Teck–Anglo mega-merger security review: key implications for mine project teams
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Canada has ordered a national security review of the proposed US$53 billion merger between Teck Resources and Anglo American under the Investment Canada Act, Industry Minister Mélanie Joly confirmed. The review adds regulatory uncertainty and potential delay to combining Teck’s steelmaking coal and copper assets with Anglo’s global portfolio, which includes major operations in Chile, South Africa and Australia. Any conditions imposed could affect future capital allocation, mine divestments and approvals for large-scale brownfield and greenfield expansions in Canada.
Technical Brief
- Any security conditions could constrain future mine ownership structures, joint ventures or offtake agreements involving Canadian assets.
- Governance, data access and operational control of Canadian sites may be examined for foreign influence risks.
Our Take
Anglo and Teck have been at the centre of multiple contested moves in our recent coverage, with BHP’s now-withdrawn takeover proposals (24 November 2025 item) signalling that any Teck–Anglo combination is already under intense competitive and shareholder scrutiny before Ottawa’s security review is layered on top.
Among the 13 Policy stories in our database, this is one of the few where Canada is invoking national security tools around mining M&A, which suggests federal authorities are starting to treat large-scale resource consolidation in companies like Teck and Anglo more like critical infrastructure than routine corporate activity.
For project developers watching from Canada, a security review on a Teck–Anglo deal is likely to slow portfolio rationalisation and asset sales that many juniors and mid-tiers had been anticipating as a source of brownfield opportunities.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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