News Summary

Industry Minister Mélanie Joly has expressed concerns over the proposed merger between Vancouver’s Teck Resources Ltd. and U.K.-based Anglo American PLC, stating that the companies have not yet demonstrated sufficient long-term benefits for Canada. The merger, which would create a $70-billion copper mining entity named Anglo Teck with headquarters in Vancouver, is being reviewed under the Investment Canada Act. Joly emphasized the need for assurances of job creation and a strong corporate presence in Canada for the coming decade. The companies have committed to $4.5 billion in spending in Canada over five years, including investments in the Highland Valley copper mine and the Golden Triangle in B.C. However, a significant portion of this investment was previously announced. Further discussions between Joly and the companies’ CEOs are expected to occur next week.