British mining group Anglo American and Canadian peer Teck Resources announced Tuesday plans for a multi-billion-dollar merger, with copper in strong demand as the world transitions to cleaner energy and artificial intelligence.

A new combined group producing a range of critical minerals is worth more than US$50 billion according to the companies' current market values.

The sector's biggest tie-up in years will create a company named Anglo Teck, with headquarters in Vancouver and a primary listing in London.

An agreed deal is expected to complete in 12-18 months, subject to regulatory hurdles, said a joint statement.

Shareholders of Anglo American -- the bigger of the two firms with revenue of more than $27 billion in 2024 -- will own 62.4 percent of the new group and Teck shareholders

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