Canada puts its big miners off limits just as M&A is heating up
Foreign takeovers of mining companies have been a touchy topic ever since a wave of deals 18 years ago took out some of the country’s biggest players.
Canada’s largest diversified miner Teck Resources (NYSE: TECK) says an evacuation order issued by the District of Logan Lake, in British Columbia, in response to local wildfire activity has prompted the Highland Valley copper mine closure.
All workers are safely demobilized from the site except for a small number of employees necessary to ensure safety and environmental protection.
Teck says the impact on production depends on how long the suspension lasts.
Teck reports no current risk to infrastructure, but is closely monitoring wildfire conditions.
The company will restart operations only once the evacuation order is lifted, it said.
Teck says the impact on production depends on how long the suspension lasts.
Meanwhile, Teck has donated C$150,000 to support British Columbia wildfire relief efforts. The Canadian Red Cross will receive C$100,000, and the British Columbia Society for the Prevention of Cruelty to Animals will receive C$50,000.
A further $25,000 will go to match donations made by Teck employees.
Teck’s donation to the Canadian Red Cross will help provide food, clothing and temporary accommodation for evacuees. The contribution to the BC SPCA will support the rescue and relocation of pets and farm animals in affected regions.
Teck has pledged support for employees living within evacuation order areas in the Thompson-Nicola region and is also engaging directly with Indigenous communities to support wildfire relief efforts.
Smoke from the wildfires has been impacting Teck’s Trail operation too. Low air quality in recent days had prompted a shutdown of the oxygen plant, interrupting production at the metallurgical plant. Teck has indicated it will update production guidance, if necessary, after fire risks subside.
