Teck holds up its ESG record as a takeover defence - but it’s been fined millions of dollars for allowing coal-mining waste to seep into Elk Valley waterways and critics say it’s far behind on a plan to fix the problem
that former B.C. premier John Horgan joined the board of the spin-off coal company, prompting B.C. Green Party Leader Sonia Furstenau to call for amendments to the province’s conflict-of-interest legislation that would have prevented the move.
“They’d be labelled and treated as a bad-actor company. They wouldn’t be allowed to continue operations. They wouldn’t be allowed to create spin-off companies or shield themselves from any obligations from former activities.” Under that plan, Teck has invested more than $1.2-billion on water-quality monitoring and research and construction of four treatment plants that are “effectively removing 95 per cent of selenium from treated water,” Teck spokesman Chris Stannell said in an e-mail. The company plans to invest an additional $750-million to expand treatment capacity with new facilities coming online “virtually every year for the next five years,” he added.
This year’s proposed split by Teck was meant to hive off coal assets after the company had struggled to persuade the market that its metallurgical coal is less CO2-intensive than that of its competitors and is key to making the steel necessary in the energy transition. Some investors balked at the proposal because of its structure, which would have seen Teck’s metals division reap 90 per cent of the coal entity’s cash flow for up to 10 years.
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