Shareholders of Anglo American and Teck Resources overwhelmingly approved a US$53 billion all-stock, nil-premium merger, paving the way for a new company, Anglo Teck, headquartered in Vancouver with a primary listing in London.

Over 99.17 % of Anglo American shareholders and two-thirds of Teck shareholders voted in favor. The merger will make this new company, Anglo-Teck, the world’s fifth-largest copper producer, with an anticipated annual copper output of about 1.2 million metric tons.

The companies project annual cost savings and efficiency gains of around US$800 million by the fourth year after this merger. The deal now awaits regulatory approvals in key jurisdictions such as Canada, China, and others.