B.C. Premier Pushes for Permanent Anglo Teck HQ in Canada

UPDATE: British Columbia Premier David Eby has committed to ensuring that the new company resulting from the proposed merger between Teck Resources and Anglo American will remain headquartered in Canada indefinitely. This urgent pledge came during a press conference held on September 11, 2023, at the Highland Valley Copper mine near Logan Lake, Canada’s largest copper mine.

Eby emphasized the necessity of collaboration with the federal government to create “iron-clad” guarantees for the new company, to be named Anglo Teck, which aims to secure its Canadian base despite potential leadership changes. “I’ll be working with the federal government to make that as iron-clad as possible so it survives changes in leadership,” Eby declared, standing alongside Teck CEO Jonathan Price.

The merger, which requires shareholder and regulatory approval, is part of a broader strategy to bolster Canada’s critical minerals sector. Teck Resources announced plans to merge with London-based Anglo American earlier this week, a move that could provide substantial access to international capital markets. Eby noted that investments like the Highland mine’s upcoming $2.4 billion expansion are crucial for developing major mineral projects in British Columbia, extending operations from 2028 to 2046.

“This merger provides the best of both worlds,” Eby stated, highlighting the importance of keeping the company’s operational headquarters in B.C. while leveraging international financial support.

However, federal officials are proceeding with caution. Industry Minister Mélanie Joly issued a statement on September 8, indicating that the merger will initiate reviews under the Investment Canada Act. “As Minister of Industry, it is my responsibility to make sure that foreign direct investments support our national economic and security interests, and are of net benefit to Canada,” Joly wrote, stressing the importance of aligning new investments with the country’s economic goals.

The implications of this merger are significant for Canada’s economic landscape. With the global demand for critical minerals growing, maintaining a strong domestic presence and access to international markets is vital.

As this story develops, all eyes will be on the regulatory process and how federal authorities will navigate the complexities of foreign investments, ensuring they align with Canada’s broader economic interests.

Stay tuned for updates on this evolving situation, as the future of Anglo Teck and its potential contributions to Canada’s economy hang in the balance.