The Financial Post reports in its Thursday edition that a new consortium plans to bid for Teck Resources' metallurgical coal operations, a move that would thwart Glencore PLC's $23-billion (U.S.) offer to purchase the entire company. A Financial Times of London item inside the Post says that Canadian mining investor Pierre Lassonde, chair emeritus of Franco-Nevada, on May 9 said he had assembled a consortium to bid for Teck's entire coal business. "Yes, we do have a [confidentiality agreement] with Teck and, yes, we have put a proposal together," Mr. Lassonde said. "We have not heard from Teck. If I had a live proposal in front of me, I'd be back in Toronto working my ass off," he added, explaining that he was on a trip to Europe. The news is the latest twist in a battle over the future of the company as it tries to fend off an unsolicited bid from Swiss miner Glencore. Last month Teck's board repeatedly rejected Glencore's hostile bid to acquire the company, saying it wanted to proceed with its own plan to split itself into a metals business and a separate coal company. Glencore is still pursuing its ambition to buy Teck, but has stopped short of increasing its offer. Teck and Glencore declined to comment.