Financial Data and Key Metrics Changes - The proposed merger with Anglo American is seen as a unique opportunity to create a leading copper-focused producer, enhancing Teck's value creation proposition [9][22] - The meeting reported that 99.7% of the votes cast in respect of Class A common shares and 89.7% of the votes cast in respect of Class B subordinate voting shares were in favor of the arrangement resolution [17] Business Line Data and Key Metrics Changes - No specific data on business line performance was provided in the meeting Market Data and Key Metrics Changes - No specific market data was discussed during the meeting Company Strategy and Development Direction - The merger with Anglo American is described as a natural progression of Teck's strategy, aimed at advancing the company's objectives [9] - The board unanimously supports the merger, indicating a strong alignment on strategic direction [9] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety and attention in the workplace, highlighting risks associated with distractions [5][6] - The focus on creating a leading copper producer suggests a positive outlook for the company's future in the copper market [9] Other Important Information - The meeting was held to discuss the merger, with a quorum of shareholders present, representing 81.76% of the total votes [11][12] - The final results of the vote will be reported in a news release and filed on SEDAR+ [22] Q&A Session Summary Question: Are there any questions regarding the merger? - There were no questions from online participants [18] - The Chair moved to approve the arrangement resolution without further inquiries [19]

Financial Data and Key Metrics Changes - The proposed merger with Anglo American is seen as a unique opportunity to create a leading copper-focused producer of scale, enhancing Teck's value creation proposition [9][22] - 99.7% of the votes cast in respect of the Class A common shares and 89.7% of the votes cast in respect of the Class B subordinate voting shares were in favor of the arrangement resolution [17] Business Line Data and Key Metrics Changes - The merger is positioned as a natural progression of Teck's strategy, focusing on copper production [9] Market Data and Key Metrics Changes - The meeting reported a quorum with 66 shareholders holding 6,329,767 Class A common shares and 343 shareholders holding 380,831,701 Class B subordinate voting shares, representing 81.76% of the total votes [11] Company Strategy and Development Direction - The merger with Anglo American is part of a broader strategy to advance Teck's operations and market position [9] - The board unanimously supports the transaction, indicating strong internal alignment on strategic direction [9] Management's Comments on Operating Environment and Future Outlook - The management emphasized the importance of safety and attention in the workplace, highlighting risks associated with distractions [5][6] - The focus on creating a leading copper producer aligns with industry trends and demands for critical minerals [9] Other Important Information - The meeting included a safety share emphasizing the importance of attention in maintaining workplace safety [2][5] - The final results of the vote will be reported in a news release and filed on SEDAR+ [22] Q&A Session Summary Question: Are there any questions regarding the merger? - There were no questions raised during the meeting, indicating shareholder support for the merger [18]

London-listed miner Anglo American said on Tuesday that its shareholders have approved its merger with Canada's Teck Resources , paving the way for the creation of a copper heavyweight within the mini... ...

智通财经APP获悉，在股东就收购泰克资源(TECK.US)进行表决的前一天，英美资源集团宣布撤销一项 高管激励计划决议。 这家股东咨询机构指出，"在英国市场，将薪酬与并购交易直接挂钩的做法并不被视为合规的市场惯 例"。 上月，英美资源薪酬委员会曾提出，应将2024年与2025年的长期激励奖金与泰克收购案挂钩。该激励计 划原本的考核指标涵盖股东回报率、现金流、资本回报率及环境、社会与治理(ESG)表现。根据原方 案，至少62.5%的激励份额将在收购完成后立即生效。 Legal & General同样对该激励调整持反对态度，称此类"追溯性调整机制及交易奖金保底条款"，违背了 该金融服务集团的薪酬政策原则。不过该机构同时表示，仍会对收购交易投赞成票。 英美资源于周一表示，鉴于部分股东对此提出异议，公司已决定撤回该项决议，并强调收购交易的推进 不以该决议获得批准为前提条件。 英美资源与泰克资源的双方股东，将于周二分别在伦敦和温哥华召开的特别股东大会上，就这项合并交 易进行投票表决。交易完成后，将诞生一家市值超500亿美元的跨国金属生产商，业务覆盖铜、铁矿石 及其他多种金属品类。 值得注意的是，Institutiona ...

Group 1: Copper Price Trends - International copper prices have reached new highs, with London copper futures reported at $11,197.5 per ton, marking a year-to-date increase of 27.5% [1] - The initial driver for the price increase is a tightening supply due to operational disruptions at the Grasberg mine in Indonesia, which is one of the largest copper-gold mines globally, producing 1.7 billion pounds of copper annually [1] - The expected recovery of the Grasberg mine is projected for the first half of 2026, indicating a significant short-term capacity gap in the international copper market [1] Group 2: Demand Factors - The construction boom of data centers and the growing demand from the renewable energy sector and grid upgrades are further increasing the demand for copper [1] - Several analysis firms have raised their projections for refined copper shortages by 2026 to between 300,000 to 400,000 tons [1] Group 3: Macroeconomic Influences - The macroeconomic environment, particularly the Federal Reserve's easing cycle and a weaker dollar, is exerting upward pressure on copper prices [1] Group 4: Market Dynamics - The inclusion of copper in the U.S. critical minerals list has led to increased arbitrage activities, concentrating inventories in the U.S. and tightening non-U.S. markets [2] - Goldman Sachs reports that copper prices are forming a self-reinforcing upward mechanism characterized by "inventory drawdown—spread widening—accelerated stockpiling," which is expected to keep prices high next year [2] Group 5: Price Forecasts - Major Wall Street institutions have raised their copper price targets, with Goldman Sachs predicting prices between $10,000 to $11,000 per ton next year, while JPMorgan and Citigroup are more optimistic, forecasting prices to exceed $12,000 per ton [3] - UBS estimates that copper prices could rise to $13,000 per ton by the end of 2026, and Bank of America anticipates prices to surpass $13,500 per ton by 2027 [3] Group 6: Industry Developments - Glencore and Teck Resources are involved in a significant copper deal, proposing a merger between the Quebrada Blanca mine and the larger Collahuasi mine in northern Chile, which would create one of the world's major copper mining operations [4]

Core Insights - The competition to scale copper production is intensifying, with Hudbay Minerals (HBM) and Teck Resources (TECK) representing two distinct future pathways for copper leadership [1][2] - Both companies have shown strong year-to-date performance despite operational challenges, focusing on long-term growth assets [1] Hudbay Minerals (HBM) - HBM has improved its balance sheet, reduced costs, and de-risked its Copper World project, achieving a year-to-date stock performance increase of 89.5% [3][5] - The company reported consolidated cash costs of negative 2 cents/lb and sustaining cash costs of $1.65/lb, with an improved full-year cash cost guidance of 15-35 cents/lb [5][6] - HBM has generated nine consecutive quarters of free cash flow and reduced net debt to 0.5x EBITDA, ending the third quarter with $611 million in cash and total liquidity of $1.04 billion [6][10] - The Copper World project, supported by a joint venture with Mitsubishi, is advancing towards a 2026 sanction decision, with first production expected in 2029 [10][11] Teck Resources (TECK) - TECK reported an adjusted EBITDA of $1.2 billion for the third quarter of 2025, a 19% year-over-year increase, with exceptional liquidity of $9.5 billion [14] - The merger with Anglo American is a significant event, creating "Anglo Teck," a top-five global copper producer with 1.2 million tons of annual capacity and $800 million in annual recurring synergies [15][25] - At the Quebrada Blanca (QB) operation, TECK faces tailings management facility constraints but has a plan to eliminate these by 2027, with a resource base that remains largely untapped [16][17] - TECK's zinc business has also performed well, contributing significantly to earnings [18] Valuation Comparison - HBM and TECK are trading at forward 12-month price to sales multiples of 2.76 and 2.65, respectively, both above the industry average [20] - HBM is viewed as more stable in the near term due to consistent free cash flow and improving costs, while TECK is seen as having a more substantial long-term growth potential [24][25]

Report Investment Rating - Copper: Cautiously Bullish [8] - Arbitrage: On Hold [8] - Options: Short Put [8] Core View - Recently, due to fluctuations in the market's expectations of the Fed's December interest rate cut and geopolitical factors in some regions, copper prices have declined. However, as copper prices fall, downstream purchasing enthusiasm has increased. With more price-fixing by downstream enterprises, some short-hedging positions in the processing end have been closed, providing support for copper prices at the 85,000 yuan/ton level. Currently, one can buy for hedging at the 85,000 - 85,500 yuan/ton level and sell for hedging above 89,000 yuan/ton [8]. Summary by Directory Market News and Important Data - **Futures Quotes**: On November 27, 2025, the main Shanghai copper contract opened at 87,200 yuan/ton and closed at 86,990 yuan/ton, a 0.46% change from the previous trading day's close. The night session opened at 86,800 yuan/ton and closed at 87,050 yuan/ton, a 0.02% decrease from the afternoon close [1]. - **Spot Situation**: According to SMM, on the previous day, the spot premium of SMM 1 electrolytic copper to the 2512 contract was 10 - 200 yuan/ton, with an average premium of 105 yuan/ton, a 25 yuan/ton increase from the previous day. The price range of electrolytic copper was 86,910 - 87,260 yuan/ton. Import losses widened to over a thousand yuan, market trading became lighter, and both procurement and sales intentions declined. Due to copper prices returning to around 87,000 yuan/ton and month-end settlement factors, downstream procurement slowed. Supplies of Jinchuan and Guixi decreased, and some holders quoted a premium of 200 yuan/ton. Shanghai Jintun large plates with a premium of around 150 yuan/ton were quickly traded, indicating a tight supply of high-quality copper. The trading of flat copper was average with regional differences. As it entered the end of the month, there was still a demand for current-month invoices, and the trading of next-month invoices might be relatively dull [2]. - **Important Information Summary**: Geopolitically, Russian President Putin said that a US delegation will visit Moscow next week. He reiterated that Russia generally agrees to use the US list for resolving the Ukraine issue as the basis for future negotiations. He also stated that if the Ukrainian armed forces withdraw from the areas they currently control, Russia will stop military operations; otherwise, Russia will use military means to achieve its goals. In terms of interest rates, the European Central Bank released its October meeting minutes, explaining the reasons for keeping rates unchanged at that meeting, strengthening the market's expectation that the current interest rate cut cycle has ended. European Central Bank Governing Council member Kazaks said that given that inflation in the eurozone may still be higher than expected, it is too early to discuss another interest rate cut [3]. Supply Side - **Mine End**: On November 26, the Canadian government launched a national security review of the proposed merger between Anglo American and Teck Resources. The review will focus on the impact of the transaction on key minerals and related supply chains. Copper is considered a key mineral in Canada. Teck Resources and Anglo American have promised to invest approximately C$4.5 billion over five years, but most of this (including the expansion project of the Highland Valley copper mine) was previously announced by Teck Resources. Anglo American also proposed to move its global headquarters from London to Vancouver and rename itself "Anglo Teck." Market insiders said that Canada still wants Anglo American to further relocate its headquarters to Canada [4]. - **Smelting and Import**: The International Copper Study Group (ICSG) Secretary-General Paul White said at the 2025 Asian World Copper Conference on November 27 that the global copper market will face a supply shortage of 150,000 tons in 2026. Global copper mine production is expected to increase by 2.3% in 2026, while global apparent refined copper consumption is expected to increase by 2.1% in the coming year. White also said that the copper production growth rate is expected to slow to 0.9% in 2026, compared with a 3.4% growth rate expected in 2025. These data are consistent with the ICSG's previous forecast in its October statement. On November 26, Chilean copper giant Codelco made a record-high offer to Chinese copper buyers, causing some Chinese enterprises to announce that they will abandon next year's long-term contracts. The applicability of this benchmark offer to Chinese buyers has also raised more and more questions. According to three informed sources, Codelco's offer to Chinese buyers is $350 per ton higher than the LME price, a significant increase from the $89 per ton negotiated last year. This offer is a "take it or leave it" final proposal, and buyers are expected to make decisions starting next week [5]. Demand Side - **Consumption**: According to customs data, in October, China imported 1,155.1 tons of copper tubes, a 41.31% month-on-month increase and an 8.37% year-on-year decrease; the cumulative import volume was 15,585.2 tons, a 10.77% cumulative year-on-year decrease. In October, China exported 25,287.9 tons of copper tubes, a 2.33% month-on-month decrease and an 18.57% year-on-year decrease; the cumulative export volume was 309,326.6 tons, a 0.16% cumulative year-on-year increase [6]. Inventory and Warehouse Receipts - LME warehouse receipts decreased by 75.00 tons to 157,175 tons compared with the previous trading day. SHFE warehouse receipts decreased by 3,952 tons to 35,873 tons. On November 27, the domestic electrolytic copper spot inventory was 173,500 tons, a decrease of 71,000 tons compared with the previous week [7]. Strategy - **Copper**: Cautiously Bullish. Currently, one can buy for hedging at the 85,000 - 85,500 yuan/ton level and sell for hedging above 89,000 yuan/ton [8]. - **Arbitrage**: On Hold [8] - **Options**: Short Put [8]

Core Viewpoint - Teck Resources Limited's Board of Directors unanimously recommends shareholders vote "FOR" the merger with Anglo American plc, highlighting significant benefits and value creation opportunities for shareholders [1][2]. Summary by Sections Merger Recommendation - Independent proxy advisory firms ISS and Glass Lewis have recommended that Teck shareholders vote "FOR" the merger, affirming the Board's view that this merger is the best path forward for all stakeholders [1][2]. - The merger is positioned as a unique opportunity to create a global critical minerals champion with increased scale and a strong portfolio of copper and critical minerals assets [2]. Shareholder Voting - Teck shareholders of record as of October 20, 2025, are encouraged to vote "FOR" the merger before the proxy voting deadline of December 5, 2025, at 11:00 a.m. PST [3]. Support for the Merger - The merger has unanimous support from the Teck Board and significant backing from major shareholders, including Temagami Mining Company Limited and SMM Resources Incorporated, representing approximately 79.8% of issued and outstanding Teck Class A common shares [7]. Strategic Benefits - ISS noted that the merger makes strategic sense due to anticipated synergies and benefits, with expectations of increased liquidity and a stronger financial position for the combined company [6]. - Glass Lewis emphasized the strategic merits of the merger, suggesting it positions the combined entity as a financially stronger producer with meaningful upside from operational integration [6]. Regulatory and Approval Process - The merger is subject to shareholder approvals and customary closing conditions, including regulatory approvals under the Investment Canada Act and other jurisdictions [5].

Core Viewpoint - BHP has officially abandoned its attempt to acquire Anglo American, focusing instead on its $53 billion merger with Teck Resources, which is set for a shareholder vote soon [1][4]. Group 1: BHP's Acquisition Attempt - BHP had re-engaged with Anglo American's management with a simplified proposal, avoiding the contentious breakup structure from a previous $49 billion bid [2]. - The motivation behind BHP's interest was Anglo's copper assets in South America, which are highly regarded in the industry, especially with increasing copper demand due to the energy transition [5]. - BHP's withdrawal from the acquisition attempt may eliminate uncertainties for shareholders ahead of the upcoming vote on the Teck merger [7]. Group 2: Industry Context - Anglo's pending merger with Teck, valued at $53 billion, aims to consolidate major copper pipelines and create a company that could rival the output of the Escondida mine in Chile, marking it as the second-largest mining deal ever [6]. - The merger's approval will require scrutiny under the Investment Canada Act, which will influence domestic job commitments and the future headquarters of the combined entity [7]. Group 3: Market Reaction - Following the news, BHP shares experienced a decline of 0.62%, trading at $52.75 in premarket [8].

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]