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The bosses of Canada’s Teck Resources Ltd. and Switzerland’s Glencore PLC have used a mining conference to present starkly different views on how Teck could create value and whether Ottawa would approve a proposed merger of the two companies.
At the same time, Glencore opened the door to buying Teck’s substantial metallurgical coal operations, signalling an interest in owning even a piece of a company attempting an uncertain corporate overhaul.
Meanwhile, Teck continued to resist overtures from Glencore, the world’s largest commodities trader and one of the biggest mining companies, which offered to buy Teck in March in a US$22.5-billion all-share deal. Teck rejected the pitch and is pursuing plans to separate its metallurgical coal operations from its base metals business.
At the Bank of America Global Metals, Mining and Steel Conference in Barcelona, Glencore chief executive officer Gary Nagle said Tuesday that Teck would have trouble financing its ambitious copper expansion strategy on its own. “They want to develop five projects at once with a lot of debt on their balance sheet,” he said, according to notes from a Bank of America analyst.
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