Teck Resources Ltd. is planning to separate its multibillion-dollar steelmaking coal business to focus more on industrial metals, according to people familiar with the matter.
The Canadian miner is expected to make an announcement on the spinoff as early as next week, the people said, asking not to be identified as the matter is private. Deliberations are ongoing and no final decision has been made, the people said.
Shares rose 9.9% to C$61.79 at 10:55 a.m. in Toronto before trading was halted. That marks the highest intraday price in 12 years.
Teck has been weighing options for its coal division for over a year in a strategic shift toward mining more of the metals such as copper that are crucial to the global energy transition. Metallurgical coal is used in steelmaking, which is among the most polluting industries and faces significant pressure from policymakers.
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