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.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 16, 2012) – Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) (“Teck”) announced today that it has commenced an offering of senior unsecured notes, expected to price later today. Teck intends to use the net proceeds, together with cash on hand, to fund the redemption of all of the approximately US$530 million aggregate principal amount of its outstanding 9.75% senior notes due 2014 and a portion of the approximately US$1,043 million aggregate principal amount of its outstanding 10.75% senior notes due 2019. The new senior unsecured notes will be guaranteed by Teck Metals Ltd. and will rank pari passu with Teck’s other senior unsecured debt. The new senior unsecured notes are being offered via an underwritten public offering in the United States pursuant to an effective shelf registration statement on Form F-9 filed with the U.S. Securities and Exchange Commission and in Canada on a private placement basis.
