London-listed Anglo American has agreed to merge with Canada’s Teck Resources in a monumental $53 billion deal to create a new mining powerhouse.

In the merged entity—named Anglo Teck—Anglo American shareholders will own approximately 62.4% while Teck shareholders will hold 37.6%.

The new company will be headquartered in Canada, with its primary stock listing in London, and will also pursue listings in key financial markets.

Expected cost synergies reach about $800 million annually by the fourth year post-merger, amid soaring global copper demand driven by EVs and AI infrastructure.

The move represents the largest mining sector merger in over a decade, underscoring strategic alignment amid rising commodity needs, as reported by Reuters.