Business
Anglo American’s Move to Canada Marks the End of a Johannesburg Era
A Johannesburg story with a global ending
For more than a century, Anglo American was woven into the fabric of Johannesburg. Its roots run deep in the city’s mining history, from dusty gold reefs to the rise of one of the world’s most influential resource companies. Now, that chapter is drawing to a close.
Regulatory approval from the Canadian government has cleared the way for Anglo American to merge with Teck Resources, creating a new company called Anglo Teck. Once the deal is finalised, the group will be headquartered in Vancouver, ending a legacy that began in Johannesburg back in 1917.
Built in Joburg, shaped by the world
Anglo American was founded by Ernest Oppenheimer with backing from British and American financiers at a time when Johannesburg was booming on gold. From those early days, the company grew far beyond the Witwatersrand, expanding into diamonds, coal, and a wide range of minerals across continents.
While its operational footprint became global, the company’s identity remained closely tied to South Africa. For generations, Anglo was seen as a cornerstone of the local economy and a symbol of industrial ambition.
Why South Africa faded from the picture
Over the past few years, Anglo American’s presence in South Africa has steadily shrunk. This was not a sudden exit but a carefully phased withdrawal driven by several realities. Rising operating costs, infrastructure failures, and the instability of the electricity grid have all weighed heavily on mining in the country. At the same time, global mining priorities have shifted.
As the world pushes towards cleaner energy and electric vehicles, demand has tilted towards critical minerals such as copper, while coal and platinum face increasing pressure. Anglo’s restructuring reflects these trends. Today, its remaining South African exposure sits largely with Kumba Iron Ore, following the unbundling of Anglo American Platinum, now Valterra Platinum.
The merger that seals the shift
The proposed merger with Teck Resources comes after Anglo fended off takeover approaches from rival BHP. Described as a merger of equals, the deal is positioned as a long-term bet on Canada’s mining future.
To secure approval, Anglo Teck committed to spending at least C$4.5 billion in Canada over the next five years, with a total investment of no less than C$10 billion over 15 years. These commitments were central to winning regulatory support and underline how strategically important Canada has become to the group.
Anglo American chief executive Duncan Wanblad said the approval marked a major milestone following strong shareholder backing. He emphasised that the new company aims to build a global critical minerals powerhouse while delivering long-term economic benefits in Canada.
What this means for South Africa
Wanblad has stressed that Anglo’s commitments to South Africa remain in place, including existing investments and national priorities. Still, few in the local business community doubt the symbolism of this move. A company born in Johannesburg is effectively planting its flag elsewhere.
On social media and in industry circles, reactions have been mixed. Some see the shift as inevitable, given South Africa’s mining challenges. Others view it as a sobering reminder of what the country risks losing when infrastructure and policy fail to keep pace with global competition.
A new name, familiar listings
Once completed, Anglo Teck will be headquartered in Vancouver and primarily listed on the London Stock Exchange, keeping its place in the FTSE UK indices. It will also retain secondary listings on the Johannesburg Stock Exchange, Toronto Stock Exchange, and New York Stock Exchange.
For South Africans, seeing that JSE listings remain offers a small sense of continuity. But the heart of the business will now beat far from Joburg.
The end of an era, not the end of a legacy
Anglo American’s move is not just a corporate reshuffle. It reflects how global mining has changed and how South Africa’s position in that world has weakened. The company’s story began in Johannesburg and helped shape the city’s identity. Its future will now be written from Canada.
What remains is a powerful lesson. Legacy alone is not enough to keep global giants anchored at home. Stability, infrastructure, and policy matter just as much as history.
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Source: Business Tech
Featured Image: News24
