The Globe and Mail reports in its Wednesday edition that the bosses of Teck Resources and Switzerland's Glencore PLC have used a mining conference to present starkly different views on Teck's future. The Globe's Eric Reguly writes that Glencore also opened the door to buying Teck's substantial metallurgical coal operations, signalling an interest in owning even a piece of a company attempting an uncertain corporate overhaul. Meanwhile, Teck continued to resist overtures from Glencore, the world's largest commodities trader and one of the biggest mining companies, which offered to buy Teck in March in a $22.5-billion (U.S.) all-share deal. Teck rejected the pitch and is pursuing plans to separate its metallurgical coal operations from its base metals business. At the Bank of America Global Metals conference in Barcelona, Glencore chief executive officer Gary Nagle said Tuesday that Teck would have trouble financing its ambitious copper expansion strategy on its own. "They want to develop five projects at once with a lot of debt on their balance sheet," he said. "There certainly would have to be capital calls to shareholders." Meanwhile, Teck CEO Jonathan Price highlighted the company's "strong" financial position.
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