Value its $3.8 billion of estimated copper EBITDA in 2024 at the same level as pure metal players like Freeport, and it would be worth $27 billion. Wanblad may also feel the need to spin out his base metals business pre-emptively if he fails to deliver Anglo's restructuring plan by 2025. Meanwhile, Glencore is trading at only 4.6 times 2024 EBITDA. If it decided to spin off its massive coal businesses, the likes of Freeport might fancy what's left behind — analysts estimate Glencore's own copper business will generate $4.8 billion of EBITDA in 2024, implying a potential valuation nearing $35 billion on Freeport's 7 times multiple. It's not impossible antitrust hurdles lie in the path of any Teck or Freeport M&A splurge. The Canadian government, after all, wasn't overly welcoming towards Glencore's bid for the entirety of Teck in 2023. Rather than engage in risky M&A, Teck or Freeport may yet prefer to spend resources on new technologies to squeeze more copper out of their own existing projects.