19:59:42 EDT Sun 19 May 2024
Enter Symbol
or Name
USA
CA



Teck Resources Ltd
Symbol TECK
Shares Issued 512,241,491
Close 2023-11-14 C$ 50.15
Market Cap C$ 25,688,910,774
Recent Sedar Documents

Globe says Ottawa to eye Teck's potential coal sale

2023-11-15 08:02 ET - In the News

The Globe and Mail reports in its Wednesday edition that Deputy Prime Minister Chrystia Freeland says that Teck Resources' agreement to sell its coal business to a consortium led by Swiss mining and trading house Glencore PLC will be closely scrutinized by the federal government. The Globe's Niall McGee and Andrew Willis quote Ms. Freeland saying: "This is a serious transaction. We are going to follow our regulatory processes carefully. The key issues that we will take into account are Canadian jobs, a Canadian headquarters, environmental concerns and the rights of indigenous people." Teck on Tuesday announced its plans to sell its 77 per cent of its core metallurgical coal business to Glencore, and the balance to Japan's Nippon Steel and South Korea's Posco, in a transaction worth $8.9-billion (U.S.). Teck has been fielding offers for the unit called Elk Valley Resources since the spring, when an earlier plan to spin it off was cancelled at the 11th hour because of insufficient shareholder support. Glencore originally proposed buying all of Teck in April. The offer included the company's copper and zinc mines, but Teck repeatedly rejected Glencore's advances. Ottawa's considerations include a national-security test.

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