Teck Resources Ltd. says it continues to evaluate offers put forward by prospective buyers of its steelmaking coal business with the hope of making a decision before the end of the year.
“We have to consider the certainty of execution and the risks associated with any transaction … And ultimately, we will do what we believe is in the best interest of our shareholders having regard for those regulatory and approval requirements.” Teck’s board rejected Glencore’s original offer, but Glencore notched a victory of its own when Teck called off a shareholder vote on its plan to spin off its steelmaking coal operations into a separate company. It had become apparent Teck did not have the required support for its proposal, which Glencore had lobbied against.
Also on Tuesday, Teck raised the cost estimates for its QB2 copper project in Chile as it reported its latest quarterly results and lowered its production guidance for copper, molybdenum and steelmaking coal for the year. The update came as Teck said it earned a profit attributable to shareholders of C$276 million or 52 cents per diluted share for the quarter end Sept. 30 compared with a loss of C$195 million or 37 cents per share a year earlier.
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