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Ottawa approves sale of Teck met coal assets to Glencore

July 5, 2024
in Business
Ottawa approves sale of Teck met coal assets to Glencore
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Teck Resources Ltd.’s (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) said the Canadian Government has approved the US$6.9 billion acquisition of Teck’s metallurgical coal business by Swiss metals trading giant Glencore Plc. At the same time, Teck has also announced an offer for U$1.25 billion worth of debt securities and pledged to boost its copper output.

Subject to closing, Teck also said it planned to allocate part of the proceeds of the sale to repurchase up to US$2.0 billion worth of Class B subordinate voting shares. It will also distribute approximately US$182 million through the declaration of an eligible dividend of $0.50 to be declared by Teck’s board on both the Class A and Class B subordinate shares.

Teck’s Class B common shares advanced on the news, rising 1.34% or 93 cents to $69.88. The shares currently trade in a 52-week range of $74.37 and $47.47.

Teck CEO Jonathan Price said the transaction with Glencore marked a new era as the company puts the focus on metals for the global energy transition. “We will build our core portfolio of strong cash-generating assets through the development of our near-term copper growth projects,’’ he said. “Completion would provide substantial funding giving Teck a pathway to increase copper production by a further 30% as early as 2028.”

Canada’s Industry Minister Francois-Philippe Champagne has approved Teck’s previously announced plan to sell its entire interest in its steelmaking coal business, Elk Valley Resources (EVR) via sale of a majority stake to Swiss metals trading giant Glencore Plc and a minority interest to Nippon Steel Corp.

The Vancouver metals giant said the sale of the steelmaking coal business achieves a simple and complete separation of steelmaking coal from base metals.

“This transaction will be a catalyst to re-focus Teck as a Canadian based critical minerals champion with an extensive portfolio of copper growth projects, unlocking the full value potential of the company,’’ Price has said.

Glencore has agreed to acquire 77% of EVR for US$6.9 billion in cash. Nippon Steel will acquire a 20% interest in EVR in exchange for its 2.5% interest in Elkview Operations, plus US$1.3 billion in cash, payable to Teck at closing and US$0.4 billion in cash flows from EVR. The remaining 3.0% will be held by POSCO

Teck ranks as the world’s second-largest seaborne exporter of steelmaking coal, with six operations in Western Canada and significant steelmaking coal reserves. They include Elkview, Fording River, Greenhills and Line Creek in southeastern British Columbia.

Coal production is currently shipped via three B.C. west coast ports including Ridley, Neptune and Westshore Terminals. Located in Delta, British Columbia, Westshore Terminals is Canada’s premier coal export terminal and handles over 33 million tonnes of coal annually.

Meanwhile, Teck has announced the commencement of six separate offers to purchase for cash up to US$1.25 billion aggregate principal amount of its outstanding notes. The company said the offers will expire at 5:00 p.m. [Eastern Time] on July 15, 2024, unless extended or terminated.

Resource World Magazine Inc. has prepared this editorial for general information purposes only and should not be considered a solicitation to buy or sell securities in the companies discussed herein. The information provided has been derived from sources believed to be reliable but cannot be guaranteed. This editorial does not take into account the readers investment criteria, investment expertise, financial condition, or financial goals of individual recipients and other concerns such as jurisdictional and/or legal restrictions that may exist for certain persons. Recipients should rely on their own due diligence and seek their own professional advice before investing.

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