Teck Resources Ltd. will spin off its steelmaking coal business and simplify its share structure in a sweeping overhaul that is likely to make the Canadian miner an attractive target for larger rivals.
move to split its metals and coal operations is likely to attract the attention of some of the world’s biggest mining companies as the industry looks to consolidate amid the energy transition.
The move almost certainly makes Teck Metals a takeover target when big mining companies are on the hunt for copper as demand for the wiring metal accelerates and a global shortfall looms. BHP Group, Rio Tinto Group and Glencore Plc are actively looking to grow their copper exposure and have been longtime admirers of Teck’s assets across the Americas, according to people familiar with the situation.
Still, the difficulty for any potential suitor for Teck’s copper assets will be the new structure, post-breakup, which funnels royalties from a separated coal business to the base metals operations, as well as a six-year phase-out of a dual-class share structure, under which Canada’s Keevil family currently controls the company.
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