The Vancouver-based mining company announced Tuesday that it will spin off its steelmaking coal assets to create a separate publicly traded company called Elk Valley Resources Ltd.
Teck Resources will become Teck Metals Corp., and will focus on the production of copper and zinc, two metals used in electric vehicle batteries and renewable energy installations. Teck says the separation will offer investors choice between two unique businesses and commodity types. Len Brooks with the University of Toronto's Rotman School of Management says banks and other financial institutions are under increasing pressure from shareholders to make their lending policies for coal and fossil fuel companies more stringent and explicit.
He says Teck is likely hoping to shore up more positive investor support for its critical minerals business by separating it from its coal operations.
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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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The Daily Chase: Inflation slows in January; Teck Resources spins off steelmaking coal business - BNN BloombergIt appears the Bank of Canada’s inflation-busting battle plan is gaining some traction.
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