A consortium led by Canadian mining veteran Pierre Lassonde is proposing to buy Teck Resources Ltd.’s TECK-B-T coal operations, a deal that could stop Glencore PLC in its tracks, and offer a Made-in-Canada solution that may be palatable to Ottawa.
“Teck wants to move forward, we’ve been told very definitively” said Mr. Lassonde. “For them, it’s a question of consulting their bankers and consulting other groups. We’re told that they want to get something done between eight to 12 weeks.” Mr. Lassonde will likely need the backing of Teck’s existing coal joint venture steel making partners, Japan’s Nippon Steel, and South Korea’s POSCO before his proposal can succeed. He indicated optimism that both will back his proposal.
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