After a rollercoaster weekend, BHP (NYSE:BHP) has definitely walked away from the last-minute attempt to acquire Anglo American (OTC:AAUKF) , weeks before its shareholders vote on a $53 billion merger with Teck Resources (NYSE:TECK) .Despite repeatedly distancing itself from speculations throughout the year, the Australian commodities giant had quietly re-engaged Anglo's management, according to Bloomberg. Reportedly, it was a simplified proposal that avoided the contentious break-up structure that derailed ...

Group 1: Anglo American and BHP Takeover Proposal - Anglo American has rejected a new takeover proposal from BHP Group, stating that the offer does not surpass the value of its existing strategic partnership with Teck Resources [2] - This rejection continues Anglo American's resistance to BHP's advances, following previous rejections of offers valued at £31 billion ($39 billion) and £34 billion in April and May 2024 [3] - A key issue in earlier bids was BHP's proposed structure, which required Anglo American to demerge its stakes in Anglo American Platinum and Kumba Iron Ore, deemed "highly unattractive" by Anglo American's board [4] - Shareholders from Anglo American and Teck are expected to vote soon on a deal to establish a new copper entity reportedly worth more than $60 billion, positioning it as a major player in the global copper market [4][8] Group 2: Commonwealth Bank Executive Change - The Commonwealth Bank of Australia has announced the departure of its Group Chief Information Officer, Gavin Munroe, who has been in the role since November 14, 2022 [5][6] - Munroe was responsible for leading strategic initiatives to strengthen the bank's IT systems and drive digital transformation during his tenure [6] - The bank has not yet announced a successor or the effective date of Munroe's departure [6]

Geopolitical Developments - Israel confirmed the elimination of Hezbollah's chief of staff, Haytham Ali Tabatabai, in a targeted airstrike, marking a significant escalation in regional tensions [3][4] - The strike, which resulted in at least five deaths and numerous injuries, was described as a response to Hezbollah's ceasefire violations and threats to regional stability [4] Mining Industry Dynamics - BHP Group has made a renewed takeover approach to Anglo American, challenging the previously agreed $60 billion merger with Teck Resources [5][6] - The Anglo-Teck merger aims to create a major player in the copper market, with a projected annual production capacity of around 1.2 million tons, positioning it as one of the top five copper producers globally [6] Global Economic Policy - G20 leaders have committed to addressing flaws in the global minimum tax deal, known as Pillar Two, which aims to establish a 15% minimum tax rate for large multinational corporations [7][8] - There is increasing pressure from the U.S. and developing nations to rectify loopholes in the current framework, which could potentially reduce expected tax revenues [8][9] Technological Alliances - Japan and India have agreed to enhance cooperation in artificial intelligence and semiconductor technologies, with Japan planning a $68 billion investment over the next decade [10][11] - This partnership aims to diversify global tech collaborations and bolster India's position as a semiconductor manufacturing hub, aligning with Japan's national growth strategy [11]

Independent proxy advisory firm Glass Lewis on Friday recommended Teck Resources shareholders to vote in favor of a deal to combine with Anglo American. ...

Core Insights - Teck Resources Limited has been recognized as one of Canada's Top 100 Employers for the ninth consecutive year, highlighting its exceptional human resource programs and innovative workplace policies [1][2]. Group 1: Company Recognition - The recognition by Mediacorp Canada emphasizes Teck's commitment to fostering a supportive work environment that contributes to employee growth and career development [2]. - Teck's President and CEO, Jonathan Price, stated that the company's workforce is crucial for its success and for supporting economic growth in the communities where it operates [2]. Group 2: Evaluation Criteria - Mediacorp evaluates employers based on eight criteria, including health benefits, financial and family benefits, community involvement, employee communications, and training and skills development [2]. Group 3: Company Overview - Teck is a leading Canadian resource company focused on providing essential metals for economic development and the energy transition, with a strong portfolio of copper and zinc operations across North and South America [4]. - The company aims to create value through responsible growth and maintaining resilience based on stakeholder trust [4].

Canada's industry minister aims to deliver a decision next month on whether Anglo American can proceed with its takeover of Teck Resources, but warned that the British miner's pledges to date aren't e... ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Zinc prices are under pressure from above and supported from below, with no clear direction. The short - term is expected to maintain range consolidation. Unilateral strategies should focus on high - selling and low - buying, and arbitrage strategies can consider going long on the Shanghai - London ratio [3][65][66]. - The tight pattern of the zinc ore end is expected to continue until the first quarter of next year. The TC has changed from rising to falling, and the industrial chain profit has shifted from the smelter end to the ore end again. The inventory trends at home and abroad are diverging [2][62][63]. 3. Summary by Directory 3.1 Total Overview - In August 2025, the global zinc market supply surplus expanded to 47,900 tons. From January to August 2025, the global refined zinc supply surplus was 154,000 tons. From July to August 2025, the global zinc concentrate cumulative output was 2.1712 million tons, a year - on - year increase of 11.57%. From January to August 2025, the global refined zinc output was 9.1482 million tons, basically the same as the cumulative output of last year [11]. - The statistical sample of this report shows that the zinc concentrate output in the third quarter of 2025 was 1.4424 million tons, a quarter - on - quarter decrease of 0.95% and a year - on - year increase of 8.20%. The cumulative output in the first three quarters was 4.254 million tons, a cumulative year - on - year increase of 6.31% [11]. 3.2 Glencore - In 2025, Glencore's zinc concentrate production guidance was adjusted to 94 - 980,000 tons. In the third quarter, the zinc concentrate output was 244,200 tons, a quarter - on - quarter decrease of 2.94% and a year - on - year increase of 7.86%. The cumulative output in the first three quarters was 709,400 tons, a cumulative year - on - year increase of 10.22% [19]. 3.3 Teck - In 2025, Teck's zinc concentrate production guidance was 525,000 - 575,000 tons. In the third quarter, the zinc concentrate output was 150,500 tons, a quarter - on - quarter decrease of 10.68% and a year - on - year decrease of 4.59%. The cumulative output in the first three quarters was 456,400 tons, a cumulative year - on - year decrease of 2.81% [24]. 3.4 Boliden - In the third quarter of 2025, Boliden's zinc concentrate output was 108,000 tons, a quarter - on - quarter increase of 5.08% and a year - on - year increase of 17.75%. The cumulative output in the first three quarters was 317,600 tons, a cumulative year - on - year increase of 21.12% [27]. 3.5 Vedanta - In the third quarter of 2025, Vedanta's zinc concentrate output was 262,000 tons, a quarter - on - quarter increase of 1.16% and a year - on - year increase of 8.26%. The cumulative output in the first three quarters was 785,000 tons, a cumulative year - on - year increase of 5.65% [32]. 3.6 Nexa - In 2025, Nexa's zinc concentrate production guidance was 300,000 - 336,000 tons. In the third quarter, the zinc concentrate output was 83,700 tons, a quarter - on - quarter increase of 13.88% and a year - on - year increase of 1.21%. The cumulative output in the first three quarters was 224,500 tons, a cumulative year - on - year decrease of 11.05% [37]. 3.7 MMG - In 2025, MMG's zinc concentrate production guidance was 215,000 - 240,000 tons. In the third quarter, the zinc concentrate output was 58,700 tons, a quarter - on - quarter increase of 4.58% and a year - on - year increase of 26.49%. The cumulative output in the first three quarters was 166,700 tons, a cumulative year - on - year increase of 6.85% [44]. 3.8 Newmont Goldcorp - In 2025, Newmont's zinc concentrate production guidance was 236,000 tons. In the third quarter, the zinc concentrate output was 59,000 tons, a quarter - on - quarter decrease of 11.52% and a year - on - year increase of 2.42%. The cumulative output in the first three quarters was 184,700 tons, a cumulative year - on - year increase of 2.30% [47][48]. 3.9 BHP - In the 2025 fiscal year, BHP's zinc concentrate production guidance was 90,000 - 110,000 tons. In the third quarter, the zinc concentrate output was 36,000 tons, a quarter - on - quarter decrease of 10.95% and a year - on - year increase of 85.77%. The cumulative output in the first three quarters was 102,400 tons, a cumulative year - on - year increase of 91.03% [49]. 3.10 South32 - In the 2026 fiscal year, South32's zinc concentrate production guidance was 40,000 tons, a decrease compared with the 2025 fiscal year. In the third quarter of 2025, the zinc concentrate output was 8,300 tons, a quarter - on - quarter decrease of 21.70% and a year - on - year decrease of 31.40%. The cumulative output in the first three quarters was 29,900 tons, a cumulative year - on - year decrease of 31.74% [50][51]. 3.11 Grupo Mexico - SCC - In 2025, SCC's zinc concentrate production guidance was 174,700 tons, a slight increase compared with the previous period. In the third quarter, the zinc concentrate output was 45,500 tons, a quarter - on - quarter decrease of 0.89% and a year - on - year increase of 46.42%. The cumulative output in the first three quarters was 130,800 tons, a cumulative year - on - year increase of 50.55% [52]. 3.12 Industrials Pelones - In the third quarter of 2025, Pelones' zinc concentrate output was 63,200 tons, a quarter - on - quarter increase of 5.02% and a year - on - year decrease of 11.33%. The cumulative output in the first three quarters was 181,000 tons, a cumulative year - on - year decrease of 13.68% [54]. 3.13 Fresnillo plc - In 2025, Fresnillo plc's zinc concentrate production guidance was 93,000 - 103,000 tons. In the third quarter, the zinc concentrate output was 24,700 tons, a quarter - on - quarter decrease of 12.91% and a year - on - year decrease of 23.41%. The cumulative output in the first three quarters was 78,400 tons, a cumulative year - on - year decrease of 10.61% [57]. 3.14 Market Outlook - The tight pattern of the ore end is expected to continue until the first quarter of next year. The TC has changed from rising to falling, and the industrial chain profit has shifted from the smelter end to the ore end again. The domestic and foreign inventory trends are diverging. Zinc prices are under pressure from above and supported from below, with no clear direction [62][63][65].

Core Insights - Teck Resources Ltd. has been in discussions regarding a potential merger with Vale SA's base metals unit before ultimately deciding to merge with Anglo American Plc [1][2] Group 1: Merger Discussions - Teck disclosed that it was in simultaneous discussions with an unidentified company, referred to as "Party X," while negotiating with Anglo American, which was later identified as Vale Base Metals [2] - Discussions with Vale Base Metals began in May 2023 but faced multiple stalls due to disagreements over valuation and governance considerations, ultimately breaking down in May [3] - Teck proceeded with negotiations with Anglo American, culminating in a transaction announced in September to consolidate a suite of copper, zinc, and iron ore mines [3] Group 2: Industry Context - The mining sector has seen increased merger and acquisition activity, with BHP Group Ltd. making an unsuccessful bid for Anglo in 2024 and Rio Tinto Plc exploring a purchase of Glencore Plc [4] - Teck's discussions with Anglo and Vale followed its rejection of a $23 billion unsolicited offer from Glencore [4] - Teck's copper assets, particularly the Quebrada Blanca mine in Chile, are highly sought after by major mining firms, with its proximity to Collahuasi, another top copper mine owned by Anglo and Glencore, adding to its appeal [5]

Core Viewpoint - Anglo American plc and Teck Resources Limited are proposing a merger of equals to create "Anglo Teck," aimed at becoming a leading global critical minerals champion and a top-five global copper producer by 2027 [1] Group 1: Merger Details - The merger will result in Anglo Teck having over 70% exposure to copper, with projected annual copper production of approximately 1.2 million tonnes and premium iron ore production of 61 million tonnes by 2024 [2] - Anglo American shareholders will own approximately 62.4% of Anglo Teck, while Teck shareholders will own about 37.6% [3] - A special dividend of US$4.5 billion, approximately US$4.19 per share, is planned for shareholders ahead of the merger completion [3] Group 2: Value Creation and Synergies - The merger is expected to generate annual pre-tax recurring synergies of approximately US$800 million by the end of the fourth year, driven by economies of scale and operational efficiencies [4] - Long-term operational synergies from integrating operations in Chile are projected to deliver US$1.4 billion in underlying EBITDA revenue synergies annually from 2030 to 2049 [4] Group 3: Corporate Structure and Leadership - Anglo Teck's global headquarters will be in Vancouver, Canada, with corporate offices in London and Johannesburg, and a majority of the senior executive team based in Canada [5] - Leadership will include Duncan Wanblad as CEO, Jonathan Price as Deputy CEO, and John Heasley as CFO [5] Group 4: Commitment to Regions - Anglo Teck has committed to compliance with empowerment and mining license requirements in South Africa, along with financial contributions to the Junior Mining Exploration Fund [6] - In Canada, the company plans to invest at least CAD$4.5 billion over five years, including up to CAD$2.4 billion for the Highland Valley Copper Mine Life Extension Project [6] Group 5: Shareholder Approval - The merger requires shareholder approval at a General Meeting scheduled for 9 December 2025, with resolutions including the allotment of new shares and a legal name change to "Anglo Teck plc" [7]

Core Viewpoint - Teck Resources Limited is proposing a merger with Anglo American plc, which is expected to create a leading global critical minerals company, Anglo Teck, enhancing shareholder value and growth potential [3][4][9]. Merger Details - The special meeting of shareholders is scheduled for December 9, 2025, to approve the merger [1][10]. - Teck's Board of Directors unanimously recommends that shareholders vote "FOR" the merger, believing it to be in the best interests of the company and its stakeholders [2][9]. - The merger is anticipated to close within 12-18 months, subject to necessary approvals [6]. Shareholder Benefits - Teck shareholders will own approximately 37.6% of the combined company on a fully diluted basis, allowing them to benefit from future value creation [5]. - The merger is expected to generate approximately US$800 million in pre-tax recurring annual synergies and US$1.4 billion in underlying annual EBITDA synergies from adjacent operations [12]. Growth and Portfolio - The combined entity, Anglo Teck, will be a top five global copper producer with a world-class portfolio, including six major copper assets and one of the largest zinc mines [5][12]. - The merger will enhance growth prospects through asset optimization and capital-efficient adjacencies, with significant long-term optionality [5]. Support and Approval - The merger has the backing of key stakeholders, including Temagami Mining Company Limited and SMM Resources Incorporated, who collectively represent approximately 79.8% of Teck's Class A common shares [7]. - The Supreme Court of British Columbia has granted an interim order to facilitate the meeting and voting process [6].