While CEO Jonathan Price said Tuesday he is pleased with the level of outside competition Teck has generated through its announced plan to separate its base metals business from its steelmaking coal business, the company will only accept a bid if it is confident regulators will approve the transaction.
Teck, Canada's largest diversified mining company, has been working to split its coal assets from its base metal operations, in the hope of expanding its copper and zinc production to meet growing global demand for these metals, both of which are used in the production of electric vehicles and are considered to be key resources for the coming energy transition.
Glencore has since presented a new offer to Teck's board, proposing to acquire the steelmaking portion of the company's business for an undisclosed amount of cash and has also said it remains willing to pursue its offer for all of Teck.But Glencore's initial pursuit earlier this year ignited sentiments of economic nationalism, with B.C.
The mining company said Tuesday it now expects the QB2 project to cost between US$8.6 billion and $8.8 billion, up from earlier guidance for between US$8.0 billion and US$8.2 billion.