Original Story posted by The Canadian Press
Teck Resources will become Teck Metals Corp., which will be a “growth-oriented” base metals company focused on copper and anchored by Teck’s QB2 copper mine project in Chile, which is currently under construction and expected to double the company’s copper production by 2024. Last year, it committed to achieving net-zero greenhouse gas emissions from its entire value chain, as well as across its operations.
In exchange for the coal assets, Elk Valley Resources will make quarterly payments to Teck Metals consisting of royalty payments and preferred share redemptions through a transition capital structure. NSC’s exchange of its Elkview interest and a $1.025-billion cash investment will give it a 10 per cent stake in Elk Valley Resources and the transition capital structure, while Posco will receive a 2.5 per cent interest in the company and the transition capital structure for its stakes in Elkview and Greenhills.
Teck also announced Tuesday its plans to end its dual-class share structure that gives its Class A common shares 100 votes per share, while its Class B subordinate-voting shares carry one vote per share.Under the proposal, which requires shareholder approval, each Teck Class A common share will be swapped for one new Class A common share and 0.67 of a Class B subordinate-voting share.Sign up for our newsletter to get breaking news and daily digests sent to your email.
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