Teck Resources’ Highland Valley Copper Mine is seen near Logan Lake, B.C., in September.DARRYL DYCK/The Canadian Press
Teck Resources Ltd. TECK-B-T held talks with Vale Base Metals, the base metals arm of Brazil’s Vale S.A., before agreeing to an acquisition by Anglo American PLC. NGLOY this fall.
Vancouver-based Teck on Monday released its circular ahead of a coming shareholder vote on the Anglo transaction, which contains details about the talks that led up to the deal.
In the circular, there is reference to talks with an unidentified company called “Party X.”
A source familiar with the talks said that Party X is Vale Base Metals.
The Globe and Mail is not identifying the source because the person was not authorized to speak publicly.
Teck declined to reveal the name of Party X publicly, but in an e-mailed statement company spokesperson Doug Brown wrote that Teck’s board evaluated a range of potential options aligned with the company’s strategy to create long-term value for shareholders, including the status quo and potential alternative transactions.
Vale declined comment.
The source said that had Teck gone the route of doing a deal with Vale, the approval process may have been smoother.
Vale Base Metals is based in Toronto, and it owns a suite of massive nickel mines in Canada, including major operations in Sudbury, Ont., and is a big employer.
Anglo, by comparison, has little presence in Canada but is committing to move its headquarters to Vancouver, while retaining its domicile in London.
The Canadian government must approve the transaction on a net economic benefit for it to pass.
In the lead-up to a Dec. 9 shareholder vote on the transaction, Teck published a circular late Monday disclosing it held talks with Party X, from May, 2023, to May, 2025.
After opening negotiations with Party X, Teck also began talks with Anglo. Both deals were all share mergers of equals, with no premium price offered to either partner.
Talks with Party X broke down over “governance and valuation” issues, the circular shows.
Teck and Anglo announced their deal in September, 2025.
