Highland Valley Copper (image credit - CJFC Today)

By Michael Reeve

TECK TAKEOVER CONCERNS

BC United look to apply pressure to keep Teck a B.C. company

Apr 20, 2023 | 4:07 PM

KAMLOOPS — Earlier this week, BC United MLAs rose in the legislature to convey their concerns regarding a possible hostile takeover of Teck Resources. Teck is Canada’s largest diversified mining company with their head office based in Vancouver and operations throughout British Columbia, Canada and the Americas.

Highland Valley Copper, about 50 kilometres southwest of Kamloops produces both copper and molybdenum concentrates. Once processed, the metal concentrates are exported overseas. Teck directly employs nearly 9,000 workers in our province, which is why BC United House Leader and Kamloops MLA Todd Stone questioned the government on the topic.

“It’s mind boggling that when you have a company, a good corporate citizen, that is meaningfully committed to and engaged in the communities in which they operate. That employs thousands of people directly and tens of thousands of additional people in terms of that ecosystem wrapped around teck, it’s shocking that the premier of B.C. and the jobs minister for British Columbia aren’t fully seized with this issue,” said Stone.

While the company is privately owned, the United caucus is pushing the premier to speak to his counterparts at the federal level to ensure a hostile takeover will not negatively effect British Columbia. Stone noted that the premier has now taken up that torch at the oppositions request.

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“We are calling on the B.C. government here to make it very clear to the federal government that it is absolutely in the national interest and absolutely in B.C.’s interest for the federal government to use every lever that they can to make sure this company remains based in British Columbia, that their head office remain in Vancouver and that they remain a company that is committed to the principle of sound sustainable resource management,” added Stone.

Teck Resources is holding a shareholders meeting on April 26, to discuss a proposal to split the company into two separate organizations.