Teck CEO says mulls partial sale of coal unit as Glencore circles

28th July 2023

By: Reuters


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The CEO of Teck Resources said on Thursday that the Canadian miner is considering a range of proposals including a partial sale of its coal business from various interested parties after Glencore offered up to $8.2-billion for the unit.

Teck is banking on the limited coking coal mines in the world to help it secure a better valuation as the company runs a comprehensive review, which was sparked by Glencore's initial bid for the whole company in April.

"This business is positioned to capitalize on the global supply gap from existing mine depletion and a lack of new projects coming into production," Teck CEO Jonathan Price told analysts after the company reported quarterly earnings, that missed analysts estimates.

Price did not reveal the names of the other potential suitors, but said the company is 'actively' engaged in the process when analysts asked whether there will be a fresh update by October.

"We are not sitting on our hands here and we are taking an active approach," Price said.

Swiss miner and trading firm Glencore initially offered to buy Teck Resources for $22.5-billion, which the Canadian miner twice rebuffed. Glencore came back with an offer just to buy Teck's coal business in June.

Teck's coal mines are among the few left in the world, which makes the company attractive to Glencore as it seeks to combine them with its own thermal coal business.

Edited by Reuters


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