China Seeks Copper Guarantees for Anglo-Teck Merger

China's SAMR is seeking guarantees of steady copper concentrate supply, including volumes sold through traders, as a condition for approving the $54 billion Anglo American-Teck Resources merger, according to three sources with knowledge of the situation cited by Reuters. The combined company would control about 5% of global copper supply. China refines up to 60% of global copper cathodes. One source said asset sales are not currently part of the requested remedies. An Anglo spokesperson told Reuters: "We are making good progress towards completion and are working constructively with the Chinese regulator, SAMR, through its structured review process." Announced September 9, 2025, the deal would create Anglo Teck, headquartered in Vancouver, projected to produce about 1.2 million tonnes of copper annually, rising to about 1.35 million tonnes in 2027, with Anglo shareholders owning about 62.4% and Teck shareholders about 37.6%. Canada approved the deal under the Investment Canada Act in December 2025 with binding commitments of at least $4.5 billion spent in Canada over five years and at least $10 billion over 15 years. China remains the outstanding approval.