Ottawa clears Anglo’s proposed acquisition of Teck Resources on national security grounds

Ottawa still has the power to block the deal if it fails to clear a net economic benefit review.

Ottawa has cleared Anglo American PLC’s NGLOY proposed $20-billion acquisition of Canada’s Teck Resources Ltd. TECK-B-T , on national security grounds, removing one more hurdle to the deal closing, a source familiar with the matter told The Globe and Mail.

Industry minister Minister Mélanie Joly reviews all proposed foreign acquisitions of Canadian critical minerals companies for national security concerns. If she finds there are legitimate security concerns she has the authority to block the deal.

The government’s initial security review period has elapsed without an extension, meaning that the deal by default has been cleared on national security grounds, the source told The Globe.

Pr