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Teck Resources Ltd (TSX:TECK.B) shares rose Tuesday on news it has agreed a deal to sell its steelmaking coal assets to a consortium led by commodity giant Glencore and including Japan's Nippon Steel Corporation, as it focuses on critical minerals. The transaction, which will also see South Korea's POSCO consolidate its stake in Elk Valley Resources (EVR), values the business at US$9 billion.
Glencore on Tuesday said it had struck a $9 billion deal to buy Canadian mining company Teck Resources' steelmaking coal business, as the Swiss commodities giant pushes forward with plans to spin off its own bulked up coal mining operations into a separate U.S.-listed firm.
Shares in mining major Glencore PLC (LSE:GLEN) were up almost 4% in early trading after it said it was acquiring a 77% stake in Elk Valley Resources (EVR), the steelmaking coal division of Teck Resources, for US$6.93 billion. It is part of a broader deal by the Canadian giant that will see the remainder of the steel business offloaded to Nippon Steel and Korea's POSCO.
(Kitco News) - In the spring Teck floated a proposal to split its coal and copper businesses. In April Teck Glencore made a $22.5 billion unsolicited takeover for Teck.
The companies are said to be in advanced talks on a deal that would value the coal assets at close to $10 billion.
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Teck Resources Limited reported Q3 earnings and faced a selloff due to higher cost estimates for its QB2 copper project in Chile. Glencore is still in the race to acquire Teck's coal business and has reserved cash for potential M&A. Nippon Steel is reported to want to buy a 10% stake in Teck's coal business for C$1.15 billion, valuing the overall business at about C$11.5 billion.
Stock markets were broadly higher on Tuesday. TransUnion shares fell as the credit reporting bureau expects slower growth in the U.S. and U.K. Teck Resources reported lower revenue and profits as commodity prices eased.
(Kitco News) - Shares of Canadian mining group Teck Resources (TSX: TECK.A and TECK.B) (NYSE: TECK) are trading lower today after the company announced its unaudited results for Q3 2023.
Teck Resources Ltd (TECK) came out with quarterly earnings of $0.57 per share, missing the Zacks Consensus Estimate of $0.77 per share. This compares to earnings of $1.33 per share a year ago.