Teck says it received several proposals for steelmaking coal business By Reuters

Teck says it received several proposals for steelmaking coal business By Reuters

© Reuters. The logo for Canadian mining company Teck Resources Limited is displayed above their booth at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023. REUTERS/Chris Helgren

By Divya Rajagopal

TORONTO (Reuters) -Teck Resources has received several indications of interest for its steelmaking coal business, the Canadian miner said on Tuesday, after withdrawing a plan to separate its and coal business.

Teck said in a statement its board will evaluate all “actionable, value-accretive proposals” before making a decision, noting that a transaction is not guaranteed.

It did not elaborate or respond to a request for comment.

Teck shares rose 1.7% to C$56.40 at mid-afternoon.

In late April, Teck withdrew the plan to split its copper and coal business after failing to secure enough shareholder support, and promised to craft a “simpler and more direct” split.

Teck is also trying to fend off a $22 billion takeover bid by Swiss trader and miner Glencore Plc (L:), which it had rejected twice. Glencore in April offered to pay $8.2 billion cash to Teck’s shareholders for the coal business.

Canadian mining entrepreneur Pierre Lassonde has put together a consortium to invest in Teck and the parties have signed a confidentiality agreement, he said by text to Reuters on Monday. “There are many Canadians who have been incredibly supportive of keeping Elk Valley in Canadian hands.”

Japanese steel maker Nippon Steel Corporation has also said it is in talks with Teck to invest in the coal business.

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