Highland Valley Copper (Image credit: CFJC Today/File photo).

By Aaron Schulze

TECK UPDATE

Teck withdraws separation proposal ahead of shareholders vote

Apr 26, 2023 | 7:10 AM

KAMLOOPS — In a turnaround ahead of its annual and special meeting Wednesday (April 26), Teck Resources will not proceed with its planned shareholders vote.

In a news release, Canada’s largest diversified mining company says it has withdrawn its proposal to split its metals and steelmaking coal businesses in two separate companies.

“We received very strong support from shareholders for the goal of separation, which is to unlock value through creation of a premier, pure-play base metals company and a world-class steelmaking coal company,” Jonathan Price, Teck CEO says. “Our plan going forward is to pursue a simpler and more direct separation, which is the best path to unlock the full value of Teck for our shareholders.”

Price adds that a sale to Swiss commodities giant Glencore remain a non-starter due to flawed structure and material execution risks identified by Teck’s board.

Teck’s Highland Valley Copper mine near Logan Lake produces both copper and molybdenum concentrates. Once processed, the metal concentrates are exported overseas. Teck directly employs nearly 9,000 workers in B.C.

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Teck’s meeting will go ahead as scheduled at noon PT to discuss other matters.