Daily Metals Mining Rundown for 10 Sept 2025 (after-market TSX)

Copper and nickel prices inched higher through North American trading while platinum, silver and gold prices remained elevated; Silver mining stocks rallied most while gold and PGM miners saw more modest gains. Covered announcements include Anglo Teck merger.

September 10, 2025

Today’s metal price movements (over past ~24hrs) and mining company peer group movements intraday TSX/NYSE trading (including earlier ASX movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 486 in our Peer Table) intraday TSX/NYSE trading (including earlier ASX closing prices) include:

Covered mining company announcements incorporated into today’s intraday TSX Peer Table (resource updates, economic studies, changes in attributable project ownership):

  • 9 Sept 2025 - Cu-Ni-PGM producer Anglo American (LON:AAL) and Cu-Ni producer Teck Resources (NYSE:TECK) announced a merger of equals to form a global critical minerals powerhouse, with 70% of its production exposure coming from copper (according to press release). Teck shareholders will receive 1.331 shares AAL per share TECK for a ~17% premium to TECK’s prior share price, with (all but 1%) of the premium being repaid to AAL shareholders by AAL in a special $4.5b dividend. Reported pre-tax annual recurring synergies are US$800m plus an additional $1.4b annually beyond 2030. Former Teck had a high 64% of it resource metal value coming from copper (and decent amount of nickel), whereas Anglo also has nickel but had been more diversified into PGMs and gold than Teck. Together this new Anglo Teck create’s a ~US$60m market cap bohemoth with 51% of its resource metal value coming from copper (diversified with PGMs+Au), joining the likes of top copper producers Glencore (LON:GLEN, mtk cap US$48b) and Freeport McMoran (NYSE:FCX, mkt cap $63m) - each of which (all 3) have some quarter trillion pounds in the ground of copper resources. Pure-play copper producer FCX (with 80% of resource metal value coming from copper, rest Ag-Au) has been dominant trading (on 10 Sept) at market cap/lb resource of US$0.22/lb CuEq ($0.27/lb Cu) vs. GLEN’s (10 Sept) $0.10/lb CuEq ($0.18/lb Cu) and new proforma Anglo Teck’s US$0.11/lb CuEq ($0.13/lb Cu) - a 15% discount to 23-company copper producer median $0.126/lb CuEq. Should copper prices dip in near term and knock FCX off it’s dominant pedistal (in terms of market cap/lb CuEq resource), this new Anglo Teck should be well equipped to rise to the top spot (of these 3) with its PGM+Au diversification, provided PGMs+Au continue to outperform. GLEN on other hand is similarly diversified with 54% of its value of metal in ground coming from copper, but with other metals Co-Zn-Pb-Ag…GLEN could instead overtake FCX on market cap/lb if this basket of seconadary metals instead outperforms more than Anglo Teck’s PGMs +Au.

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