Consortium led by mining veteran Pierre Lassonde is proposing buying Teck’s coal business in bid to thwart Glencore – by Niall McGee (Globe and Mail – May 10, 2023)

A consortium led by Canadian mining veteran Pierre Lassonde is proposing to buy Teck Resources Ltd.’s coal operations, a deal that could stop Swiss giant Glencore PLC in its tracks, and offer a made-in-Canada solution that may be palatable to Ottawa.

Mr. Lassonde is co-founder and chair emeritus of Franco-Nevada Corp., the world’s biggest mining streaming and royalty firm. He has also been an outspoken critic against the incursion of foreign mining companies into Canada over the past two decades.

“We’ve had discussions with Teck, we’ve put forward a plan, and we have signed a [confidentiality agreement]. We’re waiting to hear from them as to which way they want to proceed,” Mr. Lassonde said in an interview. In an e-mail to The Globe and Mail, Teck spokesperson Chris Stannell declined to comment.

Mr. Lassonde had already signalled that he was interested in Teck’s coal business, and if Teck’s proposal to split itself into two companies had been accepted by its shareholders last month, a consortium led by Mr. Lassonde was looking at taking a sizable equity position.

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