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Teck Resources Ltd, a leading Canadian mining company, is poised to finalize the sale of its steelmaking coal unit to Glencore no later than the third quarter of 2024, Reuters reported, citing CEO Jonathan Price.
The planned transaction, valued at $9 billion, was announced last year as part of Teck's strategic shift towards expanding its copper operations. However, the deal is still pending approval from the Canadian government.
Price expressed confidence in the ongoing regulatory process, affirming that the transaction remains on track.
He also emphasized the company's current focus on raising production at its QB2 mine in Chile and investing in existing copper projects in Mexico, Peru, and British Columbia, Canada.
In addition to the copper and coal sectors, Teck Resources holds the distinction of being the largest producer of the rare earth metal germanium outside of China. The company has benefited from export restrictions imposed by China on gallium and germanium, enabling successful sales and improved pricing.
Teck Resources exceeded market expectations for fourth-quarter profits, driven by increased sales of steel-making coal and record copper production.
In the October-December quarter of 2023, the company's sales of steelmaking coal experienced a significant increase of 42% to 6.1 million tonnes. For the year 2024, the production is expected to range between 24.0-26.0 million tonnes, compared to the previous year's 23.7 million tonnes.
Teck Resources stated that the steelmaking coal market would continue to face a supply shortage in the first quarter due to robust demand from Southeast Asia and India.
(Writing by Riley Liang Editing by Harry Huo)
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