“There is widespread recognition in the market today of the value of our high-margin, long-life steelmaking coal assets, which has, in turn, generated considerable interest from various parties,” said chief executive
The company is working to split its coal assets from its base metal operations as it thinks the two segments will get higher valuations as separate entities.
Teck called off a shareholder vote on its plan at the last minute on
The company said Tuesday it will continue to evaluate all value-adding proposals related to its steelmaking coal business to determine if in the best interest of Teck's shareholders and other stakeholders.
"Teck’s Board will appropriately consider and evaluate any proposal that can unlock the tremendous potential of Teck’s premium businesses," said board chair
“We are also resolved to identify a path that ensures continued responsible operations in the
Teck has pushed back against Glencore's proposal that would lump together Teck's higher quality steelmaking coal with Glencore's thermal coal assets used in power generation, and that would also add oil trading to the metals side of the businesses as not aligned with its push toward green-economy focused production.
The company is keen to expand its copper and zinc production to meet growing global demand for these metals, both of which are used in the production of electric vehicles and are considered to be key resources for the coming energy transition.
Teck is, however, facing its own environmental criticism, including from Indigenous groups, on its
The company is controlled by the Keevil family, which owns the company's class A shares together with Japanese company
Teck chairman emeritus
Numerous Canadian politicians, including Conservative Leader
Industry Minister
A potential takeover by Glencore would be subject to both a net-benefit review and a national-security review by the federal government, and some observers have pointed out Glencore's pursuit of the Canadian company comes at the same time that the government has committed to a national critical minerals strategy as part of its overall climate plan.
This report by The Canadian Press was first published
Companies in this story: (TSX:TECK.B)
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