Teck\u0027s move makes sense given today\u0027s investment environment, said Michelle de Cordova, principal with Vancouver\u002Dbased ESG Global Advisors.
In what CEO Jonathan Price described as a “transformative transaction,” the Vancouver-based mining firm said Tuesday it will spin off its steelmaking coal assets to create a separate publicly traded company called Elk Valley Resources Ltd.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
She added that where “ethical investing” was once a niche area, targeted to investors who wanted their portfolio to reflect their own individual morals, it has evolved in recent years to become much more than that. In addition, the UN-convened Net Zero Asset Owner Alliance is a group of powerful institutional investors that has committed to transitioning their investment portfolios to net-zero GHG emissions by 2050.
“I’m sure smart companies are looking at some of these investor standards that are being set and thinking about, ‘how can I make my offering appropriate.”‘Article content Leonard Brooks, a professor of business ethics at the University of Toronto’s Rotman School of Management, said while energy prices are currently high, demand for coal will decline over time. In addition, he said banks and other financial institutions are under increased pressure from shareholders to make lending policies for “dirty” energy sources more stringent and explicit.Article content
Hari Balasubramanian — founding managing partner of EcoAdvisors, a Halifax-based firm which aims to guide more capital to environmental solutions — said Teck’s steelmaking coal is different than thermal coal, in that it would be difficult to replace with renewable energy.Article content
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Teck Resources changes name to Teck Metals, spins off steelmaking coal unitTeck Resources has changed its name to Teck Metals and will spin off its steelmaking coal unit as Elk Valley Resources Ltd. Read more.
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Teck Resources changes name to Teck Metals, spins off steelmaking coal unitTeck Resources has changed its name to Teck Metals and will spin off its steelmaking coal unit as Elk Valley Resources Ltd. Read more.
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Teck Resources changes name to Teck Metals, spins off steelmaking coal unitTeck Resources has changed its name to Teck Metals and will spin off its steelmaking coal unit as Elk Valley Resources Ltd. Read more.
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Canadian miner Teck Resources changes name, plans to spin off steelmaking coal unitThe unit has been plagued by several snags in the past three years, including supply-chain disruptions, adverse weather events, labor shortages and an outage at Elkview plant
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Teck to spin off coal business into Elk Valley ResourcesCanadian diversified miner Teck Resources on Tuesday announced the reorganisation of its business into two independent, publicly listed companies. The company would change its name to Teck Metals and would spin off its steelmaking coal business into Elk Valley Resources (EVR). CEO Jonathan Price said that the transaction simplified the portfolio of each company, allowing for strategic and financial focus and the ability to pursue tailored capital allocation strategies.
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