MINEX Forum

Tag: Teck Resources

  • Arras Minerals and Teck End Strategic Alliance as Kazakhstan Copper Targets Advance to 2026 Plans

    Arras Minerals and Teck End Strategic Alliance as Kazakhstan Copper Targets Advance to 2026 Plans

    Canada-based Arras Minerals Corp. has provided an update on its Strategic Alliance with Teck Resources Limited and outlined its exploration plans for 2026 across its licence portfolio in Kazakhstan, following Teck’s decision to exit the staged option phase of the agreement.

    The two companies entered into the alliance in December 2023 to explore for copper across approximately 1,900 square kilometres of Arras’ licence package in Kazakhstan’s Pavlodar region. Under the agreement, Teck funded around $5 million in generative exploration over a two-year period, with Arras acting as project manager. Teck had the option to select up to four designated properties for further investment of up to $47.5 million per project to earn up to a 75% interest, but has elected not to proceed to this second phase.

    Despite the decision, the alliance delivered extensive exploration results. Over two years, the program identified three new porphyry systems along a 54-kilometre trend parallel to the operating Bozshakol copper-gold mine, defined a large hydrothermal system at the Besshoky project, and generated a substantial geochemical and geophysical dataset. Work included nearly 40,000 soil samples, airborne magnetic surveys, Heli-EM and induced polarization surveys, 479 top-of-bedrock drill holes, and 18 diamond drill holes totaling more than 5,200 metres.

    Drilling returned multiple mineralized intercepts across several targets, confirming porphyry-style alteration and mineralization at Shirderty, Bozshakol South and Tort Kuduk. At Tort Kuduk, one hole intersected 34 metres grading 0.25 g/t gold, highlighting precious-metal upside alongside copper potential.

    Teck said that while the results did not meet its threshold to advance to the next phase, it remains positive on Kazakhstan and will continue as a supportive shareholder. Arras management described the alliance as successful in narrowing a large land package into a focused set of high-priority targets and said many warrant further follow-up.

    For 2026, Arras plans additional geophysical surveys, including magnetotelluric and gravity work, followed by targeted diamond drilling at several copper porphyry prospects. The company also intends to advance precious metals-focused targets that were not drilled during the alliance period and could reach drill-ready status with additional fieldwork.

    Arras said the work completed with Teck’s funding has significantly de-risked its portfolio and strengthened the pipeline of drill targets, supporting continued exploration of its Elemes copper-gold project and other priority areas across its Kazakhstan licences.

  • Anglo American and Teck Resources Agree $53bn Merger to Create Global Copper Giant

    Anglo American and Teck Resources Agree $53bn Merger to Create Global Copper Giant

    Anglo American has reached an agreement to merge with Canada’s Teck Resources in a $53bn (£39bn) deal that will form one of the world’s largest copper producers, following both companies’ successful defence against recent takeover attempts.

    The combined group, to be called Anglo Teck, will be headquartered in Vancouver, Canada, reflecting Canadian government efforts to safeguard its critical minerals sector. While the new company will keep Anglo’s primary listing on the London Stock Exchange, it will also be listed in Johannesburg, Vancouver, and New York. Anglo has held its London listing since 1999.

    The merger is expected to deliver $800m in annual cost savings within four years, with around $60m anticipated from board and head office “rationalisation,” raising the likelihood of job losses at Anglo’s London headquarters. However, the companies pledged that Canada would see “no net reduction in the number of employees,” in line with government legislation.

    Under the terms, Anglo shareholders will own 62.4% of the new entity, while Teck investors will control 37.6%. Although the deal represents a 17% premium to Teck’s share price, the companies presented it as a zero-premium merger because Anglo plans to issue a $4.5bn special dividend to its shareholders before completion.

    Anglo’s chief executive Duncan Wanblad, who will lead the new group from Vancouver, described the transaction as a “true merger of equals,” stressing its significance for Canada and its role in supporting critical mineral strategies globally. Teck CEO Jonathan Price will become deputy chief executive, with copper expected to contribute more than 70% of earnings by 2027.

    The merger follows Anglo’s defence against a £39bn takeover bid by BHP and Teck’s rejection of Glencore’s £16.6bn offer in 2023. Analysts say the deal marks a dramatic turnaround for Anglo, which has repositioned itself as an industry consolidator.

    The new company will bring together six major copper assets in Chile and other “world-class jurisdictions,” a move that both executives say will position the business at the heart of the global transition to renewable energy and electric vehicles.

    If approved, the deal will be one of the largest in mining history, second only to the $90bn Glencore-Xstrata merger in 2013. Shares in both Anglo and Teck surged more than 10% after the announcement, signalling strong investor confidence.

  • Teck, Arras partner to explore Kazakh critical minerals

    Teck, Arras partner to explore Kazakh critical minerals

    Teck Resources, a Canadian mining company, has signed an option deal with Arras Minerals for its critical minerals licence package in Kazakhstan.

    The option agreement is limited to the package in Bozshakol-Chingiz Magmatic Arc in Pavlodar.

    It excludes the Beskauga copper-gold project, and regional exploration licences Stepnoe, Ekidos, Aimandai and Elemes.

    As part of the arrangement, Teck will solely fund exploration work through 2025. The initial expenditure will be $5m (C$6.79m) before 31 December 2025 across two packages totalling around 1,736km².

    After the initial exploration phase is completed, Teck will have the option to select up to four designated properties covering 120km² of area each.

    At these properties, it will conduct exploration at a cost of up to $47.5m per project, helping it earn up to 75% interest in each of the four projects.

    The company also agreed to reimburse some project-related expenses to Arras through $1m in cash on signing, and potentially other payments in the future, if Teck selects to go ahead with the future phases.

    Arras will act as the manager for the first year of the two-year programme and Teck will hold the option to assume the role thereafter.

    Arras Minerals CEO Tim Barry said: “As an early-mover into Kazakhstan two and a half years ago, following the substantial reforms to the business environment and mining law, Arras has assembled the third-largest land package in the country next to Rio Tinto and Fortescue and is specifically focused on copper in the highly prospective Bozshakol-Chingiz magmatic arc.

    “We recently completed our second summer field season across the regional licence package and are now analysing more than 50,000 soil samples we have collected across the approximately 3,300km² licence package. This programme was based on the successful 2022 field programme where more than 16,000 soil samples identified new targets to follow up.”