The CEO of Teck Resources Ltd. defended his company’s growth strategy on Tuesday as dissident shareholders criticized what they called “underperforming” investments in coal and oilsands.
“Our strategy is very straight forward,” said CEO Don Lindsay in a webcast speech at the online Bank of America Securities Global Metals, Mining and Steel conference.
“Teck is implementing a copper growth strategy financed by the strong cash flows from steel-making coal and zinc. We are focused on rebalancing our portfolio to ultimately make our copper business bigger than our coal business, beginning with QB2, which will double our copper production on a consolidated basis.”
Construction of the US$5.2-billion Quebrada Blanca Phase 2 copper mine expansion in Chile is gradually returning to normal after the project was halted due to measures to control the COVID-19 pandemic, Lindsay said. It is expected to open in 2022.
Copper’s future is bright because of its use in electric vehicles, clean power plants and transmission lines, along with its antimicrobial properties that are attracting attention during the COVID-19 pandemic, he added.
For the rest of this article: https://globalnews.ca/news/6937137/teck-resources-ceo-oil-coal-investing/