‘Our focus on separation is to unlock the full potential of our unparalleled copper growth business’
Teck Resources Ltd. is evaluating multiple expressions of interest in its steelmaking coal business, more than a month after it decided to pull a proposal to divide the company into separate coal and copper operations.
“Our high-margin, long-life steelmaking coal assets … has, in turn, generated considerable interest from various parties,” Teck’s chief executive Jonathan Price said in a press release on June 6. “Our focus on separation is to unlock the full potential of our unparalleled copper growth business.”
Teck was scheduled to hold a shareholder vote on its separation proposal on April 26, but cancelled it hours before it was set to take place because the company didn’t expect two-thirds of shareholders, the necessary threshold, to agree even though it expected a majority to vote for the separation. Speculation regarding Teck’s next steps has abounded ever since.
Canadian entrepreneur Pierre Lassonde told The Globe and Mail last week that Teck is looking to partially sell its coal assets. The co-founder of Franco-Nevada Corp., a gold royalty company, earlier this year said he was planning to buy a stake in Teck’s coal business.
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