The company’s strategy aligns well with Canada’s goal to become a key source of the minerals required to power the energy transition. In December, the country released its
But before the Canadian miner can go through with its planned separation, it needs the approval of shareholders. A vote is scheduled for April 26.A truck hauls coal at a Teck mine in British Columbia.The Swiss mining giant, which posted a revenue of about US$250 billion last year compared to Teck’s US$13 billion, produces an array of commodities including, gold, copper, cobalt, zinc, nickel, oil and coal. It offered to buy Teck for about US$23.
In response, Glencore said a week later that it would shield any Teck shareholders wary of fossil fuels by buying out their exposure to coal. The miner said it was prepared to spend up to US$8.2 billion to buy the shares, or alternatively give investors shares in the new metals company the merger would create.But Teck rejected the offer again.
This was followed by a report from Bloomberg News on April 14, which stated that China Investment Corp. , a sovereign wealth fund that owns 10 per cent of Teck’s Class B shares, preferred Glencore’s bid. Price, however, said the news was “false” and that CIC hasn’t yet decided which way to vote.Article content
The government has the power to reject such a takeover or investment from a foreign company on net benefit and national security grounds, and it’s done so before. In November, for example, Ottawato divest their shares from three Canadian lithium miners due to the growing importance of critical minerals.