Anglo American retains London listing after Teck merger but future moves not ruled out

Anglo American has confirmed it will maintain its primary listing on the London Stock Exchange following its proposed $53 billion merger with Canada’s Teck Resources. Chief executive Duncan Wanblad emphasised that remaining listed in London made enormous sense as the majority of both companies’ shareholders are based in the UK capital, and London continues to offer superior access to capital and financial infrastructure.

Despite relocating the headquarters of the newly merged group to Vancouver, Wanblad noted that the intention is not to abandon the blue-chip London listing at present. This decision stands in stark contrast to recent high-profile departures, such as BHP shifting its main listing to Australia, while Rio Tinto has also come under pressure to reconsider its London presence. Glencore, in a similar vein to Anglo American’s approach, decided to stay in London rather than risk exclusion from the S and P 500 in the United States.

The merger is designed to create a copper-focused mining powerhouse at a time when the demand for critical minerals is soaring. Wanblad stated that this represents a significant win for Canada, aligning operations and leadership squarely within the country. He pointed out that anti-trust approvals, particularly concerning the Investment Canada Act, remain the primary challenge but said that Anglo had presented a robust proposal to Canadian authorities.

Looking ahead, Wanblad declined to guarantee that the company would retain its London listing indefinitely, making clear that strategic flexibility remains key. The merged entity is also set to be listed in Toronto, Johannesburg, and New York, broadening access to global investment and taking advantage of deep and specialist capital markets.

Anglo American is concurrently undergoing a strategic overhaul, seeking to divest non-core businesses such as its coal and De Beers diamond arms. The disposal process for the coal division hit an obstacle when a fire at an Australian mine led Peabody to withdraw from a $3.8 billion deal, prompting arbitration. Meanwhile, the De Beers divestment has attracted intense interest from various consortia and national governments, notably Botswana, which is seeking a controlling stake, and Angola, which aims to take a minority position. Wanblad expressed hope that an agreement suiting both buyers and the government of Botswana could be concluded in the coming months.

This merger and strategic overhaul signal a pivotal moment not only for Anglo American, but for the global mining sector as it adapts to a rapid shift towards critical minerals and faces sustained pressure to streamline operations and maintain competitiveness in a volatile market.