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☆ Teck Resources Nears Deal to Sell Coal Business to Glencore
▼ + stars: | 2023-11-14 | by ( Julie Steinberg | Ben Dummett | ) www.wsj.com time to read: 1 min

Swiss-based Glencore has been rare among major resources groups in sticking with coal. Photo: Jose Cendon/Bloomberg NewsCanadian miner Teck Resources is in advanced talks to sell its coal assets to mining and trading giant Glencore in a deal that would cap a lengthy saga and be one of the biggest in mining this year. The deal would value the business at close to $10 billion and could be announced as soon as this week, assuming the talks don’t fall apart, according to people familiar with the matter.

Persons: Jose Cendon Organizations: Bloomberg News Locations: Teck Resources

☆ Glencore-Led Group to Buy Teck’s Coal Business
▼ + stars: | 2023-11-14 | by ( Julie Steinberg | Ben Dummett | ) www.wsj.com time to read: 1 min

Swiss-based Glencore has been an outlier among major resources groups in sticking with coal. Photo: Jose Cendon/Bloomberg NewsCanadian miner Teck Resources said it is selling its coal assets to a group led by mining and trading giant Glencore in a deal that would cap a lengthy saga and be one of the biggest in mining this year. The transaction would value the business at around $9 billion. Under the terms of the deal, Switzerland-based Glencore will pay $6.93 billion for a 77% stake. Japan-based steelmaker Nippon will hold a 20% stake after converting existing holdings in some of Teck’s coal operations and paying cash, while South Korean steelmaker Posco will hold a 3% position after converting its holdings.

Persons: Jose Cendon Organizations: Bloomberg News, Resources, Nippon, South Locations: Switzerland, Japan

☆ Julie Steinberg — Reporter at The Wall Street Journal
▼ + stars: | 2023-11-09 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

Julie SteinbergJulie Steinberg is the global metals and mining reporter at The Wall Street Journal. Based in London, she writes about miners of all sizes, the race for natural resources and the energy transition. She previously covered large investors, M&A and banks for the Journal in London, Hong Kong and New York. She earlier reported for FINS.com, the finance career website from The Wall Street Journal. Born in Winnipeg, Canada and raised in South Florida, Steinberg graduated from the University of Pennsylvania.

Persons: Julie Steinberg Julie Steinberg, Steinberg Organizations: Wall Street, Journal, Greensill, FINS.com, University of Pennsylvania Locations: London, London , Hong Kong and New York, Winnipeg, Canada, South Florida

☆ The $2 Million Coal Mine That Might Hold a $37 Billion Treasure
▼ + stars: | 2023-11-09 | by ( Julie Steinberg | Photographs Louise Johns For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Twelve years ago, former Wall Street banker Randall Atkins bought an old coal mine outside Sheridan, Wyo., sight unseen, for about $2 million. He thought the mine might eke out a profit. Instead, Atkins recently learned it could bring a windfall.

Persons: Randall Atkins, Atkins Organizations: Wall Street Locations: Sheridan

☆ U.S. Considers Dropping Sanctions Against Israeli Billionaire in Push for EV Metals
▼ + stars: | 2023-10-11 | by ( Summer Said Julie Steinberg | Stephen Kalin | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/u-s-considers-dropping-sanctions-against-israeli-billionaire-in-push-for-ev-metals-64dc3b19

Persons: Dow Jones

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/autos/tesla-saudi-arabia-in-early-talks-for-ev-factory-240cd075

Persons: Dow Jones Organizations: ev Locations: saudi, arabia

The Shabara mine in Congo. The country supplies around 70% of the world’s cobalt. Photo: junior kannah/AFP/Getty ImagesThe U.S. and Saudi Arabia are in talks to secure metals in Africa needed for both countries’ energy transitions, as the White House tries to curb China’s dominance in the electric-vehicle supply chain and the kingdom looks to buy $15 billion in global mining stakes, said people with knowledge of the talks.

Organizations: Getty, White House Locations: Congo, AFP, Saudi Arabia, Africa

☆ Saudi Arabia’s Aramco Considers Selling $50 Billion in Shares
▼ + stars: | 2023-09-01 | by ( Summer Said | Julie Steinberg | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/energy-oil/saudi-arabias-aramco-considers-selling-50-billion-in-shares-4d5e4dd1

Persons: Dow Jones Organizations: aramco Locations: saudi

☆ Massive Metals Theft Reported at Europe’s Largest Copper Producer
▼ + stars: | 2023-09-01 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/europe/massive-metals-theft-reported-at-europes-largest-copper-producer-51c2b39f

Persons: Dow Jones, 51c2b39f

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/commodities-futures/mining-companies-want-to-turn-scrap-metal-into-green-energy-treasure-beb849de

Persons: Dow Jones

☆ Bill Gates-Backed Mining Company Is Silicon Valley’s Newest Unicorn
▼ + stars: | 2023-06-20 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/silicon-valleys-newest-unicorn-is-a-mining-company-9d22ea6c

Persons: Dow Jones

☆ Silicon Valley’s Newest Unicorn Is a Mining Company
▼ + stars: | 2023-06-20 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/silicon-valleys-newest-unicorn-is-a-mining-company-9d22ea6c

Persons: Dow Jones

☆ Glencore Approaches Teck Over Its Coal Business
▼ + stars: | 2023-06-11 | by ( Julie Steinberg | Ben Dummett | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/glencore-approaches-teck-over-its-coal-business-c7d6c74b

Persons: Dow Jones

☆ A Onetime Paper Maker Is Now the King of Lithium
▼ + stars: | 2023-06-01 | by ( Julie Steinberg | Rhiannon Hoyle | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/a-onetime-paper-maker-is-now-the-king-of-lithium-99421b8c

Persons: Dow Jones

☆ Environmental Issues Complicate Glencore’s $23 Billion Merger Fight
▼ + stars: | 2023-05-05 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

Glencore says that by 2050 it will run down its coal operations, like this one in Ravensworth, Australia. Photo: Loren Elliott/REUTERSMining company Glencore ’s roughly $23 billion offer for Teck Resources of Canada has injected a new variable into the calculus for big global deal making: ESG. Usually, the stumbling blocks to a big deal involve some combination of price, control or strategic fit. Teck, however, is also publicly raising environmental, social and governance issues in its refusal so far to engage with Glencore about a potential tie-up.

Refined copper bundles at a BHP mine in South Australia. Photo: sonali paul/ReutersMining companies are back at the deals table as they battle for control of commodities essential for making electric cars and renewable-energy infrastructure. The world’s largest miner is set to seal its biggest deal in more than a decade. An American gold giant is seeking to acquire an Australian rival that is rich in copper. And a Swiss commodities company has made two proposals to combine with a century-old Canadian competitor.

☆ Teck Resources Again Rebuffs Glencore’s $23 Billion Approach
▼ + stars: | 2023-04-13 | by ( Vipal Monga | Julie Steinberg | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/teck-resources-again-rebuffs-glencores-23-billion-approach-5fe75d49

☆ Glencore Revises Bid for Teck Resources to Allay Coal Concerns
▼ + stars: | 2023-04-11 | by ( Julie Steinberg | Vipal Monga | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/glencore-tweaks-bid-for-teck-resources-to-allay-coal-concerns-9f897846

Credit Suisse Group AG’s new-look investment bank, CS First Boston, was supposed to help salvage the lender. Instead, it may have hastened its fall. The Swiss bank, buffeted by years of missteps and scandals, had a choice last year: Raise even billions more in new stock to shut down its scandal-prone investment bank or pull out the best parts and try to make money. It went for the second option, and miscalculated investors’ willingness to give it one more shot.

DUBAI—Riding an oil-price boom last year, Saudi Crown Prince Mohammed bin Salman directed government-backed Saudi National Bank to make a $1.5 billion investment in Credit Suisse Group AG that his financial advisers harbored doubts about, according to people familiar with the matter. Now, the Saudi investment is almost wiped out after Credit Suisse’s emergency merger with UBS Group AG. Credit Suisse’s meltdown also erased billions of dollars in investments made by Qatar’s sovereign fund and the Saudi-based Olayan family, making the Persian Gulf one of the biggest losers from a slide in financial stocks since the collapse of two U.S. banks last week.

☆ West Virginia Gov. Jim Justice Puts Family Coal Business Up for Sale
▼ + stars: | 2023-03-14 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

Jim Justice and his family members took out $850 million in personally backed loans from the now-collapsed firm Greensill Capital. West Virginia Gov. Jim Justice wants to sell his family’s coal business, according to his lawyer and other people familiar with the matter, a move that would help resolve substantial debts in advance of a possible challenge for the U.S. Senate seat held by centrist Democrat Joe Manchin . Mr. Justice, a Republican in his second term as governor, owns a sprawling empire of coal mines, processing facilities, agricultural interests and the landmark Greenbrier resort in West Virginia. But he has endured financial difficulties in recent years, made worse after he and his family members took out $850 million in personally backed loans from the now-collapsed firm Greensill Capital.

Uncertainty about HSBC’s strategy for serving in both China and the West is amplified by disagreements with Ping An. LONDON—For nearly a year, HSBC Holdings PLC has openly come under pressure from its top shareholder, Ping An Insurance Co., in a standoff that pits Europe’s largest bank against China’s largest insurance company. The source of the rift dates back years, interviews with people familiar with the matter, including people familiar with developments at both companies, suggest.

Prateek Gupta is the 43-year-old scion of an Indian family that ran a public metals-and-power company. Even before Trafigura Group said phony nickel shipments could cost it up to $577 million, some people and businesses had decided to steer clear of both Prateek Gupta—the businessman Trafigura says is responsible for the alleged misconduct—and a Swiss firm Mr. Gupta had acquired. Commodity-trading giant Trafigura has accused Mr. Gupta and related companies of committing “systematic fraud.” It says it agreed to buy nickel—a hot commodity, due to the electric-vehicle boom—but instead received other, cheaper cargoes.

Credit Suisse is set to update shareholders on plans for the spinoff later this week. Apollo Global Management is among a group of financial firms in talks to take a stake in Credit Suisse Group AG’s revamped investment bank, people familiar with the matter said. Credit Suisse said last year that it would carve out the advisory part of its investment-banking operation into a new entity under the resurrected CS First Boston brand following a string of scandals. The bank said it would raise outside capital to launch the new entity, which it hopes to list in a separate initial public offering eventually.

The target for Tiger Global’s latest venture fund is down from $6 billion last fall and early expectations of around $12.7 billion. Tiger Global Management is scaling back its plans for a large venture-capital fund, a reversal for the tech investor that epitomized the Silicon Valley startup mania. The New York-based manager told investors it is reducing the target size for its latest venture fund to $5 billion, down from a $6 billion target it set when it began fundraising last fall, according to people familiar with the matter. The $6 billion itself was well below Tiger’s early expectations that it would raise a roughly comparable fund to its last, which totaled $12.7 billion, some investors said.

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