Shares rose 8.4% to C$60.98 at 9:36 a.m. in Toronto, the biggest intraday jump since Nov. 29.
Teck has been weighing options for its coal division for over a year in a strategic shift toward mining more of the metals such as copper that are crucial to the global energy transition. Metallurgical coal is used in steelmaking, which is among the most polluting industries and faces significant pressure from policymakers.
The company declined to comment.
Teck, which is scheduled to report earnings next week, is one of the world’s largest exporters of metallurgical coal. The company produced more than 24 million metric tons in 2021 from four different operations in western Canada, according to its filings. The business accounted for 55% of the company’s gross profit.
Teck has been exploring options for the business since at least September 2021, when people familiar with the matter said the business could be worth about $8…
