The stock posted intraday gains of more than 5%.
Teck announced the moves Thursday after Canada’s federal government cleared the way for Glencore’s $6.9 billion acquisition of its coal assets. The transaction underscores the company’s pivot toward metals that will be critical for the energy transition, such as copper. The completion of the deal marks a new era for Teck, said chief executive officer Jonathan Price.
The proceeds from the deal will also be used to fund Teck’s suite of copper projects. The company is pushing ahead on an extension at its Highland Valley copper mine in Canada, while advancing early-stage projects in Mexico and Peru. It’s also finishing construction on a major extension to its flagship Quebrada Blanca mine in Chile, which is expected to double the firm’s overall copper production.
The estimated capital cost for those projects is between $3.3 billion and $3.6 billion, Teck said.
The deal…
