1. Total Metals Corp (TSXV:TT, FSE: O4N)
Total Metals Corp. is focused on advancing high-grade gold projects to production.
Canada has initiated a national security review of the proposed $53 billion merger between Anglo American (LON: AAL) and Teck Resources（TSX: TECK.A, TECK.B）（NYSE: TECK）, Industry Minister Melanie Joly announced Wednesday from South Korea. The move introduces fresh regulatory uncertainty for a deal poised to reshape the global copper industry.
Joly confirmed that Ottawa will assess the transaction under the Investment Canada Act, with a final decision expected in the coming months. She described the national security review as a standard procedure for foreign investments but emphasized the government seeks “stronger long-term commitments to Canada.” The review will specifically examine potential impacts on critical minerals and related supply chains. Copper is officially designated a critical mineral in Canada.
In efforts to secure approval, the companies have pledged approximately $4.5 billion in Canadian spending over five years. However, much of this investment was previously committed by Teck, including the extension of its Highland Valley copper mine. Anglo American has also offered to relocate its global headquarters from London to Vancouver, rebrand as Anglo Teck, and station top executives including CEO Duncan Wanblad and CFO John Heasley in the city. Market insiders indicate Ottawa remains unconvinced, pushing for Anglo to fully redomicile to Canada—a move that would effectively transform it into a Canadian company.
This cautious stance follows decades of foreign takeovers that saw the loss of major Canadian mining champions such as Alcan, Falconbridge, and Inco. Teck itself sold 77% of its coal business to Glencore (LON: GLEN) in 2024 for $6.9 billion, with the remainder acquired by Nippon Steel and POSCO. The scrutiny reflects a toughening government stance on economic security as Prime Minister Mark Carney pushes to rebuild Canada’s critical minerals capacity, viewed in Ottawa as integral to national sovereignty.
The proposed merger received significant endorsements this week from two major proxy advisory firms. Institutional Shareholder Services (ISS) stated on Wednesday that the arrangement “makes strategic sense” and offers “additional potential upside.” This followed a November 21 recommendation from Glass Lewis & Co., which concluded the combined entity would achieve a stronger financial footing and greater operational resilience. These endorsements set the stage for a December 9 special shareholder meeting that will determine the deal’s fate.
The merger faced a last-minute challenge last week when BHP (ASX: BHP) briefly made an offer for Anglo American, only to withdraw it three days later. If approved, the Anglo-Teck combination would create one of the world’s top five copper producers, with annual output of 1.35 million tonnes—surpassing the Escondida mine’s 2024 production of 1.28 million tonnes—and would mark the largest mining transaction of the past decade.
Teck President and CEO Jonathan Price said in a statement that the advisory firms’ support “further affirm the company’s view that the merger is the best path forward.”
