This article first appeared on GuruFocus.

Canadian authorities have moved the Anglo AmericanTeck Resources (NYSE:TECK) transaction another step closer to completion, approving the deal under the Investment Canada Act and reinforcing the path toward the creation of a roughly $50 billion copper-focused mining group. The decision formalizes commitments first outlined in September and follows shareholder approval from both companies within the past week. Teck Chief Executive Officer Jonathan Price characterized the approval as a meaningful milestone in establishing Anglo Teck as a new global critical minerals platform headquartered in Canada.

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The agreement, reached around three months ago, would provide Anglo American (AAL) with expanded exposure to Teck's copper assets in Chile and Peru at a time when copper prices are hovering near record levels. Anglo's copper portfolio has already attracted industry attention, with the company having previously turned away two approaches from BHP Group earlier this year. While Teck's copper base has long been viewed as strategically valuable, its Quebrada Blanca mine in northern Chile has faced operational issues, alongside Anglo's nearby Collahuasi operation.

As part of the approval process, the companies reiterated and strengthened governance and investment commitments tied to Canada. The new headquarters will be located in Vancouver, two-thirds of senior executives will primarily reside in Canada, and the board will have 50% Canadian representation for seven years, according to Industry Minister Melanie Joly. The companies said the deal would secure roughly 4,000 domestic jobs, pursue inclusion in major Canadian stock indexes, and involve at least C$4.5 billion in Canadian spending over five years, with total investment of at least C$10 billion over 15 years linked to copper projects and existing assets. The transaction is structured as a share exchange of 1.3301 Anglo shares for each Teck share, which both companies have previously described as a zero-premium deal.