Sumitomo confirms support for Teck separation plan
SMM has an indirect 25% stake in the Quebrada Blanca copper mine, in Chile, and has been advancing construction of the QB2 project together with Teck.
Japan-based Sumitomo Metal Mining (SMM) has thrown its weight behind Canadian miner Teck Resources’ separation plan, which shareholders will vote on next week.
SMM, through a wholly-owned subsidiary, holds 18.9% of the Class A shares and 0.1% of the Class B shares of Teck, as well as a 49% interest in Temagami Mining, which itself holds 55% of Teck’s Class shares.
The Class A shares have 100 times the voting power of the Class B shares.
“As a shareholder of Teck, SMM confirms its continuous support for Teck’s plan to create two separate world-class independent companies, which aims to generate long-term value for Teck’s shareholders,” said SMM in a statement.
SMM and Teck have a long-standing partnership in the mining business, which entails the joint development and construction of the Pogo gold mine, in Alaska, and the Quebrada Blanca mine, in Chile.
Teck’s shareholders will vote on April 26 on its proposed plan to separate its base metal and steelmaking coal businesses.
Teck is trying to secure backing for its plan, rather than going for a $23-billion merger with Swiss commodities major Glencore, which on Wednesday dangled the prospect of a higher offer for the Vancouver-based miner.
Two major proxy advisers – ISS and Glass Lewis – have released recommendations advising Teck shareholders to vote against the proposed separation, citing material and complicated issues that will arise from the ongoing financial integration between Elk Valley Resources and Teck Metals.
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