Anglo American owns 44 per cent of the Collahuasi open pit mine.

Two enormous holes in the ground are driving the merger of Vancouver’s Teck Resources Ltd. TECK-B-T and Anglo American PLC NGLOY of London.

The holes are in the high-altitude desert of northern Chile and produce vast amounts of copper. They are known as Quebrada Blanca (QB) and Collahuasi and they are less than 15 kilometres from one another. QB is 60-per-cent owned by Teck; Anglo owns 44 per cent of Collahuasi.

For years, the two mining houses and their partners have dreamed of putting the operations together. The scenario stands a good chance of happening now that Teck and Anglo have agreed to merge in the name of “synergies” – business jargon for cost-cutting aimed at boosting profits.

On paper, operating the two

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