Antofagasta expects 2024 copper output at low end of yearly forecast
Antofagasta produced 284,700 metric tons of copper in the first half, down 3.7% from the same period in 2023.
Teck Resources Ltd. spent four years mulling options for its steelmaking coal business before deciding to separate it from its base metals operations.
Canada’s largest diversified miner started weighing a spinoff in 2019 after noticing a change in investor attitudes toward coal, according to corporate filings released Monday. The C-suite heard presentations from bankers and consultants and considered options that included a joint venture, selling a minority stake and a sale to private equity.
After dozens of meetings, the board and management decided in February that the best option was to separate the coal division and keep a stream of its cash flow.
The plans to separate the lucrative coal business now face a potential obstacle after Swiss commodities giant Glencore Plc proposed a $23 billion takeover of the Vancouver-based company on March 26. Teck rejected Glencore’s pitch on Monday and said it will forge ahead with a shareholder vote set for April 26 to approve its plan to split the company’s two main businesses.
(By Jacob Lorinc)
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