In a striking move that could reshape the mining landscape in Canada, Prime Minister Mark Carney has reportedly told Anglo American PLC that relocating its headquarters to Canada is a prerequisite for the approval of its ambitious $20 billion acquisition of Teck Resources Ltd.

Last week, Anglo American, based in London, unveiled its all-stock takeover bid for Vancouver's Teck. In a bold commitment, the company announced plans to shift its HQ to Vancouver once the deal successfully closes.

Sources close to the negotiations revealed that Carney's requirement extends beyond just Anglo; any company hoping to snatch up Teck must also agree to establish operations in Canada. This significant condition raises eyebrows about the possibility of rival offers.

So, what does this mean for the future of mining in Canada? The landscape is changing rapidly, and with Carney adamant about these conditions, potential suitors like BHP Group, Glencore, and Freeport-McMoRan may find themselves at a loss.

While Teck has kept mum about Carney's stipulations, their communications head acknowledged the rare nature of such a corporate shift in headquarters to Canada.

In recent developments, Ottawa has tightened the reins on foreign acquisitions of critical minerals companies, reinforcing the need to safeguard this strategic sector. The proposed Anglo-Teck deal now faces scrutiny from Industry Minister Mélanie Joly, who will evaluate national security implications and economic benefits for Canada.

Interestingly, the deal isn’t just a standard acquisition. Anglo aims for a significant Canadian presence post-acquisition, with its CEO and most executives living in Canada and a large portion of the board being Canadian citizens. The rebranding to 'Anglo Teck' signifies a commitment, albeit with the company remaining domicile in London.

As the mining industry braces for shifting power dynamics, the critical minerals sector remains under the spotlight. With Carney's bold strategy in play, one question lingers: Are we witnessing the dawn of a new era for Canadian mining?