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“That’s the first test. And the second test is this ‘mergers of equals’, like they say, must be according to our national security concerns and objectives, including economic security,” she said.

And based on what she’s heard so far, Joly said she is not ready to green light the deal. 

“I think right now that it’s not enough,” said Joly.

The companies have vowed a merged entity known as Anglo Teck would be “headquartered in Canada,” specifically in Vancouver, and would base three of its top executives here, supported by corporate staff in London and Johannesburg, among other pledges of benefits. But the primary stock market listing for the company would remain London’s. 

“We need to think about short term and also we need to think about longer term, and how can we make sure that ultimately we create jobs, but we have a strong headquarter(s) not only now, but also for the next decades,” said Joly.

Canada has seen many of its top mining companies taken over by foreign operations, and at a critical time for the economy, the supply chains for critical minerals like copper are in the crosshairs of U.S. President Donald Trump, with his administration having slapped 50 per cent on foreign copper products.

Carney, whose government is scrambling to Trump-proof the Canadian economy, last week backed two copper mine developments in a first round of so-called nation-building projects, and promised to bolster Canada’s critical minerals sector in a second round, saying “Canada can be a powerhouse in the extraction and upgrading of critical minerals.”

The two mining giants’  last week pitched their deal as a “merger of equals”, but the twin releases said Anglo American shareholders are to own 62.4 per cent and Teck shareholders would own 37.6 per cent of Anglo Teck after the deal is complete.

Joly confirmed the Carney government has had conversations with the companies and “clearly we wanted to make sure that there would be a net benefit to Canada.” But she did not explicitly confirm a report in the Globe and Mail that Prime Minister Mark Carney told Anglo American its headquarters would have to be located in Canada, as would any other bidders’.

The story did not indicate when that conversation occurred, but the minister said, “We think that we need to have further conversations with the companies, and that’s why I will be meeting next week with the two CEOs.”

That meeting, expected to take place in Ottawa, has not yet been scheduled.

Carney, in his former role as chair of Brookfield Asset Management, was involved early on in a decision to relocate its headquarters to New York City, but Carney’s leadership campaign later insisted it was a paper move only and that no jobs actually left Canada. Brookfield said it meant no changes to the company’s Canadian operations.

In a statement to the Star, Teck Resources spokesman Dale Steeves portrayed the mining deal as a win for Canada.

“This merger of equals will create a Canadian-based global critical minerals champion, with significant economic, social, and strategic benefits for Canada. We look forward to engaging with the Government of Canada through the ICA (Investment Canada Act) process about this opportunity to strengthen Canada’s critical minerals sector.”

Steeves reiterated the promise to locate the global headquarters in Vancouver, and Steeves noted that the company’s chief executive officer and the deputy, the chief financial officer and “a significant majority of the executive management team” would be based in and residing in Canada.

Anglo American spokesperson James Wyatt-Tilby also responded similarly to Joly’s comments, but emphasizing that the promises made would be kept. “We have put forward a comprehensive package of commitments that would prevail indefinitely,” he said, adding they will “bring significant economic, social, and strategic benefits for Canada.”

The merger of the Canadian mining company focused on copper and zinc with Anglo American which is focused on copper, iron ore and zinc is reportedly under review by the Competition Bureau too, but the bureau did not respond to a request for comment about how the two reviews will dovetail.

Joly noted legal guidance on Canada’s investment law was adjusted last year, when Prime Minister Justin Trudeau was in power, to include economic security considerations under the umbrella of national security.

“We think there are things that have been put on the table that are positive but we need to go further. For me my concern right now in the context of this transaction, it’s not just short-term commitments but it’s really about the long term because we need to be able to think about the long term.”

Carney, who met with Scott Moe Tuesday fresh off the Saskatchewan premier’s trip to China, travels to Mexico this week as part of his efforts to strengthen and diversify trade relations with other countries. “Everything is on the table” for them, he told reporters Tuesday.