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Canada’s Teck Resources Ltd. is surprised by the global interest in its coal business, suggesting that bidders such as Switzerland’s Glencore PLC will face a highly competitive bidding process whose outcome will not be known quickly.
In an interview in London, Teck chief executive Jonathan Price said the range of possible bidders for the coal division, known as Elk Valley Resources (EVR), includes mining companies, steelmakers and resources funds. EVR is the world’s second-biggest exporter of seaborne metallurgical coal, which is used to make steel.
“We are positively surprised by the number of credible proposals we have received,” he said. “We have several that are serious.”
He suggested that the complexity of evaluating the various proposals meant that no deal was imminent, though Teck wants to announce the winning bid by the end of the year. “If it takes a couple of additional months to get the right deal done, this is what we’ll do,” he said. “This is a very high priority for us, and I would prefer not to see this carry over into 2024.”
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