FTSE mining giant to cut hundreds of jobs after £40bn merger

Core Viewpoint - Anglo American is merging with Teck Resources to form a new entity called Anglo Teck, with a deal valued at $53 billion, which will lead to significant job cuts and a reduction in UK tax contributions [1][2][3]. Company Overview - The merger will result in the relocation of the company's headquarters from London to Vancouver, impacting hundreds of employees in the UK [2][3]. - Anglo American has a significant presence in the UK, contributing $2.6 billion to the economy in 2024, including $446 million in corporation taxes and royalties [2]. Job Impact - The London office, which employs about 700 people, will be streamlined, with most senior management roles moving to Vancouver [3][5]. - The final number of job losses in both the UK and global operations remains uncertain [3][5]. Leadership and Management - Duncan Wanblad, the CEO of Anglo American, will lead the combined company, emphasizing Vancouver as the "natural headquarters" [4][5]. - The merger aims to create a global leader in critical minerals, leveraging the complementary strengths of both companies [5]. Market Position - Despite the relocation of management, Anglo American will maintain its listing on the London stock exchange and continue to be part of the FTSE 100 [7].