Davis’ X2 Resources has already built a war chest of almost $4 billion and is believed to be asking JPMorgan for US$8bn loan to back up a formal offer to BHP.
Weak commodity prices hurt Teck's three core business units —coal, copper and zinc— but coal was particularly hard hit due to increased supply from Australia, the company said.
The Powder River Basin was the home of the top nine producing mines in the U.S. during 2013, but the number of PRB mines in the top 25 declined compared to 20 years ago, according to SNL Energy data.
While Walter Energy shuts down two coal mines, leaving hundreds unemployed, HD Mining International plans to bring up to 480 Chinese workers to British Columbia.