Industry Minister Mélanie Joly says she has not yet seen enough “net benefit” to Canada to allow Vancouver’s Teck Resources Ltd. to merge with UK-based miner Anglo American PLC.
“There have been conversations with the companies, and clearly we wanted to make sure that there would be a net benefit to Canada, but I think right now that it’s not enough,” Joly told reporters on her way to a cabinet meeting in the House of Commons on Sept. 16.
Last week, Teck and Anglo reached an agreement to combine the two companies to form a copper mining powerhouse worth about $70 billion. The companies proposed the deal as a “merger of equals,” and plans include sourcing upper management and board representation roughly equally between the two. The deal would also see company headquarters of what would be known as Anglo Teck move to Vancouver….