In support of its shift to a pure-play energy transition metals player, Teck Resources (TSX: TECK.A TECK.B, NYSE: TECK) has announced a new company structure revolving around two regional business units: North America and Latin America.
The North America unit consists of the Highland Valley copper operation in British Columbia, the Red Dog and Trail zinc operations, in Alaska and BC respectively, and the Galore Creek (BC), Schaft Creek (BC) and New Range (Minnesota) copper growth projects.
The Latin America unit covers the Carmen de Andacollo and Quebrada Blanca copper operations in Chile, Teck’s interest in the Antamina mine in Peru, as well as the Zafranal (Peru), San Nicolas (Mexico) and NuevaUnión (Chile) copper growth projects.
The two regional units, Teck said, will be supported by enterprise-wide functions and a dedicated projects group that will develop and execute brownfield and greenfield projects.
The Canadian miner started its business shift when it sold its British Columbia-based steelmaking coal unit to Swiss commodities giant Glencore in one of the biggest deals in the industry. The deal closed earlier this summer, with Glencore paying nearly $7 billion for Teck’s 77% stake in the coal business.
“This new structure will ensure Teck is optimally positioned to operate safely, efficiently and responsibly while capitalizing on profitable growth opportunities and enhancing value for our shareholders and all stakeholders,” Teck CEO Jonathan Price said in a news release.
“This change simplifies our business with a streamlined executive leadership team and regional structure to support our strategy focused on growth in copper, balanced with shareholder returns and the long-term resiliency of our business,” Price added.
To align with the new business structure, Teck has promoted a leadership group of current senior vice presidents to serve as executive vice presidents as well as various C-level roles. These include:
Meanwhile, Fraser Phillips, SVP of investor relations and strategic analysis, is expected to retire in the first quarter of 2025, but will continue to lead Teck’s investor relations function in the interim.
“This executive leadership team bring to their portfolio an incredible breadth of experience and I look forward to working with them to unlock the full value of our premium energy transition metals portfolio and leading copper growth pipeline,” said Price.
Comments
Martha Merchant
This re-structuring also came at a cost of a massive layoffs in June of 140 staff including full-time permanent employees, part-time, temporary and contract workers. The layoffs are continuing.