International News
Anglo American and Teck Shareholders clear path for Anglo Teck merger
Shareholders of Anglo American and Teck Resources have approved the proposed merger of equals that will create Anglo Teck, a new Canada-headquartered critical minerals company positioned to become a top five global copper producer.
Teck confirmed the results following its special shareholder meeting, with the full voting report to be posted on SEDAR+ and EDGAR.
Duncan Wanblad, CEO of Anglo American, said the strong shareholder and stakeholder backing marks a major step toward building Anglo Teck. He noted that the merged entity will unite complementary strengths, unlock industrial and operational synergies, and provide investors with more than 70% exposure to copper. Wanblad added that the merger offers both near-term value and long-term growth potential tied to rising global demand for critical minerals.
Both companies will continue working with regulators through 2026 to secure required approvals. The transaction remains subject to customary conditions, including clearance under the Investment Canada Act and competition reviews in multiple jurisdictions.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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