China Demands Copper Supply for Anglo American Merger Approval
China's antitrust regulator is conditioning the approval of Anglo American's $54 billion merger with Teck Resources on guaranteed copper concentrate supplies.
The State Administration for Market Regulation of China has requested that Anglo American plc commit to a steady supply of copper concentrate to secure approval for its $54 billion merger with Canada's Teck Resources. The demand follows a severe feedstock shortage in China's copper smelting industry, which is seeing refined copper output grow at its slowest pace since 2000.
Although the combined company would control only 5% of the global copper supply, China holds effective veto power over the transaction. The merger, first announced in 2025, has already received approval from all other relevant regulators. The companies intend to close the deal by March 2027.
Anglo American stated it is making "good progress" and working constructively with the regulator through its review process. Teck Resources has declined to comment on the ongoing regulatory proceedings.
