Shareholders at Anglo American (LSE:AAL) and Teck Resources (NYSE:TECK) have formally approved a proposed $53 billion all-stock merger, clearing a major early hurdle for a deal that would reshape the global copper industry. The votes were cast at separate general meetings held Tuesday for each company.

The merger, originally unveiled in September, now moves into the next phase of regulatory scrutiny across several jurisdictions. Canada will be among the key countries reviewing the transaction.

Copper Output Potential Seen as Transformational

Analysts say the combined company’s copper profile stands out as one of the most consequential elements of the proposed merger. By bringing together Anglo American’s stake in the Collahuasi operation with Teck’s Quebrada Blanca project, estimates suggest output could exceed one million tonnes of copper annually by the early 2030s. If those projections hold, the figure would put the combined output ahead of BHP’s Escondida mine, which is currently one of the world’s largest.

Anglo has frequently been discussed as a takeover candidate in recent years because of its sizable copper assets. However, its exposure to diamonds and platinum has been cited as a complication in earlier potential bids.

Both companies have undergone major restructuring processes over the past several years, changes that were driven partly by prior takeover attempts involving each firm. The period leading up to the latest shareholder vote again saw interest from a competitor: last month, BHP made another attempt to acquire Anglo American, only to withdraw its effort three days later.

Ahead of Tuesday’s vote, Anglo abandoned a plan to amend executive bonus awards after investors voiced objections. The miner said the incentive proposal had been intended to support the transaction and help keep senior leadership in place as the merger would relocate the company’s headquarters to Canada. With shareholder approval secured, the companies now await regulatory decisions that will determine the timeline for finalizing the transaction. If completed, the merger would mark one of the largest mining combinations in years and significantly shift competitive dynamics in the global copper sector.