22:02:10 EDT Sun 19 May 2024
Enter Symbol
or Name
USA
CA



Teck Resources Ltd
Symbol TECK
Shares Issued 512,316,533
Close 2023-11-21 C$ 49.62
Market Cap C$ 25,421,146,367
Recent Sedar Documents

Post says mayors warm to Teck's coal sale to Glencore

2023-11-22 09:29 ET - In the News

The Financial Post reports in its Wednesday edition that the mayors of two towns in British Columbia's southeastern Kootenay region -- Sparwood and Elkford -- were not happy when Glencore PLC first tried to buy Teck Resources and its four steelmaking coal mines. The Post's Naimul Karim writes that six months on, however, both mayors seem to have changed their point of view now that Glencore is set to take over most of Teck's coal mines for about $7-billion (U.S.). One of them even hopes the Swiss mining giant can help build more homes to address the region's housing shortage. The change in tone can be attributed to the two dozen commitments Glencore has agreed to make if the federal government approves the deal. For example, if the deal goes through, Glencore will be legally bound to maintain "significant employment levels in Canada" and not have a net reduction in the number of employees, spend 50 per cent more than what Teck has currently allotted on water quality treatment technologies, implement a climate transition strategy and honour existing relationships with indigenous communities. It will also have to continue operating through the Vancouver head office and regional offices in Calgary and Sparwood.

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