Glencore has offered to buy a steelmaking coal business. Picture: SOWETAN
Teck said on June 6 it had received several proposals for its coal business, as it reworks a plan to split it from its copper and zinc unit that failed to secure enough shareholder support in late April.Glencore, which mines and trades thermal coal, the fossil fuel used to produce electricity, as well as smaller amounts of coking coal to make steel, said it would demerge the coal units of both companies.
“It would provide Teck with a cleaner exit from coal and allow Glencore to split its own business into CoalCo and MetalsCo.” Teck’s steelmaking coal mines are among few left in the world, making them attractive to Glencore, as global efforts to phase out coal-fired power generation gather momentum.