Canada OKs Anglo-Teck merger; MBK, Young Poong seek to block Korea Zinc issuance

TOP NEWS IN METALS & MINING

– The Canadian government approved the planned merger between Anglo American PLC and Teck Resources Ltd. under the Investment Canada Act. The two companies, which will be known as Anglo Teck following the merger, made various commitments, including spending at least C$4.5 billion in Canada within five years.

– Private equity firm MBK Partners and conglomerate Young Poong Corp. filed an injunction with the Seoul Central District Court to block Korea Zinc Company Ltd.'s third-party share issuance to help finance a US$7.4 billion integrated nonferrous metal smelter in the US.

➤ Lithium and Cobalt CBS December 2025 – Prices elevated on tighter markets

Lithium prices remain elevated, though exchange actions limiting speculative longs cap the upside. Cobalt prices climbed due to extended market tightness from delays to export resumption.

➤ Trump policies put US 'skin in the game' for metals development: US official

Industry participants and US government officials said actions sparked by executive orders will help expedite projects as the US looks to ramp up production as quickly as possible.

➤ Contango Ore/Dolly Varden merger tops metals, mining M&A for week ended Dec. 12

Contango Ore Inc. agreed to purchase Dolly Varden Silver Corp. in a US$378.5 million merger, with the combined entity to be named Contango Silver & Gold Inc.

DIVERSIFIED

– Sherritt International Corp. ended a shareholder dispute after striking a deal with Pala Assets Holdings Ltd. for support in its leadership transition, Dow Jones Newswires reported.

– Macmahon Holdings Ltd. entered into a new A$792 million three-year contract for work at QCoal Pty Ltd.'s majority-owned Byerwen coal mine in Queensland, Australia.

– India's National Company Law Tribunal approved Vedanta Ltd.'s plan to split into five companies, a company spokesperson told Platts, part of S&P Global Energy.

– Boab Metals Ltd.'s board of directors approved the final investment decision for the Sorby Hills silver-lead project in Western Australia. Production is expected to begin in the first half of 2027.

BASE METALS

– JX Advanced Metals Corp. unit Pan Pacific Copper Co. Ltd. sold all its issued shares in Compania Minera Quechua SA to Glencore PLC's Glencore Peru Holding SA for an undisclosed amount.

– A Chinese court sentenced and fined 27 people for exporting antimony ingot without export licenses, Reuters reported. The main defendant, Wang Wubin, faces 12 years in prison and a 1 million yuan fine, while the other 26 accused will get sentences ranging from four months to five years, according to the report.

PRECIOUS METALS

– Gold companies in Côte d'Ivoire have started paying a higher royalty on revenue after months of disputing the legality of the new 8% levy, Reuters reported, citing three industry sources.

– Westgold Resources Ltd. agreed to divest its Mt. Henry-Selene gold mine in Western Australia to Alicanto Minerals Ltd. for A$64.4 million.

BULK COMMODITIES

– Spot prices for natural graphite used in anode production have become volatile due to changes in China's export policies. Market consolidation in China has potential to create an anode material industry giant, according to S&P Global Energy's Metals and Mining Research Team.

– Titan Mining Corp. secured US$15 million in funding from an unnamed investor for the development of its Kilbourne graphite project in New York.

– Mozal Aluminium, Mozambique's sole aluminum smelter and a key supplier to domestic and export markets, will be placed on care and maintenance from March 2026, after South32 Ltd. failed to secure a new electricity supply agreement with Hidroeléctrica de Cahora Bassa SA and South African utility Eskom, Platts reported, as published on Platts Connect. Platts is part of S&P Global Energy.

– China's reintroduction of export licenses for various steel products could be an effort to rein in robust shipments and crack down on tax-evading trades, Platts reported, citing China-based market participants, as published on Platts Connect.

– Emirates Global Aluminium PJSC is looking to potentially secure a bauxite supply agreement with Guinea that would allow the company to source aluminum feedstock from state-owned Nimba Mining, Reuters reported, citing three people familiar with the matter.

SPECIALTY

– The US could slash its dependence on rare earth imports from China before the end of the decade as domestic production capacity scales up and new partnerships take hold, according to US-based rare earths producer MP Materials Corp.

INDUSTRY NEWS

– November showed signs of improvement in drilling activity, with projects drilling and reporting companies increasing, according to S&P Global Energy's Metals and Mining Research Team.

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