Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Environment Canada has laid five charges against Teck Coal Limited after the company was alleged to have dumped substances harmful to fish into waters near its Ek Valley operations in southeastern British Columbia, according to multiple media reports.
The department said the charges for violations of the Fisheries Act stem from an investigation into Teck Resources’ coal unit that began in March 2023, CBC reported.
Canada’s largest diversified miner was slapped with millions in fines last year for infractions at its operations in the province.
In January, Teck was given a C$2.2 million fine for an acid spill into Columbia River at its Trail smelter operations.
A Rossland provincial court judge made the order after the company pleaded guilty to two charges laid under the federal Fisheries Act and one charge laid under the provincial Environmental Management Act. The charges resulted from an effluent release in February 2019.
Then in February, the government of British Columbia fined Teck Coal a total of C$15.4 million for exceeding pollution thresholds and failing to build an active water treatment facility on time at its Fording River operations in southeastern BC.
A legal action filed in Montana in May 2023 named Teck Coal as one of three defendants in a request for judicial review by environmental groups in Montana and Idaho over levels of a contaminant from its British Columbia mines in US waters.
On Thursday, the same day of the media reports, Teck Resources announced it has completed the sale of the remaining 77% interest in its steelmaking coal business to Glencore for total cash proceeds of $7.3 billion.
