The federal government in Ottawa has given its final approval to the proposed takeover of Vancouver-based Teck Resources by global mining giant Anglo American. The decision comes despite an apparent lack of significant improvements to the terms of the deal, which has been under intense scrutiny for its potential impact on Canada's critical minerals sector.
Deal Proceeds with Scant Concessions
Industry observers had anticipated that the approval process might extract stronger commitments from Anglo American regarding head office functions, jobs, and environmental standards in Canada. However, the finalized agreement shows only minor adjustments from the original proposal. The core financial and operational terms remain largely unchanged, allowing the London-based company to proceed with its acquisition of one of Canada's last major independent mining firms.
The deal's approval marks a pivotal moment for Canada's mining landscape. Teck is a cornerstone of the national resource economy, with major operations in British Columbia and Alberta, including the Highland Valley Copper Mine. The transaction was reviewed under the Investment Canada Act, which assesses whether a foreign takeover provides a "net benefit" to the country.
Political and Economic Context
The announcement follows public appearances by key figures, including B.C. Premier David Eby and Teck CEO Jonathan Price, who were seen together at the Highland Valley site in September 2025. Their joint presence was widely interpreted as an effort to demonstrate provincial support for the company's future, regardless of its ownership structure.
Critics of the transaction argue that it represents a further consolidation of Canada's natural resource wealth under foreign control, potentially diminishing domestic decision-making and long-term strategic planning for critical minerals like copper, which are essential for the green energy transition. Proponents contend that the capital and global expertise Anglo American brings will ensure Teck's projects are developed efficiently and competitively on the world stage.
Implications for Canada's Resource Sector
The federal government's decision to approve the deal with little substantive change in terms sets a notable precedent. It signals a potentially permissive stance towards major foreign acquisitions in the strategic mining sector, even as other nations move to bolster domestic ownership of critical mineral assets.
The focus now shifts to the implementation of the deal and the fulfillment of any remaining conditions set by Ottawa. Stakeholders, including employees, local communities, and investors, will be watching closely to see how Anglo American manages Teck's extensive Canadian portfolio and whether the promised benefits to the Canadian economy materialize as projected.
