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The shares pared some gains and closed at C$27.98, giving the company a market capitalization of C$3.44 billion ($2.52 billion). The Lundin family holds a 32% stake in copper miner Filo Corp, while BHP holds a 6% stake in the company, according to recent regulatory filings and LSEG data. Lundin, BHP and Filo Corp did not immediately respond to a Reuters request for comment. Bloomberg News reported earlier on Friday that Lundin had pitched BHP on a joint bid for Filo. New Tab , opens new tabSave Share XFacebookLinkedinEmailLink Purchase Licensing Rights

Persons: Dado, Filo, Lundin, Divya Rajagopal, Mrinalika Roy, Maju Samuel, Josie Kao Organizations: BHP, REUTERS, Lundin, Filo, Lundin Mining, Filo Corp, Bloomberg News, Thomson Locations: Canada, Sol, Chile, Argentina, Lundin, Toronto, Bengaluru

☆ First Quantum CEO arrives in Panama after country orders mine shutdown
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: 1 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 30 (Reuters) - The CEO of First Quantum Tristan Pascall has arrived in Panama, a company spokesperson said on Thursday after the Central American nation ordered the Canadian miner to shut down its key copper project. This is the first visit of the CEO since public protests erupted over the signing of a new contract on Oct. 20. The spokesperson did not give details of Pascall's agenda in the country. Reporting by Divya Rajagopal and Valentine Hilaire; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Tristan Pascall, Divya Rajagopal, Valentine Hilaire, Brendan O'Boyle Organizations: Minerals, REUTERS, Aris, Central American, Thomson Locations: Panama, Donoso

OTTAWA, Nov 30 (Reuters) - The Canadian economy unexpectedly contracted at an annualized rate of 1.1% in the third quarter, data showed on Thursday, avoiding a recession but showing growth stumbling ahead of next week's interest-rate decision. The economy avoided slipping into a technical recession - defined as two consecutive quarter-on-quarter contractions - because second-quarter GDP data was revised up to a 1.4% gain from an initial report of a 0.2% decline, Statistics Canada said. The BoC has remained on the sidelines since July after lifting its benchmark interest rate to a 22-year high of 5% to tame inflation. "The bottom line is that the economy is still sputtering along," said Royce Mendes, head of macro strategy at Desjardins Group. Real GDP most likely edged up 0.2% in October after a 0.1% gain in September, Statscan said.

Persons: Doug Porter, Royce Mendes, Bipan Rai, Statscan, Ismail Shakil, Steve Scherer, Dale Smith, Divya Rajagopal, Fergal Smith, Mark Porter Organizations: OTTAWA, Bank of Canada's, Statistics, BMO Capital Markets, Canadian, U.S ., BoC, Desjardins Group, Bank of Canada, Bank, CIBC Capital Markets, Thomson Locations: Canadian, Statistics Canada, North America, Ottawa, Toronto

Cobre Panama has said it is committed to growing more new forest than is impacted by its mine. "We aren't going anywhere," Sabino Ayarza, a representative of the protesting fishermen, told Reuters on Tuesday from his boat. Their grassroots movement, nearly unheard of in business-friendly Panama, has wiped C$11 billion ($7.4 billion) off First Quantum's market value and raised global copper prices on supply worries. The protesters' victory in Panama is emblematic of the outsized and sometimes unexpected influence local communities are having on mining companies worldwide. Cobre Panama accounted for about 46% of First Quantum's overall revenue in the third quarter, according to company data.

Persons: Aris Martinez, Sabino Ayarza, Ayarza, Codelco, Valentine Hilaire, Divya Rajagopal, Fabian Cambero, Christian Plumb, Denny Thomas, Nick Zieminski Organizations: REUTERS, Aris, PANAMA CITY, Minerals, Reuters, Panamanian, Tuesday, Scotiabank, Protesters, First, Thomson Locations: Panama City, Panama, PANAMA, TORONTO, Portugal, Peru, Chile, Macquarie, Mexico City, Toronto, Santiago

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The comments are the first by the company on the future of the Cobre Panama mine's ownership since Tuesday's court ruling. Panama has seen unprecedented public protests after the government signed a new contract with First Quantum for its Cobre Panama mine. MacWilliam told the conference that given the events in Panama, it remains unclear when Cobre Panama will be able to resume operations. The mine closure also has consequences for the Central American nation, as Cobre Panama contributes about 5% to Panama's economy.

Persons: Laurentino Cortizo, Ryan MacWilliam, MacWilliam, Divya Rajagopal, Elida Moreno, Denny Thomas, Chizu Nomiyama, Nick Zieminski Organizations: Minerals, REUTERS, Aris, Rights TORONTO, Quantum, Scotiabank, Reuters, Jiangxi Copper Co, Central, Thomson Locations: Panama, Donoso, Canadian, Jiangxi, Central American, Lincoln

"We have decided to unanimously declare unconstitutional the entire law 406 of October 20, 2023," Supreme Court President Maria Eugenia Lopez said. First Quantum acknowledged the ruling and affirmed its "unwavering commitment to regulatory compliance in all aspects of our operations within the country." Panama President Laurentino Cortizo said the country will abide by the court ruling. For First Quantum, the Panama ruling would be a repeat of its decade-old experience in the Democratic Republic Of Congo. The company exited DRC in 2012 after it filed an arbitration procedure against the African country for cancelling its mining contract.

Persons: Aris Martinez, Maria Eugenia Lopez, Quantum, Laurentino Cortizo, Morgan, Ricardo Martinelli, Leonardo Di Caprio, Elida Moreno, Valentine Hilaire, Natalia Siniawski, Denny Thomas, Chizu Nomiyama, Mark Porter Organizations: Minerals, REUTERS, PANAMA CITY, Reuters, Panama, London Metal Exchange, Central, RBC, Democratic, Natural Resources Corporation PLC, Cobre, Thomson Locations: Panama's, Panama, Panama City, PANAMA, Central American, Democratic Republic Of Congo, Hollywood, Cobre Panama

View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 24 (Reuters) - Panama's top court started deliberations on Friday to rule on several constitutional challenges to First Quantum Minerals' (FM.TO) contract for the Cobre Panama mine, an outcome keenly watched by the global copper market and investors. Cobre Panama is one of the world's biggest and newest copper mines, producing about 1% of global copper supply. "Over the long-term we've invested more than $10 billion in turning the Cobre Panama into a world-class asset," Pascall was quoted as saying. However, Panama's top court in 2017 deemed unconstitutional the law under which First Quantum was operating the mine.

Persons: Tristan Pascall, Pascall, Greta Thunberg, Leonardo Di Caprio, Quantum, Valentine Hilaire, Divya Rajagopal, Denny Thomas, Sonali Paul Organizations: Minerals, REUTERS, Aris, Reuters, First, Central, LatAm, Co, Thomson Locations: Panama, Donoso, Central American, Jiangxi

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Operations are set to resume once the port blockade is resolved, the spokesman added. Protests have escalated since the government and First Quantum signed a new contract on Oct. 20 for the Cobre Panama concession, which contributes 1% to global copper production and 5% to Panama's gross domestic product. "In terms of production we are talking about a temporary halt because of the illegal blockade. The company says an "illegal blockade" of small boats at the mine's Punta Rincon port has been disrupting the mine's activity.

Persons: Michael Camacho, Valentine Hilaire, Divya Rajagopal, Brendan O'Boyle, Sarah Morland Organizations: Minerals, REUTERS, Aris, Quantum Minerals, Reuters, First, Thomson Locations: Panama, Donoso, Rincon

OTTAWA, Nov 21 (Reuters) - Canada's annual inflation rate eased more than expected to 3.1% in October and core inflation measures edged down to their lowest levels in about two years, data showed on Tuesday, likely closing the door to further rate hikes. The Bank of Canada (BoC) targets 2% annual inflation. "If the door wasn't already shut to additional rate hikes, it now should be." The bank projects inflation to hover around 3.5% until mid-2024, before trickling down to its 2% target in late 2025. Dragging the annual inflation rate in October was a 7.8% drop in gasoline prices, which benefited from comparison with a price surge in October 2022.

Persons: Royce Mendes, Simon Harvey, Chrystia Freeland, Justin Trudeau's, Ismail Shakil, Steve Scherer, Dale Smith, Fergal Smith, Divya Rajagopal, Chizu Organizations: OTTAWA, Reuters, Statistics, Bank of Canada, BoC, CPI, Desjardins Group, Canadian, Justin Trudeau's Liberal, Thomson Locations: Statistics Canada, Europe, Canada, Ottawa, Toronto

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. This move would effectively suspend production at the Cobre Panama mine until coal supplies resume as the mine cannot operate without power, one of the sources said. Protests have escalated since the government and First Quantum signed a new contract on Oct. 20 for Cobre Panama, which contributes 1% to global copper production and 5% to Panama's gross domestic product. "The focus will be to maintain the tailings pond 24/7," one of the sources said about the maintenance. Panama's top court will hear the legality of the contract awarded to First Quantum from Nov, 24, the company said in the statement.

Persons: Divya Rajagopal, Julian Luk, Denny Thomas, Chizu, Marguerita Choy Organizations: Minerals, REUTERS, Aris, Rights, Cobre, Reuters, First, Thomson Locations: Panama, Donoso, Rights TORONTO, LONDON, Cobre Panama, Toronto, London

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Two Panamanian prosecutors have deemed the contract unconstitutional after examining legal challenges submitted to the court. First Quantum did not reply to a request for comment on the future of the contract pending court proceedings. Panama's mining chamber has urged against canceling the contract, saying First Quantum could sue Panama for at least $50 billion. Another lawyer said the court could also move to declare parts of the contract unconstitutional, which would not annul it completely.

Persons: Maritza Cedeno, Ariel Corbetti, Corbetti, Juan Carlos Arauz, Arauz, Victor Baker, Valentine Hilaire, Divya Rajagopal, Elida Moreno, Denny Thomas, Marguerita Choy Organizations: Minerals, REUTERS, Aris, Jiangxi Copper Co, Reuters, Panama, Thomson Locations: Panama, Donoso, Jiangxi, China

They argue that geopolitical tensions between the West and China risk the reliable supply of rare earth minerals. Aclara's Barua said that Western supply of rare earth elements will not develop if it depends on Chinese prices. "The price of any metal (rare earth or otherwise) that is coming from China or from western countries has the same pricing, so why should rare earth pricing be different?" The discussion on pricing has come up often in the Rare Earth Industry Association, said Veluri, who is also the president of the global organization with partners representing the whole rare earth value chain. "But for things like cobalt, copper, or rare earth metals there is a good strategic play to find with a mining partner."

Persons: Ramon Barua, Aclara's Barua, Veluri, Australia's, Tim Harrison, Harrison, Flavio Volpe, Volpe, Divya Rajagopal, Denny Thomas, Marguerita Choy Organizations: TORONTO, Reuters, Aclara, Earth Industry Association, Companies, Automotive Parts Manufacturers Association, Thomson Locations: China, Chile, West, Beijing, Badrinath, Denmark, Vietnam, Malaysia, Myanmar

View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. That leaves the fate of the contract for now in the hands of the country's top court. Panama's moves raise questions about copper supplies, as Cobre Panama accounts for about 1% of global output. First Quantum inherited the contract after it replaced Petaquilla Gold as operator of the mine in 2013. Panama's top court will hear various challenges against the contract in the coming days.

Persons: Valentine Hilaire, Divya, Denny Thomas, Rod Nickel Organizations: Minerals, REUTERS, Aris, First, Thomson Locations: Panama, Donoso, Canada

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. First Quantum on Tuesday reaffirmed its commitment to the rule of law with the objective of benefiting Panama. First Quantum and its local unit Minera Panama declined to comment further. A decision to cancel the Cobre Panama mine's contract could slow Panama's GDP growth from an anticipated 6% in 2023 to just 1% without the mine in operation on an annualized basis. The odds of Panama losing its investment-grade rating would rise significantly if the contract is revoked, J.P Morgan warned on Tuesday.

Persons: Laurentino, J.P Morgan, Adriana Linares, Jackie Przybylowski, Michael Camacho, Frank De Lima, Juan Diego Vasquez, Edison Broce, Divya Rajagopal, Valentine Hilaire, Elida Moreno, Steve Scherer, Denny Thomas, Rod Nickel Organizations: Minerals, REUTERS, Aris, Quantum Minerals, Panama, Canada's Global Affairs, Reuters, Bank of Montreal, Finance, Economy, Independent, Thomson Locations: Panama, Donoso, Vancouver, Canada, Toronto

TORONTO, Oct 30 (Reuters) - Shares in First Quantum Minerals (FM.TO) closed down 28% on Monday after Panama's government said it will hold a referendum on whether to scrap a mining contract awarded to the Canadian mining company on Oct. 20. Shares of First Quantum closed at C$20 after falling as much as 30% earlier in the trading session. President Laurentino Cortizo's decision to hold a binding referendum on Dec. 17 comes after 10 months of disputes regarding First Quantum's open pit mine at Cobre Panama. Thousands of people hit the streets over last weekend after the government approved the new contract with the company. Cobre Panama represents nearly 5% of Panama's gross domestic product and 1.5% of global copper production, according to RBC Capital Markets.

Persons: Panama's, Laurentino, Jefferies, Divya Rajagopal, Eli Moreno, Valentine Hilarie, Tomasz Janowski, Will Dunham, Jan Harvey Organizations: TORONTO, Quantum Minerals, Central American, Cobre, RBC Capital Markets, Thomson Locations: Toronto, Panama, Cobre Panama, Panama City

REUTERS/Ahmed Zakot Acquire Licensing RightsOct 21 (Reuters) - Canada's National Department of Defence said on Saturday that Israel was not behind the Al-Ahli hospital strike in Gaza on Oct. 17. "Analysis conducted independently by the Canadian Forces Intelligence Command indicates with a high degree of confidence that Israel did not strike the Al-Ahli hospital on 17 October 2023," it said in a statement. The strike was more likely caused by an errant rocket fired from Gaza, the Defence department said based on analysis of open source and classified reporting. Palestinian officials said 471 people were killed in the blast at Al-Ahli al-Arabi Hospital on Tuesday. Gaza's health ministry blamed an Israeli air strike, while Israel said the blast was caused by a failed rocket launch by militants.

Persons: Ahmed Zakot, Israel, Jose Joseph, Divya Rajagopal, Sonali Paul Organizations: REUTERS, Canada's National Department of Defence, Al, Canadian Forces Intelligence Command, Defence, U.S ., Thomson Locations: Al, Ahli, Israel, Gaza City, Gaza, France, U.S . Canada, Arabi, Bengaluru, Toronto

☆ Israel Did Not Strike Gaza Hospital, Canada Says
▼ + stars: | 2023-10-21 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

By Divya Rajagopal and Jose Joseph(Reuters) - Canada's National Department of Defence said on Saturday that Israel was not behind the Al-Ahli hospital strike in Gaza on Oct. 17. "Analysis conducted independently by the Canadian Forces Intelligence Command indicates with a high degree of confidence that Israel did not strike the Al-Ahli hospital on 17 October 2023," it said in a statement. Palestinian officials said 471 people were killed in the blast at Al-Ahli al-Arabi Hospital on Tuesday. Gaza's health ministry blamed an Israeli air strike, while Israel said the blast was caused by a failed rocket launch by militants. (Reporting by Jose Joseph in Bengaluru; Divya Rajagopal in Toronto; Editing by Sonali Paul)

Persons: Divya Rajagopal, Jose Joseph, Israel, Sonali Paul Organizations: Canada's National Department of Defence, Al, Canadian Forces Intelligence Command, Defence, U.S . Locations: Ahli, Gaza, France, U.S . Canada, Al, Arabi, Bengaluru, Toronto

[1/2] Graphite powder, used for battery paste, is pictured in a Volkswagen pilot line for battery cell production in Salzgitter, Germany, May 18, 2022. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsOct 20 (Reuters) - As China moved to control some exports of key battery mineral graphite on Friday, miners elsewhere face a race against time to bring new projects to fruition to secure supplies for the next generation of electric vehicles. To stay ahead in a fast-changing industry, carmakers have been investing directly in mining projects to ensure future supplies of the battery inputs. "We see China's move as a potential catalyst to highlight the urgency of improving domestic graphite supply," said John DeMaio, president of Graphex's graphene division. "We've aligned ourselves with several graphite miners outside of China.

Persons: Fabian Bimmer, Hugues Jacquemin, China's, John DeMaio, DeMaio, Stefan Bernstein, Graphite's Jacquemin, Shishir Poddar, Nelson Banya, Clara Denina, Divya Rajagopal, Ernest Scheyder, Veronica Brown, Elaine Hardcastle Organizations: Volkswagen, REUTERS, Graphex, HK, EV, GreenRoc, Thomson Locations: Salzgitter, Germany, China, Warren , Michigan, Greenland, Northern, Tirupati, Madagascar, Mozambique

It was unclear what stake JFE was seeking or what price it was offering. Japan's Nippon Steel (5401.T) has previously said it was looking to buy a 10% stake in Teck's coal business for C$1.15 billion, valuing the overall business at about C$11.5 billion, with an option of increasing its stake to 17.5%. Glencore has said it will consider buying the coal business for about $8.5 billion. JFE Steel holds 15% equity in India's JSW Steel (JSTL.NS), which was also exploring an investment in Teck's coal business. Price said the company had two options -- a 100% sale of the coal business for cash or a partial sale of the coal business, with proceeds going to growing the copper business.

Persons: Chris Helgren, Glencore, Major steelmakers, Teck, JFE, Jonathan Price, Price, Divya Rajagopal, Neha Arora, Denny Thomas, Nick Zieminski, Rod Nickel Organizations: Teck Resources, Developers Association of Canada, REUTERS, Rights, JFE Steel Corp, Canada's Teck Resources, Reuters, Japan's Nippon Steel, JFE Steel, JSW, Thomson Locations: Teck, Toronto , Ontario, Canada, Canada's Teck, Russia, JFE, Tokyo, Australia, Swiss, Toronto, India

☆ VIEW Canada's annual inflation cools in September
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +4 min

TORONTO, Oct 17 (Reuters) - Canada's annual inflation rate edged down to 3.8% in September on broad-based price reductions for some travel-related services, durable goods and groceries, Statistics Canada said on Tuesday. This beat analysts' expectations for annual inflation to remain at 4.0%. "It's pretty clear that (the central bank) won't be raising rates in my opinion in October. I think if we had gotten another inflation print like August in September - that was the big risk to have another hike. DEREK HOLT, VICE PRESIDENT OF CAPITAL MARKETS ECONOMICS AT SCOTIABANK"I think on a trend basis, the Bank of Canada is behind the inflation wage cycles.

Persons: CLAIRE FAN, MICHAEL GREENBERG, FRANKLIN TEMPLETON, JULES BOUDREAU, MACKENZIE, There's, They'll, DEREK HOLT, Divya Rajagopal, Steve Scherer, Fergal Smith, Denny Thomas Organizations: TORONTO, Statistics, ROYAL BANK, CANADA, Bank of Canada, Business Outlook Survey, ECONOMICS, SCOTIABANK, Thomson Locations: Statistics Canada

REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsOTTAWA, Oct 17 (Reuters) - Canada's annual inflation rate unexpectedly slowed to 3.8% in September and underlying core measures also eased, data showed on Tuesday, prompting markets and analysts to trim bets for another interest rate hike next week. Analysts polled by Reuters had forecast inflation to hold steady at the 4.0% rate recorded in August. Two of the Bank of Canada's (BoC's) three core measures of underlying inflation also decelerated. Money markets trimmed bets for a rate hike next week after the data. "There's no need for further rate hikes in Canada," Reitzes said.

Persons: Carlos Osorio, Jules Boudreau, stoking, Benjamin Reitzes, Reitzes, Statscan, Derek Holt, Macklem, Ismail Shakil, Steve Scherer, Dale Smith, Fergal Smith, Divya Rajagopal, Jonathan Oatis, Nick Zieminski Organizations: REUTERS, Rights OTTAWA, Reuters, Statistics, Mackenzie Investments, Bank of Canada's, Bank of Canada, BoC, BMO Capital Markets, Scotiabank . Bank of Canada, Thomson Locations: Toronto , Ontario, Canada, Statistics Canada, Mackenzie, Ottawa, Toronto

Used copper wires are seen in a recycling company in Thoerishaus near Bern July 3, 2011. Copper producers increasingly want to share the risk and costs of projects, and the sector has already seen a jump in M&A activity, which more than doubled year-on-year to $14.24 billion in 2022. Miner and trader Glencore (GLEN.L) has been approached by potential investors in its Argentine copper projects Minera Agua Rica Alumbrera (Mara) and El Pachon, two sources said. According to Argentine government data, the projects could produce a combined 435,000 tonnes of copper a year. Both sources declined to be named because the information is not public.

Persons: Ruben Sprich, Glencore, Mara, El, Canada's Lundin, Jack Lundin, Lundin, Hudbay, EY, Paul Mitchell, Farid Dadashev, Clara Denina, Divya Rajagopal, Julian Luk, Veronica Brown, Jan Harvey Organizations: REUTERS, Sumitomo Metal Mining, Sumitomo, Reuters, BHP Group, BHP, Santo Domingo, Hudbay, Capstone, Taca Taca, Global Mining, Metals, RBC Capital Markets, Thomson Locations: Thoerishaus, Bern, Miner, Agua Rica, Argentine, Josemaria, Chile, Santo, Arizona, Rio Tinto's, Peru, Argentina

The move is aimed at helping auto makers to diversify their supply chains and increase their reliance on reliable partners like Canada, Investissement Quebec CEO Guy LeBlanc said on Thursday. LeBlanc said Quebec has secured C$15 billion over the past three years and another C$15 billion is coming in the next three years. He added that the Canadian province decided to play to its strengths and develop a strategy to promote its critical mineral resources, including lithium, nickel and graphite. Over the past three years, Quebec has attracted investments from auto and battery makers such as General Motors (GM.N) POSCO (GM.N) and Ford Motors (F.N). The Canadian government has wooed investments by providing subsidies worth C$28.2 billion for auto makers such as Stellantis and Volkswagen.

Persons: Mark Blinch, Guy LeBlanc, LeBlanc, " LeBlanc, Divya Rajagopal, Paul Simao Organizations: REUTERS, Rights, Reuters, Investissement, General Motors, Ford Motors, Canadian, Volkswagen, Huawei, U.S, Thomson Locations: Toronto, Quebec, Canadian, Canada, Investissement Quebec, North America, China, British Columbia

The first phase of the construction of the Northvolt Six factory just outside Montreal will begin this year and it is expected to be operational in 2026. Northvolt will invest $3.2 billion of the total with the local and federal government each contributing $1 billion, Northvolt Co-Founder Paolo Cerruti told Reuters. "We looked at 70 different sites at the beginning of this process," Cerruti said. The $369-billion U.S. Inflation Reduction Act (IRA) passed last year has prompted companies including Northvolt to look across the Atlantic, attracted by hefty subsidies and cheaper energy. "This size of investment and project can not happen if you don't have an anchor customer," he said.

Persons: Northvolt, Paolo Cerruti, Cerruti, Supantha Mukherjee, Divya Rajagopal, Kirsten Donovan Organizations: Reuters, Northvolt, Canada, Ontario, BMW, RIC, Volvo, Thomson Locations: STOCKHOLM, TORONTO, Swedish, Quebec, Canadian, Montreal, Northvolt North America, United States, Canada, Scania, North America, Stockholm, Toronto

☆ Exclusive: India's JSW Steel slows process to buy stake in Canada Teck coal unit -source
▼ + stars: | 2023-09-21 | by ( Neha Arora | ) www.reuters.com time to read: +3 min

The source said discussions between JSW Steel - India's largest steelmaker by capacity - and Teck over the stake sale had slowed down, although work on the paperwork continued. JSW Steel declined to comment. "We do not comment on market rumours or speculation," Teck Resources said in an emailed response to Reuters queries. JSW steel is one of the largest customers of Teck's coal business. For India, Canada is the fourth-largest exporter of coking coal used in the steel business, according to Indian government data.

Persons: Chris Helgren, Teck, JSW Steel, JSW, Glencore, Neha Arora, Divya Rajagopal, Clara Denina, Emelia Sithole, Mark Porter Organizations: Teck Resources, Developers Association of Canada, REUTERS, JSW Steel, Ottawa, British Columbia, JSW, Reuters, Investment, Standard Chartered, Deutsche Bank, Japan's Nippon Steel, Thomson Locations: Teck, Toronto , Ontario, Canada, DELHI, India, New Delhi, Canadian, British, Vancouver, Australia, Russia, United States, Toronto, London

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