"They don't distinguish between the good coal and the bad coal," former Teck CEO says.

The Saudi state-owned miner previously paid $126.5 million for its original 9.9% stake.

The new contract guarantees a minimum annual income of $375 million to the government and will be effective for 20 years.

LME-tracked stockpiles of the metal jumped to the highest since October 2021 last week.

A decade of underinvestment in new supply and an enormous metal intensive energy transition have offered little incentive for investors to back the next generation of deposits.

Highland Valley Copper mine in British Columbia is owned by Teck Resources.

The bill was approved in a third and final brief debate with 44 votes in favor, five against, and two abstentions.