BC Premier David Eby is singing the praises of a proposed merger between mining companies Teck and Anglo American.
On Thursday, Eby described Anglo American as a “legendary mining company” known around the world, and called Teck a “cornerstone of the mining history and prosperity of Canada.”
The premier said he was delighted the companies have committed not just to come together, but to make their global headquarters in Vancouver. It will be the largest company in the province’s history to be based in BC, he said.
“What that means is not only do we get to benefit from all of the history and amazing contributions of the many generations of people who helped build up Teck in BC, but we add to that the global reach of a company like Anglo American.”
That global reach will come with access to capital markets around the world, Eby said, adding that the deal also means BC is internationally recognized for mining.
“This announcement, this vote of confidence in BC, in our economy, in our role as a hub for Canada’s future is a remarkable thing,” he said.
The deal is expected to be concluded in 12 to 18 months, subject to approval from shareholders of both companies and the federal government.
In making the announcement this week, Teck promised investments of up to $750 million in the Trail operation and said it would explore adding copper processing at the local smelter. It said the deal would also provide an opportunity to “significantly increase germanium and other specialty critical minerals production” in Trail.
For all of his bullishness on the merger, Eby joked there is one thing that bugs him: the proposed name of the amalgamated company, Anglo Teck.
“I don’t for a second want to discount the amazing history and value in the Teck name,” he said. “But I want to float another potential name: Anglo Canadian.”
