By combining tier-one, low-cost mines with a pipeline of growth projects, Anglo Teck positions itself as a leading copper miner at the centre of the energy transition.

Anglo Teck group, the combined entity of Anglo American and Teck Resources, marks the dawn of a new copper major; one that consolidates control over a series of world-class South American copper assets whilst maintaining a foothold in its new headquarters in Canada.

Anglo American’s copper production is anchored in South America, with tier-one positions at Collahuasi in Chile and Quellaveco in Peru. These are among the world’s most competitive operations, delivering large-scale output at low unit costs.

Anglo American also operates several smaller, higher-cost mines in Chile, including El Soldado and Los Bronces, which provide incremental volumes but at significantly higher all-in sustaining costs.

In comparison, Teck brings a more geographically diversified portfolio. Its flagship growth project, Quebrada Blanca in Chile, commenced production in 2023. Production from Quebrada Blanca is supported by smaller contributions from Carmen de Andacollo (Chile) and Highland Valley (Canada), both of which sit within the upper quartiles of the cost curve.

In Peru, Teck’s 22.5% interest in Antamina adds meaningful volumes, although at a relatively elevated cost profile.

A particularly noteworthy detail is that scale typically correlates directly with competitiveness. Two of the largest mines, Collahuasi and Quellaveco, are consistently positioned within the lower quartiles of the cost curve, whilst smaller operations trend higher. Antamina is located higher on the cost curve; however, it is currently benefitting from a period of investment aiming to increase the life of mine.

For Anglo Teck, the combined group would consolidate control over a series of world-class South American copper assets whilst maintaining a foothold in Canada. As noted in our previous release, Anglo Teck plans to invest significant funds into the latter via both production and processing capacities. Additionally, several potential projects have been secured during the merger, including Zafranal (Peru) and Galore Creek (Canada), offering room for continued growth.

Looking ahead, this positioning is strategically significant as it creates opportunities for deeper collaboration with Codelco, illustrated by the planned joint development at Codelco’s Andina and Anglo’s Los Bronces mines, helping to ensure that innovation, investment, and sustainability commitments continue to flow into Chile.

In a market increasingly defined by the need for reliable, low-cost copper supply for global energy transition, Anglo Teck would be firmly positioned alongside the sector’s heavyweights, BHP, Rio Tinto, and Glencore, as a clear leader in scale and optionality. The group’s weighting towards South America offers both operational synergies and growth potential, whilst the balance of assets and commodities provides resilience during market cycles.

Anglo Teck would be propelled into the top five copper mining majors based on its 2025 production guidance, competing with the industry’s largest players precisely at the moment in which copper’s role in critical minerals demand is accelerating.

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