South Africa’s 108-Year-Old Mining Giant Relocates to Canada in Landmark $69 Billion Merger

Johannesburg-born Anglo American Plc, one of the world’s oldest and most influential mining companies, is set to relocate its global headquarters to Canada following regulatory approval for its landmark merger with Teck Resources Ltd., creating a mining powerhouse valued at approximately $69 billion.

The transaction, approved by shareholders on December 9 after its announcement in September, will result in the formation of Anglo Teck, with its headquarters in Vancouver, while maintaining significant operational offices in Johannesburg and London. The deal ranks among the largest mining mergers ever completed and stands as the second-largest corporate merger in African history, behind the $107 billion SABMiller–AB InBev deal in 2016.

The merger marks a defining moment in the transformation of Anglo American from a South Africa-centred mining house into a fully globalised minerals group aligned with the future of clean energy, electrification and critical mineral supply chains.

From Johannesburg to Vancouver

Founded in 1917 by Ernest Oppenheimer, Anglo American played a central role in South Africa’s industrial and mining development for more than a century, expanding from gold into diamonds, coal, iron ore, platinum and base metals. For decades, it was synonymous with South African mining dominance.

However, the company’s gradual internationalisation accelerated over the past two decades. The Oppenheimer family steadily reduced its ownership, culminating in the sale of De Beers in 2011 for $5.1 billion, symbolising the end of Anglo American’s identity as a primarily South African mining champion.

The merger with Teck Resources formalises this evolution. Canada, particularly British Columbia, offers regulatory stability, strong capital markets and a policy framework supportive of responsible mining—factors that increasingly influence global mining investment decisions.

Shifting Away from South Africa

Anglo American’s shrinking footprint in South Africa reflects broader structural challenges in the country’s mining sector. Rising operating costs, policy uncertainty, logistics bottlenecks and the prolonged instability of the national electricity grid have all weighed on large-scale mining operations.

In parallel, the emergence of smaller, artisanal and black-owned mining firms has reshaped domestic competition, while global demand has shifted away from traditional commodities such as coal and platinum.

As a result, Anglo American has significantly downsized its South African portfolio. Its remaining exposure is largely centred on Kumba Iron Ore, following the unbundling of Anglo American Platinum earlier this year.

Despite this contraction, the company insists it remains committed to South Africa through continued investments, board representation and community development programmes, even as its strategic centre of gravity moves abroad.

A New Global Mining Heavyweight

Anglo Teck will immediately rank among the world’s largest diversified miners, with a strong portfolio spanning copper, zinc, iron ore and metallurgical coal—minerals critical to global infrastructure, renewable energy systems and electric vehicle production.

The new entity will compete directly with industry giants such as BHP Group, Rio Tinto, Vale and Glencore, while also positioning itself against the growing influence of Chinese-backed mining projects across Africa, including the massive Simandou iron ore development in Guinea.

Teck Resources CEO Jonathan Price described the relocation as a strategic alignment with Canada’s mining ambitions, noting that Vancouver offers a globally respected base for responsible mining and long-term investment.

Listings and Regulatory Outlook

The “merger of equals” has already received competition approvals in Canada and Australia, with additional regulatory processes ongoing in other jurisdictions. Once completed, Anglo Teck will be listed on the London Stock Exchange, with secondary listings in Johannesburg, Toronto and New York.

For South Africa, the deal underscores a broader trend: the gradual relocation of historic corporate champions as global capital, policy certainty and strategic minerals reshape the geography of mining power.

Source: The High Street Business