Glencore stands between Anglo-Teck and $1.4B copper prize

Mining

Yesterday

Glencore (LON: GLEN) could complicate Anglo American’s efforts to capture the biggest gains from its $53-billion merger with Teck (TSX: TECK.A TECK.B, NYSE: TECK) as the miners negotiate how to ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.0a0bd8dc.png","ogUrl":"https://au1.tigermoments.com/news/2663004891"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2663004891\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2663004891?lang=en_US&edition=fundamental","thumbnail":"https://www.mining.com/wp-content/uploads/2026/08/collahuasi.png","is_english":true,"pubTime":"2026-08-31 05:05","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2663004891","market":"us","top_or_hot":-1,"title":"Glencore stands between Anglo-Teck and $1.4B copper prize","media":"Mining","content":"<div>\n<p>Glencore (LON: GLEN) could complicate Anglo American’s efforts to capture the biggest gains from its $53-billion merger with Teck (TSX: TECK.A TECK.B, NYSE: TECK) as the miners negotiate how to ...</p>\n\n<a href=\"https://www.mining.com/glencore-stands-between-anglo-teck-and-1-4b-copper-prize/\">Source Link</a>\n\n</div>\n","source":"mining_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Glencore stands between Anglo-Teck and $1.4B copper prize</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGlencore stands between Anglo-Teck and $1.4B copper prize\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-31 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.mining.com/glencore-stands-between-anglo-teck-and-1-4b-copper-prize/><strong>Mining</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Glencore (LON: GLEN) could complicate Anglo American’s efforts to capture the biggest gains from its $53-billion merger with Teck (TSX: TECK.A TECK.B, NYSE: TECK) as the miners negotiate how to ...</p>\n\n<a href=\"https://www.mining.com/glencore-stands-between-anglo-teck-and-1-4b-copper-prize/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FT_SY_MHG","symbol_name":"微型铜","start_time":0,"source_url":"https://www.mining.com/glencore-stands-between-anglo-teck-and-1-4b-copper-prize/","article_id":"2663004891","we_media_id":null,"thumbnails":["https://www.mining.com/wp-content/uploads/2026/08/collahuasi.png"],"rights":{"source":"mining_highlight","url":"https://www.mining.com/glencore-stands-between-anglo-teck-and-1-4b-copper-prize/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2663004891","pubTimestamp":1788123900,"columns":[],"sourceInfo":{"source_id":"mining_highlight","name":"MINING.COM"},"weMediaInfo":null,"summary":"Talks over neighbouring Chilean copper mines will determine how three mining majors divide billions in potential value.","collect":0,"end_time":0,"defaultTopTitle":"mining.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4168":"多种金属与采矿","LU0330918003.SGD":"Blackrock World Mining A2 SGD-H","ICOP":"iShares Copper and Metals Mining ETF","LU0345781412.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) INC","UYM":"基础材料指数ETF-ProShares两倍做多","LU0630314457.HKD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (HKD) ACC","BK4585":"ETF&股票定投概念","CPXR":"USCF DAILY TARGET 2X COPPER INDEX ETF","XME":"金属与采矿指数ETF-SPDR","BK4591":"室温超导概念","CPER":"美国铜指数基金","GMET":"VANECK GREEN METALS ETF","TECK":"泰克资源有限公司","BK4535":"淡马锡持仓","EMET":"VanEck Copper and Green Metals ETF","COPJ":"SPROTT JUNIOR COPPER MINERS ETF","COPP":"Sprott Copper Miners ETF","BK4588":"碎股","LU0075056555.USD":"贝莱德世界矿业基金A2","LU0345780950.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) ACC","LU1023059493.AUD":"Blackrock World Mining A2 AUD-H"},"translate_title":"嘉能可介于 Anglo-Teck 和 $1.4B 铜奖之间","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UYM":1.5,"ICOP":1.5,"XME":1.5,"CPXR":1.5,"CPER":1.5,"COPJ":1.5,"QCmain":1.5,"COPP":1.5,"EMET":0.6,"GMET":0.6,"TECK":1,"MHGmain":1.5},"content_text":"Glencore (LON: GLEN) could complicate Anglo American’s efforts to capture the biggest gains from its $53-billion merger with Teck (TSX: TECK.A TECK.B, NYSE: TECK) as the miners negotiate how to combine neighbouring copper operations in Chile.\nAnglo and Glencore are discussing integrating parts of Collahuasi copper mine in Chile, where each owns 44%, with Teck’s nearby Quebrada Blanca complex. Anglo hopes to close its merger with Teck as soon as next month, pending Chinese regulatory approval.\n“The industrial logic of combining Collahuasi and Quebrada Blanca is undeniable,” Anglo CEO Duncan Wanblad said in a conference call last year. He estimated an agreement with Glencore could add $1.4 billion in annual earnings before interest, taxes, depreciation and amortization.\nExtracting those gains will require Anglo-Teck to establish the relative value of the assets, how an integrated operation would work and how the resulting benefits would be divided.\nThe companies are studying the construction of a 15-kilometre conveyor to link Collahuasi’s high-grade ore to QB’s processing facilities, adding the equivalent of a new mine’s output. The system is projected to deliver an extra 175,000 tonnes of copper per year between 2030 and 2049, at lower costs and shorter timelines than a standalone development.\nHard bargain\nGlencore “understands there is some real economic value to go after and is likely to play hardball,” a top Anglo investor quoted by Financial Times on Sunday said. “I don’t expect it to be smooth and easy. Glencore is in the stronger bargaining position.”\nAnalyst agree on that the Swiss miner is likely to demand a hefty price in negotiations over the assets’ relative valuations and management of the combined operations.\nWanblad said in July that discussions were “in progress.”\n“Everybody will be looking to make sure we’ve got the right valuations,” he said. “All of us have to get an alignment on that in the first instance and then work out how we distribute the synergy value between us.”\nGlencore declined a MINING.COM request for comments.\nThe talks come as the world’s largest diversified miners compete for greater exposure to copper, which is expected to face long-term supply constraints as demand grows from power grids and other industries. \nCopper-focused miners also command higher valuations than companies with broader commodity portfolios.\nThat appetite helped drive BHP’s rejected takeover approaches for Anglo in 2024 and in 2025 and unsuccessful merger discussions between Rio Tinto (ASX. LON: RIO) and Glencore earlier this year. Copper overtook iron ore as BHP’s biggest profit contributor for the first time this month.\nCopper prices approached record levels again this month after mine disruptions tightened supplies and large volumes flowed into the US ahead of possible import tariffs.\nCopper strength \nAnglo’s growing copper exposure marks a sharp turnaround from two years ago, when declining earnings and questions about its sprawling portfolio left the company vulnerable to BHP’s approach.\nThe takeover attempt accelerated Wanblad’s restructuring plan to focus Anglo on copper, iron ore and crop nutrients. The company has since spun off its platinum business and found buyers for its coal and nickel units.\n\n\n\n\nA 15-km (9.3-mile) conveyor would be built to feed Collahuasi’s high-quality ore into QB’s new processing plants. (Click on map to enlarge)\nSales and earnings from continuing operations in the first half of 2026 exceeded comparable pro forma results for the same periods in 2024 and 2025. Copper generated almost three-quarters of earnings this year, compared with less than a third in the first half of 2023, although the increase largely reflected higher prices rather than production growth.\nThe turnaround has strengthened Wanblad’s standing with shareholders.\nThe performance is a “vindication for the board and also for Duncan,” Adam Matthews, chief responsible investment officer at the Church of England Pensions Board, an Anglo shareholder, told FT. “He got put in a tough spot. But I think Duncan is in a far strengthened position.”\nCompleting the Teck merger would further transform Anglo into a copper heavyweight, but realizing one of its most valuable opportunities depends on negotiations with Glencore.\n“The unknown is Glencore,” George Cheveley, portfolio manager at Anglo shareholder Ninety One, told FT. “There’s a negotiation to be had.”\nHow those talks play out could also shape what comes next for Anglo-Teck. Investors continue to speculate that BHP could eventually return with an offer for the combined miner, although new CEO Brandon Craig has signalled a different course, saying BHP is focused on its “major organic growth” strategy.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}