18:40:59 EDT Sun 19 May 2024
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Teck Resources Ltd
Symbol TECK
Shares Issued 512,365,875
Close 2023-05-19 C$ 57.32
Market Cap C$ 29,368,811,955
Recent Sedar Documents

Globe says Teck's coal ops raise questions about ESG

2023-05-23 08:48 ET - In the News

The Globe and Mail reports in its Monday edition that in fending off a hostile takeover bid from mining giant Glencore PLC, Teck highlighted its successes with environmental, social and governance issues and urged investors to consider Glencore's failures as a reason to spurn the Swiss company's offer. The Globe's Wendy Stueck and Jeffrey Jones write that the strategy means Teck can point to unsavoury episodes in Glencore's past, including a bribery scheme that featured cash deliveries by private jets. It also opens the door for shareholders, regulators and would-be partners to cast a critical eye on Teck's own record. Teck's ESG record includes innovative programs -- the company last year announced plans to conserve or protest at least three hectares for each hectare affected by its mining. However, it also has long-standing problems, including in coal-mining operations in British Columbia's Elk Valley. Teck has paid millions in fines related to pollution from those operations and is still working to stem the contamination of watersheds in the region. Teck's focus on sustainability has drawn top ratings from several ESG agencies, but it is an open question whether those ratings translate into a stock market premium.

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