Anglo American plc ("Anglo American") and Teck Resources Limited ("Teck") announce the composition of the future Executive Leadership Team ("ELT") of Anglo Teck plc ("Anglo Teck"), the combined company that will be formed through the merger announced on 9 September 2025. These future ELT roles will take effect immediately following completion of the merger which is conditional upon receipt of final regulatory approval, expected within the originally announced timeline of between September 2026 and March 2027.

Anglo Teck's future ELT brings together a highly experienced and complementary set of leaders from both companies to shape a cohesive leadership culture with clear accountabilities. The future ELT combines deep operational and financial expertise and global market insight with a strong track record of safety leadership, values-based decision-making and project delivery to create enduring shareholder and stakeholder value.

From the completion of the merger, the ELT of Anglo Teck will comprise:

·      Duncan Wanblad - Chief Executive Officer (CEO)

·      Jonathan Price - Deputy CEO & Chief Strategy Officer

·      John Heasley - Chief Financial Officer (CFO)

·      Ruben Fernandes - Chief Operating Officer (COO)

·      Ian Anderson - Chief People Officer

·      Lyndon Arnall - Chief Legal & Sustainability Officer

·      Alison Atkinson - Chief Technical Officer and CEO of Crop Nutrients

·      Karla Mills - Chief Projects Officer

·      Matt Walker - CEO, Marketing

Nolitha Fakude will continue in her current role, serving as Chair of Anglo Teck's management board in South Africa, reporting to Duncan Wanblad.

The regional leadership team responsible for the mining and production businesses is also confirmed and will report to Ruben Fernandes as COO, also with effect from completion of the merger:

·      Brock Gill - CEO, Canada and US

·      Tony Power - CEO, Peru

·      Ana Sanches - CEO, Brazil

·      Dale Webb - CEO, Chile

·      Mpumi Zikalala - CEO, Kumba Iron Ore

Duncan Wanblad, CEO of Anglo American and CEO designate of Anglo Teck, said: "Announcing Anglo Teck's future Executive Leadership Team marks another major milestone as we progress towards combining these two great companies. Together, we are forming a global metals and minerals powerhouse offering investors more than 70% exposure to copper. As the incoming CEO of Anglo Teck, I have utmost confidence in the highly capable executive and regional leadership teams that I have set out today, benefiting from their track records of delivery and their diversity of global experience. I look forward to working with the team over the coming years, from our headquarters in Canada, as we establish Anglo Teck and deliver the significant value from this formidable combination."

Jonathan Price, President and CEO of Teck and Deputy CEO designate of Anglo Teck, said:

"Today represents a significant next step in the creation of Anglo Teck, which we are setting up to be a top tier global copper producer with world-class operations and exceptional growth opportunities. This executive leadership team will provide strong continuity for the combined business and positions us to unlock the full potential of Anglo Teck as a global leader in the responsible production of many of the metals and minerals that the world is counting on."

The full composition of the Board of directors of Anglo Teck will be confirmed prior to completion of the merger¹. As previously announced, Sheila Murray, currently Chair of Teck, will chair the Board of Anglo Teck, with Duncan Wanblad, Jonathan Price and John Heasley serving as executive directors. Richard Price, currently Chief Legal & Corporate Affairs Officer of Anglo American, will also join the Board of Anglo Teck as a non-executive director.

Tom McCulley, Chief Technical Officer of Anglo American, will serve as a Special Adviser to the CEO working on a number of ongoing technical and other programmes, prior to his planned retirement in 2027. Al Cook, CEO of De Beers, will also continue to report to the CEO while the sale of De Beers is completed. Jeff Hanman, Chief Strategy Officer of Teck, will serve as Chief Integration Officer and Nic Hooper will continue as Chief Corporate Development Officer, both reporting to Jonathan Price.

Duncan Wanblad added: "When combining two companies and creating a new executive team, we inevitably have to make some difficult choices. For departing members of Anglo American's and Teck's ELTs, we will thank them for their exceptional contributions at the right time as they embark on the next stages of their lives and careers after the merger has completed. Until completion of our merger transaction, all current roles are unchanged and we are all focused on delivering our respective commitments, beginning with safety."

Anglo Teck - portfolio and value creation opportunities

Anglo Teck will benefit from an industry-leading portfolio of producing operations, including several world-class copper assets, alongside high-quality premium iron ore and zinc businesses. Anglo Teck will be one of the world's largest copper producers, and will benefit from some of the world's highest quality copper endowments, with major brownfield and greenfield copper development projects located in attractive and well-established mining jurisdictions, to further grow the business. Anglo Teck will also retain growth optionality across its wider product portfolio, including in premium iron ore, zinc and crop nutrients.

The merger is expected to deliver annual pre-tax synergies of approximately US$800 million by the end of the fourth year following completion of the transaction, with approximately 80% expected to be realised on a run rate basis by the end of the second year following completion, driven by economies of scale, operational efficiencies, and commercial and functional excellence. Anglo Teck will also work with key stakeholders and partners in the Collahuasi and Quebrada Blanca copper mines in Chile to optimise the value of these adjacent assets to realise US$1.4 billion (100% basis) of underlying EBITDA revenue synergies on an average pre-tax annual basis from 2030-2049, primarily through operational integration and optimisation of Collahuasi and Quebrada Blanca to create one of the world's very best copper mining districts.

Anglo Teck will have its global headquarters in Vancouver, Canada, where the CEO, deputy CEO, CFO and a significant majority of the senior management team will be based, supported by corporate offices in London and Johannesburg to serve its global operational footprint. Country offices and marketing hubs will continue to support the operational and commercial footprint of the combined business. All appointments will take effect on completion of the merger, with appropriate transition arrangements in place to ensure business continuity and effective handovers of responsibility.

Footnote:

¹ The Board of directors of Anglo Teck will be aligned with the commitments made under the Investment Canada Act.

Biographies of Anglo Teck's future ELT:

Duncan Wanblad

Duncan has served as CEO of Anglo American since 2022 and brings more than 35 years of global mining experience. Duncan leads Anglo American's ELT, having served as a member since 2009, and is chair of De Beers. From 2016 to 2022, Duncan was Group Director of Strategy and Business Development, also serving as CEO of the Base Metals business from 2013 to 2019. Between 2009 and 2013, Duncan ran a global portfolio of mining and industrial businesses for disposal or turnaround to maximise shareholder value. He was appointed CEO of Copper in 2008, prior to which he served as joint interim CEO of Anglo American Platinum. From 2004 to 2007, Duncan was Executive Director of Projects and Engineering at Anglo American Platinum. Duncan began his career at Johannesburg Consolidated Investment Company Limited in 1990. Duncan is a Fellow of the Royal Academy of Engineering.

Jonathan Price

Jonathan has served as Chief Executive Officer of Teck since 2022. He previously held the role of Executive Vice President and Chief Financial Officer. Jonathan joined Teck in October 2020 and brings extensive experience in the resources sector through a variety of finance, commercial and business development roles spanning Europe, Asia and Australia, with a focus on strategy, transformational change and business improvement. Prior to joining Teck, Jonathan was Chief Transformation Officer and a member of the Executive Leadership Team of BHP, having previously worked for BHP in a number of its mining businesses and enterprise functions, occupying senior business development and finance roles in Asia, Australia and the UK. Prior to joining BHP in 2006, Jonathan worked in the Metals and Mining team at ABN AMRO and held various production and technical roles with Inco.

John Heasley

John has served as CFO of Anglo American since 2023 and has played a central role in Anglo American's portfolio and performance transformation. John brings proven financial, strategic and commercial expertise, coupled with hands-on operational experience of supporting sustainable mining through technology. John is also a director of De Beers. Prior to joining Anglo American in 2023, he was chief financial officer and an executive director of The Weir Group PLC, the FTSE 100 global engineering company providing engineering technologies to the global mining industry, a role held since 2016. Prior to joining Weir in 2008, John served as group financial controller of Scottish Power plc, following his early career in professional services firms in audit, M&A, and corporate finance roles. John is a member of the Institute of Chartered Accountants of Scotland.

Ruben Fernandes

Ruben has served as COO of Anglo American since 2025 and is responsible for ensuring safe and responsible operations, and optimising performance, future options and commercial value across Anglo American's portfolio. Ruben previously served as regional director for the Americas, CEO of Base Metals and CEO of Anglo American in Brazil. Ruben joined Anglo American in 2012 and was previously head of mining at Votorantim Metals in Brazil. Between 2009 and 2011, he was COO at Vale Fertilizers and, CEO of Kaolin Companies - Pará Pigments and Cadam - two Vale subsidiaries, between 2007 and 2009, and held various analysis, marketing and project roles in Vale's Base Metals business which he joined in 1999.

Ian Anderson

Ian has served as Chief Commercial Officer of Teck since 2024, with responsibility for market and procurement strategies and performance, market and economic analysis, and external partnerships to advance the company's strategic objectives and commercial success. With 25 years at Teck and with predecessor companies, Ian has held senior leadership roles spanning human resources, employee relations, operations, logistics and commercial functions. He has held key positions including General Manager of Line Creek and Fording River Operations, Vice President, Logistics, and Senior Vice President and Chief Commercial Officer, leading large teams, developing talent, and strengthening organisational culture and performance.

Lyndon Arnall

Lyndon has served as Chief Legal and Sustainability Officer for Teck since 2024, with responsibility for maintaining Teck's leading sustainability performance and supporting the business through legal, risk and compliance functions. Lyndon has 29 years of experience in corporate, commercial, technology and resources law, and international experience from living and working in Singapore, the United States, Australia, Switzerland, the United Kingdom, the UAE, South Africa and Egypt. He previously held the position of Group General Counsel at BHP. Prior to this, he held a number of senior legal positions with BHP, as well as strategic and legal roles with Infosys, Musanada, Barclays, Hewlett-Packard and IBM. 

Alison Atkinson

Alison leads Anglo American's Projects and Development team, also responsible for carbon and innovation, having joined Anglo American in 2023. Alison leads the development and delivery of Anglo American's major capital projects, including the Sakatti polymetallic underground project in Finland, the filtration plant project at Minas-Rio in Brazil and, in South Africa, the UHDMS plant at Kumba and the 1GW Envusa renewable energy investment. Alison was previously CEO of AWE plc from 2020, a technology company that assures, designs, manufactures, and assembles capabilities and products that support the UK's nuclear defence programme. During her 18 years at AWE, she ran many aspects of the business, including operations, major projects and technology programmes. Prior to AWE, Alison spent 14 years at Halcrow, managing projects worldwide, servicing both the public and private sectors. Alison is also a non-executive director of Kier Group plc and chair of its ESG committee. Alison is a Fellow of the Royal Academy of Engineering.

Karla Mills

Karla has served as Chief Project Development Officer for Teck since 2024, with responsibility for accelerating growth by advancing Teck's project delivery, including leading execution of major capital projects such as the Highland Valley Copper Mine Life Extension and advanced greenfield projects including Zafranal in Peru, and San Nicolás in Mexico. Karla joined Teck in 2013 as Program Manager, Water Treatment Projects. She was appointed Program Director, Water Treatment Projects, in 2017; Vice President, Project Development, in 2018; and Senior Vice President, Projects in 2023. Karla has more than 25 years of project development experience, including 16 years with Wardrop Engineering and Tetra Tech Mining and Minerals, where she held numerous progressively more senior roles in project, portfolio and corporate leadership.

Matt Walker

Matt has served as CEO of Anglo American's Marketing business since 2023, optimising the value of the Group's products in the market through the implementation of effective sales and trading strategies. Matt is also a director of Kumba iron Ore and De Beers. Prior to taking up this role, Matt was Group Head of Corporate Finance, leading capital allocation and integrated planning, as well as the M&A transaction team. Between 2019 and 2021, he served as Group Treasurer responsible for the Group's bank and debt market funding. Matt joined Anglo American in 2007 and has held a number of senior finance and other roles across the Group, including as CFO of the Copper business in Chile.

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About Anglo American

Anglo American is a leading global mining company focused on the responsible production of copper, premium iron ore and crop nutrients - future-enabling products that are essential for decarbonising the global economy, improving living standards, and food security. Our portfolio of world-class operations and outstanding mineral endowments offers value-accretive growth potential across all three businesses, positioning us to deliver into structurally attractive major demand growth trends.

Our integrated approach to sustainability and innovation drives our decision-making across the value chain, from how we discover new resources to how we mine, process, move and market our products to our customers - safely, efficiently and responsibly. Our Sustainability Strategy commits us to a series of stretching goals over different time horizons to ensure we build trust as a corporate leader, contribute to a healthy environment and help create thriving communities. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for our shareholders, for the benefit of the communities and countries in which we operate, and for society as a whole. Anglo American is re-imagining mining to improve people's lives.

Anglo American is currently implementing a number of major structural changes to unlock the inherent value in its portfolio and thereby accelerate delivery of its strategic priorities of Operational excellence, Portfolio optimisation, and Growth. The sale of our steelmaking coal and nickel businesses and the separation of our iconic diamond business (De Beers) continue to progress and once completed, will focus Anglo American on its world-class resource asset base in copper, premium iron ore and crop nutrients.

www.angloamerican.com

About Teck

Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK.

Group terminology

In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses.

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This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient.

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Forward-looking statements and third party information

This document includes forward-looking statements. All statements other than statements of historical fact included in this document may be forward-looking statements, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions), the anticipated benefits of mergers and acquisitions (including any assessment or quantification of potential synergies) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations. Forward-looking statements may be identified by the use of words such as "believe", "expect", "intend", "aim", "project", "anticipate", "estimate", "plan", "may", "should", "will", "target" and words of similar meaning. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and product prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the ability to identify, consummate and integrate pending or potential acquisitions, disposals, investments, mergers, demergers, syndications, joint ventures or other transactions, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking statements should therefore be construed in light of such risk factors, and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, rules or regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information included in this document is sourced from third party sources (including, but not limited to, externally conducted studies and trials). As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information.

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This document has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this document in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other applicable legislation).

Alternative Performance Measures

Throughout this document a range of financial and non-financial measures are used to assess our performance, including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor the Group's financial performance alongside IFRS measures to improve the comparability of information between reporting periods and businesses. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Group's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.

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