In short: Passing mention — working in the region, and did earlier soil sampling on the Dumbwa anomaly.
33:34map right in the middle of a camp like the Domes region, what does that create? It creates the perfect storm for M&A. And you don't only have Barrick, First Quantum, Ivanhoe. Think about all the groups that are there. China Molybdenum sits just above us with Tenke Fungurume, another amazing deposit, but you have Freeport-McMoRan working there, you have Rio Tinto working there, you have Anglo American working there, you have BHP around, Glencore around. Every major copper producer on the planet is in this region, and most of those groups
In short: Merger partner: Anglo Teck to be owned 62% Anglo / 38% Teck, most approvals secured with China pending; UK-incorporated with a London primary listing (0–15% withholding for him vs 30% US / 20% South Africa), ~72% copper, top-five producer, $800m run-rate synergies plus ~$1.4bn from QB–Collahuasi. "We'll see how" Anglo Teck turns out.
Anglo American is a UK-based mining giant merging with Teck to form "Anglo Teck," which Anglo shareholders will own 62% of. The combined company would be one of the world's five biggest copper producers, with roughly three-quarters of its business in copper, plus premium iron ore and zinc, and it expects to save around $800 million a year by combining operations — more if two neighbouring Chilean mines are run together.
A practical point for foreign investors: the merged company stays incorporated in the UK, where the tax withheld from dividends paid to non-residents is lower for him than on US or South African shares. He treats the merger as a net positive but won't value Anglo Teck until it exists.
0:55What merger? Well, the Anglo Teck merger is progressing. We traveled approving the deal. Most regulatory approvals secured. They are still pending on China. And it's start targeted within the next, let's say, 12 to 24 months from September 2025. So, we are getting closer to the end. In the end, ownership structure would look like Anglo owns 62% and Teck owns 38% of the business.
In short: Already cut copper production guidance on permitting and water constraints in key regions — part of the supply problem "no one can fix in time."
Anglo American is a major diversified miner that has already cut how much copper it expects to produce, blaming permitting delays and water shortages in key mining regions. It's another concrete example in the piece of supply coming in lower than hoped — reinforcing the idea that the copper shortfall "can't be fixed in time."
In short: The Anglo American–Teck merger forms a Canadian mining champion big enough to buy and build NexGen.
30:30We can build this thing. We can secure enough offtake contracts that we can build this thing. And politically now you don't just have to sell it to Kamako. You could sell it to the new Anglo. The merger of Anglo American and tech forms a Canadian mining champion that is easily big enough to buy and build this mine. Or I think it would be politically appropriate to sell the mine to Riotinto who are already in the uranium business and already have an 8 billion dollar podash mine in Saskatchewan.
In short: Grouped with BHP/Rio/Freeport as a big copper producer "making a lot of money at this price," now paying generous dividends but facing an enormous maintenance capex bill.
Anglo American is grouped with BHP, Rio and Freeport as a major copper producer making a lot of money at today's prices and paying generous dividends. Rule's warning attached to the whole group: these miners face an enormous bill just to maintain their current output (let alone grow it), because keeping mines running takes constant heavy spending.
25:15So, you were doing fairly well selling copper at $3. But the $3 price wasn't high enough to incentivize new mine construction. If you were doing okay at $3, you are swimming in cash at $6, you are swimming in cash. And the big copper producers worldwide, the BHPs, the Rios, the Glenors, the Freeports, uh the Angloex, these companies are making a lot of money at this price.
In short: Supply-crack exhibit — a top-five global miner that recently downgraded 2026 production guidance on operational issues in Chile.
Anglo American is one of the five biggest miners in the world, and it just lowered how much copper it expects to produce in 2026 because of problems at its Chilean operations. It's one more concrete example in Prins's list of supply coming in below plan.
In short: The acquisition target, not a pick: BHP's bid for Anglo is his proof that incumbents are buying copper rather than building it — a tell that the people closest to the business see the coming short supply.
1:23:59think the call on materials is a really interesting opportunity for long-dated investments today. That's probably not the question you started with. No, it's an interesting and important point that you make. And just to clarify, in one of your shareholder
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