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.
Canadian miner Teck Resources Ltd is aiming to make an announcement on the separation of its coal and metals business by the end of 2023, chief executive officer Jonathan Price said on Thursday.
Price, who was speaking at the FT Mining summit in London, said that the company is advancing a range of proposals with a range of counterparties.
“I do believe we are coming close to a point where we are going to be able to make a decision on what is the value maximizing route for shareholders and I would like to see that announced before the end of this year,” he said.
Teck has been weighing a sale of its coal business as part of a comprehensive business review, which was sparked by a takeover bid by Glencore earlier this year. Among suitors for a stake in Teck’s coal unit is India’s JSW Steel Ltd, Reuters has reported.
Price, without detailing specifics of a potential deal, said a recent diplomatic row between India and Canada was not slowing the process.
“I would say on Canada and India, separately from the sale process, we want to see a continuation of trade between,” he said.
Ties between India and Canada deteriorated sharply after Canadian Prime Minister Justin Trudeau said New Delhi may have had a hand in the murder of a Sikh separatist advocate in British Columbia. India denies the allegation vociferously.
(By Clara Denina, Divya Rajagopal and Ismail Shakil; Editing by Chizu Nomiyama)
2 Comments
Bonface Mupeta
Happy too see how you producing coper and other minerals,sir
Pius Mokgokong
I sincerely hope that the separation of coal devision from the other commodities is purely based of business and Comercial reasons, other than the I’ll conceived climate change disaster!!