Coal

https://www.mining.com/

Billionaire Robert Friedland has become the latest prominent figure in the Canadian mining industry to come out in defence of Teck Resources (TSX: TECK.A, TECK.B) (NYSE: TECK), which is facing a hostile $23.1bn takeover bid from Swiss commodities giant Glencore (LON: GEN).

The mining veteran, who has a stake in Teck through his company Ivanhoe Mines (TSX: IVN), warned late on Monday through a series of tweets that investors should not take lightly the attempted takeover of a Canadian “champion.”

Read more

https://www.thestar.com/

CALGARY – The hostile takeover of Canada’s largest diversified mining company by a foreign entity would weaken this country’s chances of becoming a leader in critical minerals, according to industry watchers.

Critics of the recent unsolicited proposal by Swiss commodities giant Glencore to buy Vancouver-based mining company Teck Resources Ltd. say such a transaction would mean a “hollowing out” of Canada’s mining industry at a time when the sector could be poised for a boom.

Read more

https://www.theglobeandmail.com/

Teck Resources Ltd. chief executive officer Jonathan Price expressed confidence its biggest B-shareholder, China Investment Corp. (CIC), will vote for the Canadian miner’s proposed split and not back Glencore’s hostile takeover proposal, as he battles to correct misinformation that has seeped into the market.

Mr. Price disputed a Bloomberg news article on Friday that cited unnamed sources who claimed CIC was leaning toward voting down Teck’s split. The article, which did not carry a byline, also claimed that Glencore executives had already spoken with CIC executives about the matter.

Read more

https://www.theglobeandmail.com/

Ivan Glasenberg was known as the great white shark of global resources industry when he was running Glencore, the world’s biggest commodities trader and one of the biggest mining companies. He never shied away from tough, even seemingly impossible, takeover battles and won more than he lost.

Take the epic fist fight in 2005 and 2006 for Canada’s premier nickel mining companies, Falconbridge and Inco. At the time, Glencore was private but owned 40 per cent of Xstrata, which in effect operated as Glencore’s listed machine for mergers and acquisitions. (In 2011, Glencore joined the London Stock Exchange and bought all of Xstrata two years later.)

Read more

https://www.thesudburystar.com/

Teck shortens coal exit timeline as fossil fuel exposure dominates merger talks

Teck Resources Ltd. offered shareholders an earlier exit from exposure to the company’s coal business, as the issue of turning Teck into a greener miner takes centre stage in the takeover battle between the company’s management and Swiss commodities giant Glencore Plc.

In February, Teck announced a plan to separate its copper and coal assets by dividing itself into two publicly listed entities: Teck Metals and Elk Valley Resources (EVR). Shareholders are set to vote on the proposal later this month.

Read more

https://www.theglobeandmail.com/

Teck Resources Ltd. chief executive officer Jonathan Price played down any notion of its metals business being quickly acquired by a big foreign multinational after a planned split of the company, as the Canadian miner rejected Glencore PLC’s latest hostile takeover offer.

Vancouver-based Teck said earlier this year that it plans to separate into Elk Valley Resources, containing its metallurgical coal assets, and Teck Metals, holding its copper and zinc mines.

Read more

https://www.theglobeandmail.com/

The pure coal company that Vancouver’s Teck Resources Ltd. plans to create will likely land in the hands of predatory foreign investors, delivering a blow to Teck’s efforts to keep those assets under full Canadian control, the chief executive officer of Switzerland’s Glencore PLC GLNCY +2.22%increase
says.

In an exclusive interview with The Globe and Mail on Tuesday, Gary Nagle said he is aware of several investors who are eyeing Elk Valley Resources, the coal company that Teck plans to form through a spinoff, all of them foreign.

Read more

https://www.mining.com/

Glencore (LON: GLEN) is stepping up efforts to take over Teck Resources (TSX: TECK.A, TECK.B)(NYSE: TECK) by adding on Tuesday a $8.2-billion cash component to its original $23 billion bid for Canada’s largest diversified miner.

The revised proposal gives Teck’s shareholders the option to receive cash instead of exposure to the companies’ combined coal portfolio, plus 24% of the combined metals-focused business. The Swiss miner and commodities trader’s original all-stock deal was to acquire Teck and then separate itself into two companies, with one unit holding assets in thermal and metallurgical coal, as well as oil, and the other containing its base-metals portfolio.

Read more

https://www.bnnbloomberg.ca/

(Bloomberg) — The fate of the biggest mining deal in more than a decade lies in the hands of a Canadian magnate who built a fortune on copper and coal.

Norman Keevil Jr., 85, is the controlling shareholder of Teck Resources Ltd., a mining company he built with his father nearly six decades ago. Today, the Vancouver-based firm produces copper and zinc from a handful of mines scattered across the Americas, and steelmaking coal from lucrative operations in Canada.

Read more

https://www.theglobeandmail.com/

Peter Munk would be thigh-slapping proud of Norman B. Keevil, the chairman emeritus of Teck Resources: the last big diversified mining company standing in the graveyard of Canadian mining companies.

Mr. Keevil (“Norm” to his friends and colleagues) is the son of Norman Bell Keevil, the prospector who, over a century ago, used a gold discovery in northern Ontario to launch what would become an international player in copper and zinc, with a market value of $30-billion.

Read more