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Glencore signals interest in buying Teck’s coal business even as it pursues the whole Canadian mining company

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At a mining conference in Spain, the two companies’ outline different views on Teck’s best future path

and Switzerland’s Glencore used a mining conference to present starkly different views on how Teck could create value and whether Ottawa would approve a potential merger of the two companies.

In a public presentation later in the day, Teck CEO Jonathan Price instead highlighted the company’s “strong” financial position as its biggest project, the QB2 copper mine in northern Chile, ramps up production. He said that the company paid off $1.3-billion in debt in 2022, will deleverage again this year, has no debt maturities related to QB2 until 2030, and has US$8-billion in liquidity.

In a twist to the potential split of Teck, Mr. Nagle did not rule out offering to buy Teck’s coal business, though made it clear that a merger of the two companies remains his goal. “Doing the full deal is the best offer for both sets of shareholders, it creates the most value,” he said. “Buying their coal business standalone is a distant second in terms of potential benefits.”

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