Deal / Copper /
Anglo American says China is the last approval outstanding for the Teck merger
With its interim results, Anglo American said it still expects to complete the Teck merger within the original September 2026 to March 2027 window, and that Chinese approval is the final regulatory milestone.
Anglo American used its interim results on July 30, 2026 to say that it continues to progress toward completing the merger with Teck Resources within the original September 2026 to March 2027 window, and that anti-trust approval from China is the final outstanding regulatory milestone [1]. Teck's own second-quarter report, a week earlier, listed the approvals already in hand, from shareholders of both companies on December 9, 2025 and from the Government of Canada on December 15, 2025, and said the deal was expected to close within 12 to 18 months of its September 9, 2025 announcement [2].
The standalone business behind the deal had a strong quarter. Teck produced 135,900 tonnes of copper in the three months ended June 30, 2026, up from 109,100 tonnes a year earlier, with 55,800 tonnes from Quebrada Blanca in Chile and 42,800 tonnes from Highland Valley Copper in British Columbia, at a realized price of US$6.05 a pound; revenue was C$3,605 million, profit attributable to shareholders C$854 million, and cash C$6,052 million, with 2026 copper guidance of 455,000 to 530,000 tonnes [2].
For a U.S. holder of TECK on the NYSE the position is simple to state: until Beijing rules, the shares trade on deal arithmetic against Anglo American's price and on one regulator's timetable, and the copper quarter is context rather than the thesis. The window now has a near end, September 2026, and a far end, March 2027, and the difference between them is a Chinese decision.
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1
Anglo American interim results 2026
'We continue to progress towards completion within our original September 2026 to March 2027 window, with anti-trust approval from China the final outstanding regulatory milestone'; copper underlying EBITDA of $2.9 billion at a 60% margin for the half; integration planning well advanced.
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2
Teck reports unaudited second quarter results for 2026
Shareholders of both companies approved the merger on December 9, 2025; Government of Canada approval received December 15, 2025; merger remains subject to regulatory approvals and expected to close within 12–18 months of the September 9, 2025 announcement; Q2 2026 copper production 135,900 t (Q2 2025: 109,100 t); Quebrada Blanca 55,800 t; Highland Valley Copper 42,800 t; revenue C$3,605M; profit attributable to shareholders C$854M; cash C$6,052M; 2026 copper guidance 455,000–530,000 t; realized copper US$6.05/lb.
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