China demands copper supply commitments for Anglo Teck merger approval, sources say
AAL•China’s antitrust regulator has asked Anglo American to commit to a steady flow of copper concentrate as a condition for approving its proposed $54 billion merger with Teck Resources, three people said. The companies expect the deal to close by March 2027.
1. Supply assurances sought
China’s State Administration for Market Regulation has asked for assurances on copper concentrate supply, including volumes sold through traders, three people familiar with the discussions said. The regulator has received feedback from Chinese smelters and is negotiating remedies based on their concerns. Anglo American said it is making “good progress” and working constructively with the regulator.
2. Deal and market context
The merger, announced in 2025, has received approval from regulators in all jurisdictions where the companies operate except China. The companies expect it to close by March 2027. A combined company would control about 5% of global copper supply, below competition thresholds of more than 10% to 15%; the remedies sought do not include asset sales at this stage, the people said.
3. Copper supply pressures
China’s smelters face their worst feedstock shortage in decades, and the country’s refined copper output is expected to grow at its slowest pace since at least 2000 this year. Anglo’s copper output from Peru and Chile is largely sold as concentrate to international buyers, including Chinese, Japanese and European custom smelters.
