanblad will lead the new business with Teck's Jonathan Price as deputy chief executive.

Write to Adam Whittaker at adam.whittaker@wsj.com and Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

September 09, 2025 02:47 ET (06:47 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.