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The merged mining giants promise to invest $10 billion in Canada over the next 15 years and invest $200 million in conservation and Indigenous and community initiatives, Industry Minister Mélanie Joly said in a statement Monday evening announcing her approval, which gets the deal past a key regulatory hurdle. (The Logic)
Talking point: Ottawa’s decision under the Investment Canada Act comes despite months of skepticism from Joly about the merger, first announced in September. The merger maintains Vancouver-based Teck’s current workforce levels, including 2,900 additional hires planned for a Canadian copper project announced pre-merger. The combined company will be led by Duncan Wanblad, who is currently the CEO of U.K.-based Anglo American, but will reside “primarily” in Canada. Anglo Teck’s primary stock listing will be in London, though it plans to seek a listing on the Toronto Stock Exchange. Maintaining a Toronto listing would be enough to show that Canada is a “premier market for mining investors,” Joly determined.
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