20:31:04 EDT Sun 19 May 2024
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Teck Resources Ltd
Symbol TECK
Shares Issued 512,012,714
Close 2023-09-08 C$ 54.94
Market Cap C$ 28,129,978,507
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Globe says Teck's Price keen to dump coal

2023-09-11 07:54 ET - In the News

The Globe and Mail reports in its Saturday edition that some time between now and December, Teck is expected to announce the winning bidder for its coal assets which could include a consortium of Asian steelmakers that are thought to be worried about Glencore's efforts to dominate metallurgical coal. The Globe's Eric Reguly writes that Teck would use the billions in proceeds to recreate the company as a high-growth energy-transition juggernaut. "Separating our base metals from our coal would support our desire to become a true Canadian critical minerals champion," chief executive officer Jonathan Price told The Globe. The Canadian government is supplying many billions of dollars in taxpayer-funded subsidies to support the construction of two enormous EV battery factories in Southwestern Ontario and desperately wants a domestic metals supply chain to feed those operations and others. Within months of becoming CEO a year ago, Teck's plans to shed its coal division, Elk Valley Resources (EVR), and reinvent itself as a copper giant were rudely interrupted by the takeover attempt from Glencore. Since then, Mr. Price has devoted his energies to fending off Glencore while repairing a convoluted coal spinoff that went awry.

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