As Teck weighs offers for coal business, likelihood of regulatory approval a factor – by Amanda Stephenson (CTV News/Canadian Press – October 24, 2023)

The head of Teck Resources Ltd. says he will only accept a bid for the company’s steelmaking coal business if he feels confident Canadian regulators will approve the transaction. Jonathan Price, CEO of Canada’s largest diversified mining company, made the comments on Tuesday as part of an update on Teck’s ongoing efforts to separate its base metals business from its steelmaking coal unit.

Price said the Vancouver-based company continues to evaluate offers put forward by prospective buyers of its coal business with the hope of making a decision before the end of the year. While he said he is pleased with the level of outside competition the process has generated, Price said regulatory clearance will be a crucial factor.

“An important consideration will be the certainty of achieving separation, including receipt of the required regulatory approval,” Price told analysts on a conference call to discuss the company’s third-quarter results.

“We have to consider the certainty of execution and the risks associated with any transaction … And ultimately, we will do what we believe is in the best interest of our shareholders having regard for those regulatory and approval requirements.”

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