Canada’s Industry Minister Mélanie Joly will not decide on the proposed Anglo American–Teck Resources merger next month, contrary to earlier media reports, her office confirmed Monday.
The Globe and Mail‘s review of audio from Joly’s November 18 media scrum revealed she said the government would make its decision “in the next months,” not “next month” as stated in an Ottawa-provided transcript that formed the basis of the Wall Street Journal‘s report.
Gabrielle Landry, press secretary for Joly, confirmed the original transcript and media report were incorrect and that the decision timeline extends into 2026.
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On Wednesday, Joly reiterated from South Korea that Ottawa will issue a final decision “in the coming months” as part of a national security review under the Investment Canada Act.
The clarification comes as shareholders of both companies prepare to vote on December 9 on the $53 billion merger, which would create one of the world’s top five copper producers. Both major proxy advisory firms, ISS and Glass Lewis, have recommended that shareholders approve the deal.
The federal review will examine how the transaction affects critical minerals and supply chains. Copper is designated a critical mineral in Canada.
Ottawa’s scrutiny reflects concerns about foreign takeovers following decades of acquisitions that eliminated Canadian mining champions, including Alcan, Falconbridge, and Inco. The government’s review of Glencore‘s 2024 acquisition of Teck’s coal business took approximately eight months.
Market sources say Ottawa wants Anglo to go beyond its commitments to headquarter the merged company in Vancouver and maintain a Canadian stock listing, pushing instead for full redomiciliation to Canada.
The Teck-Anglo transaction was announced in September.
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