Teck CEO says it will only do M&A deal on coal business if benefits are clear

chief executive Jonathan Price says he’s pleased with progress the Canadian miner has made in talks with parties interested in buying its coal business, but he made it clear a transaction would only be consummated under certain circumstances.

“We will transact only if the benefits to our shareholders and other stakeholders are clear,” he said. “There’s a detailed data room and due diligence process that’s working its way through, which we will run to its conclusion,” he said. The only known bid for the whole of Teck’s coal business is the one tabled by Glencore, which is worth as much as US$8.2-billion.British Columbia Premier David Eby, who said he’s concerned about Glencore’s corporate record

Harry “Red” Conger, chief operating officer for Teck, said in the conference call that various adjustments and modifications that led to the production cut are now in the rear-view mirror, and he expressed confidence the mine will be at its full production potential by the end of the year.

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Teck Resources misses profit estimates, lowers annual copper output targetThe Quebrada Blanca Phase 2 project (QB2) in the South American country is one of the largest undeveloped copper resources in the world, and Teck had previously said it expected to achieve full production rates by the end of 2023. Teck, the target of a takeover bid by Swiss commodity giant Glencore, also reported the death of an employee at QB2 during the second-quarter. The company said it now expects annual copper production of 330,000 tonnes to 375,000 tonnes, down from its previous estimate of 390,000 tonnes to 445,000 tonnes.
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