Anglo American will no longer be headquartered in London after the mining giant revealed a merger with Canadian rival Teck on Tuesday.

The FTSE 100 miner has been undergoing a major restructure under chief executive Duncan Wanblad after fending off a takeover attempt by Australian rival BHP last year.

Anglo has sold its nickel and platinum businesses, and it has plans to offload iconic diamond firm De Beers – although a time frame has not been set.

The group had agreed the sale of its steelmaking coal business in a £2.8billion deal with Peabody Energy, but the agreement fell through last month.

Anglo shocked markets on Tuesday as it revealed a merger to create Anglo Teck, a copper mining industry giant with a market value of more than $53billion.

It will have a stake of around 62.4 per cent in the combined group, while Canada's Teck will hold 37.6 per cent.

Anglo Teck will be headquartered in Vancouver, Canada, but maintain its primary market listing on the London Stock Exchange.

Wanblad, who will be Anglo Teck's chief executive with Teck's Jonathan Price serving as his deputy, said: 'We are all committed to preserving and building on the proud heritage of both companies, both in Canada, as Anglo Teck's natural headquarters, and in South Africa where our commitment to investment and national priorities endure.'

Price added: 'This transaction will create significant economic opportunity in Canada, while positioning Anglo Teck to deliver sustainable, long-term value for shareholders and all stakeholders.'

Anglo told investors the merger is expected to generate annual cost savings and efficiency gains worth $800million by the fourth year after the deal is completed.

Earnings will also benefit from a $1.4billion uplift from Chilean asset integration.

The group said the deal would offer investors 'more than 70 per cent exposure to copper', with Anglo Teck boasting 'six world-class copper assets, alongside high-quality premium iron ore and zinc businesses'.

Wanblad said: 'We are unlocking outstanding value both in the near and longer term - forming a global critical minerals champion with the focus, agility, capabilities and culture that have characterised both companies for so long.

'Having made such significant progress with Anglo American's portfolio transformation, which has already added substantial value for our shareholders over the past year, now is the optimal time to take this next strategic step to accelerate our growth.

'We have a unique opportunity to bring together two highly regarded mining companies whose portfolios and capabilities are deeply complementary, while also sharing a common set of values.'

Price added: 'This merger of two highly complementary portfolios will create a leading global critical minerals champion headquartered in Canada - a top five global copper producer with exceptional mining and processing assets located across Canada, the US, Latin America, and Southern Africa.

'It is a natural progression of our strategy and portfolio simplification, which created a platform to enable exactly this sort of transformative transaction.'

Anglo American shares surged 5.4 per cent to £24.06 in early trading, bringing 12-month gains to around 24 per cent. 

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said a $4.5billion special dividend 'sweetens the near-term picture' for Anglo American investors, while 'the long-term upside hinges on execution and a green light from the regulator'.

He added: 'The real prize is growth optionality, leveraging a pipeline of brownfield and greenfield projects across the Americas.

'Back-of-the-hand maths suggests Teck holders are getting a healthy premium from the deal, and shares of the Canadian miner have soared in after-hours trading.'