Anglo execs take top jobs in $53B Teck merger

Anglo American (LSE: AAL) executives will hold three of Anglo Teck’s four top jobs after the $53-billion all-share merger with Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK) closes next year.

Anglo CEO Duncan Wanblad will lead the group, with John Heasley as chief financial officer and Ruben Fernandes as chief operating officer. Teck CEO Jonathan Price will become deputy CEO and chief strategy officer.

“Together, we are forming a global metals and minerals powerhouse offering investors more than 70% exposure to copper,” Wanblad said in a statement Thursday. “As the incoming CEO of Anglo Teck, I have utmost confidence in the highly capable executive and regional leadership teams that I have set out today, benefiting from their track records of delivery and their diversity of global experience.”

The appointments put Anglo managers in charge of the company, its finances and its mines, tilting day-to-day control toward the larger partner in a deal sold as a merger of equals. Anglo Teck is to rank among the world’s five largest copper producers.

Leadership split

Anglo will supply five members of the nine-person executive team. Alison Atkinson will serve as chief technical officer and head crop nutrients, while Matt Walker will run marketing. Teck’s Ian Anderson will become chief people officer, Lyndon Arnall chief legal and sustainability officer and Karla Mills chief projects officer.

Nolitha Fakude will remain chair of Anglo Teck’s South African management board and report to Wanblad. Regional mine heads will report to Fernandes: Brock Gill in Canada and the United States, Tony Power in Peru, Ana Sanches in Brazil, Dale Webb in Chile and Mpumi Zikalala at Kumba Iron Ore (JSE: KIO).

Teck chair Sheila Murray will lead Anglo Teck’s board. Wanblad, Price and Heasley will serve as executive directors, while each company will nominate half the non-executive directors. The arrangement preserves board parity despite Anglo’s stronger grip on management. Anglo legal chief Richard Price will join as a non-executive director.

Copper stakes

Anglo shareholders will own 62.4% of the combined company after receiving a $4.5-billion special dividend. Teck investors will hold 37.6%, with each Teck share exchanged for 1.3301 Anglo shares.

The group would produce about 1.2 million tonnes of copper a year, rising to 1.35 million tonnes in 2027 from its six large operations across Chile, Peru and Canada.

Anglo and Teck forecast $800 million in annual pre-tax savings by the fourth year after closing. They expect closer integration of the neighbouring Collahuasi and Quebrada Blanca mines in Chile to add 175,000 tonnes of annual copper output and $1.4 billion in average yearly operating earnings from 2030 through 2049.

Closing path

Shareholders approved the transaction in December, and Canada cleared it under the Investment Canada Act. The companies expect the remaining regulatory approvals between September and March 2027, when the appointments would take effect. Until then, the executives will keep their existing roles.