By Canadian Press

The sale of Teck to a foreign buyer would be a loss for Canada, critics say

Apr 17, 2023 | 10:36 AM

VANCOUVER — Some industry watchers say a hostile takeover of Canada’s largest diversified mining company by a foreign entity would be bad news for the Canadian economy.

Swiss commodities giant Glencore is proposing to buy Vancouver-based mining company Teck Resources Ltd., an offer that Teck’s board has rejected.

Some analysts say such a transaction would mean a “hollowing out” of Canada’s mining industry, at a time when the mining sector could be poised for a boom.

Economist and former Scotiabank executive Patricia Mohr says she expects copper prices to skyrocket within the next few years, because copper is one of the critical metals used in the manufacturing of electric vehicles.

She says Teck is well situated to capitalize on that, with its massive new copper mine project in Chile as well as copper deposits in Canada.

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Mohr and others say Teck is one of the last remaining big mining companies that is still controlled by Canadians, and losing that domestic control at this time would be a shame.

This report by The Canadian Press was first published April 17, 2023.

Companies in this story: (TSX:TECK.B)

The Canadian Press