Duncan Wanblad and the Anglo Teck Merger
Duncan Wanblad, CEO of Anglo American, is orchestrating one of the mining industry's most significant transformations through the proposed $53-billion merger with Teck Resources. The deal positions Wanblad to lead Anglo Teck as CEO of what would become a top-five global copper producer and critical minerals champion headquartered in Vancouver. This merger of equals represents a strategic pivot that will fundamentally reshape both companies' futures and establish a new powerhouse in the global mining sector.
The transaction marks a dramatic shift for Anglo American, which will relocate its headquarters from London to Canada as part of the arrangement. Wanblad will work alongside Teck CEO Jonathan Price, who is set to become deputy CEO of the combined entity. The merger promises substantial operational synergies and positions the new company to capitalise on growing demand for critical minerals essential to the energy transition.
This transformative deal offers insights into modern mining strategy, corporate leadership during major transitions, and the evolving dynamics of the global resources sector. The merger's implications extend beyond financial metrics to encompass operational integration, geographical repositioning, and the strategic vision required to navigate an increasingly complex commodities landscape.
Background of the Anglo Teck Merger
Anglo American and Teck Resources announced their merger of equals agreement in September 2025, creating a $53-billion mining powerhouse focused on critical minerals. The combined entity will become one of the world's top five copper producers with headquarters in Vancouver.
Details of the Merger of Equals Structure
The merger of equals structure gives Anglo American shareholders approximately 62.4% ownership while Teck shareholders receive 37.6% of the combined company. Despite the unequal ownership split, both companies maintain equal representation in senior management and board positions.
Key Financial Terms:
- Exchange ratio: 1.3301 Anglo American shares per Teck share
- Special dividend: $4.5 billion to Anglo American shareholders
- Combined market value: Approximately $53 billion
Anglo American will pay a special dividend of roughly $4.19 per share to its existing shareholders before completion. This dividend structure helps balance the participation of both shareholder bases in the merged entity's future value creation.
The transaction uses an all-share structure, meaning no cash changes hands between the companies. Canadian Teck shareholders can elect to receive exchangeable shares instead of ordinary shares, providing additional flexibility.
Formation of Anglo Teck
Anglo Teck will establish its global headquarters in Vancouver under the leadership of Duncan Wanblad as CEO and Jonathan Price as Deputy CEO. The company will maintain corporate offices in London and Johannesburg to support its global operations.
Leadership Structure:
- CEO: Duncan Wanblad (Anglo American)
- Deputy CEO: Jonathan Price (Teck)
- CFO: John Heasley
- Chair: Sheila Murray
The combined entity expects to achieve annual synergies of $800 million within four years of completion. Additional synergies of $1.4 billion annually are projected from optimising the adjacent Collahuasi and Quebrada Blanca copper operations in Chile.
Anglo Teck will operate six world-class copper assets producing approximately 1.2 million tonnes annually. The portfolio includes premium iron ore operations and zinc production facilities, creating a diversified critical minerals platform.
Leadership and Governance Changes
The Anglo American and Teck merger establishes Duncan Wanblad as CEO while creating a balanced executive structure between both companies. The combined entity will operate from Vancouver with equal board representation from both merger partners.
Role of Duncan Wanblad as CEO
Duncan Wanblad will serve as Chief Executive Officer of the newly formed Anglo Teck upon completion of the merger. His appointment represents continuity from his current role at Anglo American, where he has led the company's portfolio transformation efforts.
Wanblad will be based in Vancouver as part of the enhanced role in the Canadian mining ecosystem. This relocation marks a significant shift from Anglo American's traditional London headquarters.
The CEO has emphasized that the merger timing aligns with Anglo American's substantial progress in portfolio simplification. His leadership approach will focus on leveraging the complementary capabilities of both organizations while maintaining their shared values and operational excellence standards.
Under his direction, Anglo Teck will pursue aggressive synergy targets of US$800 million in pre-tax recurring annual savings. His experience with similar adjacency partnerships in Brazil and Chile will be crucial for optimizing the Collahuasi and Quebrada Blanca operations.
Executive Management Structure
The executive leadership team reflects a balanced integration of talent from both companies. Jonathan Price, current CEO of Teck, will assume the role of Deputy CEO in the combined entity.
John Heasley will serve as Chief Financial Officer, bringing his Anglo American experience to the new organization. This executive trio will be based in Canada, demonstrating the company's commitment to its Vancouver headquarters.
Key Executive Positions:
- CEO: Duncan Wanblad
- Deputy CEO: Jonathan Price
- CFO: John Heasley
The senior executive team will include meaningful representation from South Africa and the UK, preserving the heritage and expertise of both organizations. This structure ensures continuity while capitalizing on the strengths each company brings to the merger.
The leadership approach emphasizes functional excellence and operational efficiencies, with approximately 80% of synergies expected within two years of completion.