(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.
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.
https://www.theglobeandmail.com/
Sumitomo Metal Mining Co., a major holder of Teck Resources Ltd.’s super-voting Class A shares, is refusing even to take a meeting with Glencore PLC to discuss the Swiss mining giant’s unsolicited takeover proposal for Teck. Sumitomo and the Keevil family jointly control Teck’s Class A shares that carry 100 votes each. Unless both are on board with Glencore’s US$23.1-billion takeover proposal, it can’t move forward.
Earlier in the week, Keevil family patriarch Norman B. Keevil told The Globe and Mail that he had no interest in allowing Vancouver-based Teck to be sold to Glencore, no matter what the price.
Teck-Glencore clash represents contrast in strategies for confronting energy transition
Teck Resources Ltd. had a novel rationale for rejecting Glencore Plc‘s US$23-billion takeover proposal this week: the Vancouver-based miner said the Swiss commodities giant was too dirty and Teck’s leaders didn’t want Glencore’s commitment to fossil fuels rubbing off on the long-term value of the company.
As chief executive Jonathan Price put it in a press release, Glencore’s thermal coal assets and oil trading would “negatively impact the value potential of Teck’s business.”
(Bloomberg) — Teck Resources Ltd.’s public rejection of a $23 billion offer from Glencore Plc has fired the starting gun on three weeks of drama for the Swiss commodities giant to keep its proposal alive.
Glencore isn’t actually trying to buy any Teck shares yet. There would be little point, after the company’s controlling investor — Canadian mining patriarch Norman Keevil — made clear he’s not interested in selling. Instead, the future of Glencore’s proposal for now depends on convincing Teck’s shareholders to reject the company’s own plan to split into two, at a vote scheduled for April 26.
Glencore to continue wooing shareholders, despite board saying no to merger
Glencore, the Swiss mining and commodities trading giant, is not taking no for an answer from Teck Resources on a US$23 billion merger proposal that Teck’s board of directors publicly rejected this morning.
Glencore is still hoping that Teck’s wider shareholder base and Norman Keevil – a key stakeholder — will consider the offer before an April 26 special meeting, at which Teck’s shareholders are to approve a schism that will split Teck into two companies – one for its metallurgical coal business and one for its metals business – and phase out its dual class structure.
https://www.theglobeandmail.com/
Glencore chief executive Gary Nagle is clearly a student of Canadian corporate history. The Swiss CEO knows that in recent years, investors willingly sold the heart and soul of the domestic mining industry – global players Inco, Falconbridge and Alcan – for just a few dollars more than where their stocks were trading. In asset management, performance trumps nationalism every time.
After three years of unsuccessful merger talks with Teck Resources Ltd. TECK-N, Mr. Nagle is now bringing the same dynamic to bear to what’s become the country’s flagship base metal miner. With Vancouver-based Teck in the midst of a complex restructuring that’s received lukewarm reviews, Glencore GLNCY pitched a simpler transaction on Monday that has a greater short-term upside.
https://www.theglobeandmail.com/
The patriarch of the family that controls Teck Resources Ltd. says he has no intention of allowing the sale of Canada’s biggest diversified miner to a much larger Swiss competitor because he says the company must remain in Canadian hands.
On Monday, Glencore unveiled an unsolicited all-share takeover proposal for Teck worth US$23.1-billion, which was a 22-per-cent premium to the Vancouver-based mining company’s close on Friday. Teck’s board said in a statement that it had no interest in being acquired, calling the offer “opportunistic,” not environmental, social and governance (ESG) friendly, and fraught with execution risk.
https://www.northernontariobusiness.com/
Offtake agreement will send Generation Mining’s copper concentrate for processing in Quebec
Generation Mining, the developers of a proposed open-pit mine near Marathon, has secured an international mining company to be the buyer of its copper concentrate. An offtake term sheet has been finalized with Glencore International AG.
According to the term sheet, Glencore will purchase an average of 50 per cent of the future mine’s total copper concentrate. The polymetallic copper concentrate also contains palladium, platinum, gold, and silver. The concentrate from Marathon will head to Glencore’s Horne smelter in Rouyn-Noranda, Que. for further processing.
https://www.theglobeandmail.com/
Tesla, the top electric vehicle maker, and Glencore, the mining company that is the world’s largest commodities trader, came up with an idea two or three years ago that would resurrect the spirit of Henry Ford: Tesla would buy a big stake in Glencore, a deal that would replicate the Ford Motor Company’s model of owning its supply chain.
The negotiations, which were acknowledged by neither side but mentioned in media reports, ultimately went nowhere for unknown reasons. Perhaps Tesla boss Elon Musk did not fancy himself a miner, a business alien to his tech fanaticism. Perhaps he considered the price excessive or realized that his ego would ensure clashes with Ivan Glasenberg, the hard-charging boss of Glencore at the time.
(Bloomberg) — A Chinese miner is set to overtake Glencore Plc as the world’s top cobalt producer this year, as the rush for critical green-energy metals intensifies.
The challenger to Glencore’s dominant position is CMOC Group, which first became a major player in the cobalt market when it acquired the Tenke Fungurume mine in the Democratic Republic of Congo in 2016. The company aims to double production this year, as it brings another massive Congolese mine online in the second quarter. That will propel it past Glencore, company filings show.
https://www.northernontariobusiness.com/
Glencore Sudbury INO’s $350,000 donation to Cambrian College will be ‘transformative gift’ in advancing BEV innovation
Growing up, Matteo Neville was the kind of kid who spent his time taking apart motors and engines just so he could figure out how they worked.
He was fascinated by robotics and technology, electronics and programming, so when he decided to return to school as a mature student, he was immediately drawn to Cambrian College’s mechatronics program.
(Bloomberg) — Glencore Plc was told to pay almost $30 million in restitution to the founders of a company that provided healthcare related services in the Democratic Republic of the Congo and was forced to shut down as a result of the commodities giant’s global bribery scheme.
US District Judge Lorna G. Schofield in New York on Monday ordered Glencore to pay $29.6 million to the company, Crusader Health, for bribing a public official in the Democratic Republic of the Congo in exchange for dismissing a lawsuit brought by Crusader against a Glencore subsidiary. Crusader had sought more than $50 million.
https://www.thesudburystar.com/
Company announces a payout of $7.1 billion to its investors on Wednesday, as high oil and coal prices helped it to post a record annual profit
Glencore announced a payout of $7.1 billion to its investors on Wednesday, as high oil and coal prices helped it to post a record annual profit, but it said the rising costs of producing minerals could dent future earnings.
In preliminary 2022 results, the miner and trader said it cut net debt to $75 million at the end of the year from $6 billion at the end of 2021.
JOHANNESBURG (miningweekly.com) – Mining and marketing company Glencore produced 40% more cobalt last year, along with 16% more oil, 5% more nickel and 1% more ferrochrome.
Although coal production of 110-million tonnes was 6.7-million tonnes higher, on a like-for-like basis, overall group coal production fell by 7%, primarily owing to wet weather challenges and an extended community blockade in Colombia, where Glencore now owns 100% of Cerrejón.
