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.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

The royalty will be payable until $7 billion in payments have been made or Dec. 31, 2028, whichever comes later. The preferred shares will have an aggregate $4.4-billion redemption amount and a 6.5 per cent cumulative dividend. The separation will require approval by a two-thirds majority vote by holders of Teck’s class A shares and class B subordinate-voting shares, each voting separately by class.

The new class A shares will be identical to the current terms of class A shares, but will automatically be exchanged for class B subordinate-voting shares on the sixth anniversary of the effective date of the dual class amendment.Article content

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Teck Resources to split company and spin off steelmaking coal businessTeck Resources Ltd. has announced a plan to split the company into Teck Metals Corp. and Elk Valley Resources Ltd., which will hold its steelmaking coal business.
Source: TorontoStar - 🏆 60. / 55 Read more »

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.
Source: MiningWeeklyCA - 🏆 48. / 63 Read more »