Teck Resources to split company and spin off steelmaking coal business

“This transformative transaction creates two strong, sustainable, world-class mining companies committed to responsibly providing essential resources the world needs,” Teck CEO Jonathan Price said in a statement.

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.

Under the proposal, that will require 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.

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Teck to spin off coal business into Elk Valley ResourcesCanadian diversified miner Teck Resources on Tuesday announced the reorganisation of its business into two independent, publicly listed companies. The company would change its name to Teck Metals and would spin off its steelmaking coal business into Elk Valley Resources (EVR). CEO Jonathan Price said that the transaction simplified the portfolio of each company, allowing for strategic and financial focus and the ability to pursue tailored capital allocation strategies.
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