Anglo American and Teck Resources have attracted fresh Citi attention as the pair eye a copper-heavy merger. The brokerage lifted both stocks to buy, citing a projected AngloTeck that would channel roughly 80 % of earnings into copper. Target prices jump to £45 and C$104, respectively.

Analysts argue the deal would produce 1.2‑1.3 million tonnes of copper, placing the new entity among the world’s top three listed producers. A sum‑of‑parts valuation of £50 per share, plus $800 million in synergies, could lift the combined company’s value beyond current levels.

Projected 2027 EBITDA of $15.6 billion would trade at a 6.2× multiple, below the 8‑10× range typical for copper stocks. Citi also noted a £1.8 per share dividend to Anglo shareholders before the merger, reinforcing the upside in the valuation framework.

Investors will watch regulatory approvals and the timing of the dividend payout. If the merger closes, AngloTeck could become a benchmark for copper supply, influencing pricing and supply chain dynamics across tech, EV, and renewable sectors. Market sentiment will hinge on the deal’s execution speed.