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Top related persons:
Sajjan Jindal - 1 Jindal - 1 JSW - 1 Una Galani - 1 Thomas Shum - 1
Top related locs:
BENGALURU Teck Mumbai India JSW Australia Ukraine North America
Top related orgs:
Teck Resources - 1 Bloomberg - 1 Tata Steel - 1 Steel Authority of India - 1 South - 1 JSW - 1 Elk Valley Resources - 1 Deloitte - 1

Search resuls for: "Elk Valley Resources"


5 mentions found


☆ Indian interlopers can disrupt global mining M&A
  + stars: | 2023-08-25 | by ( Pranav Kiran | ) www.reuters.com   time to read: +3 min
BENGALURU, Aug 25 (Reuters Breakingviews) - An Indian tycoon has a powerful motive to throw himself into some global mining M&A. Sajjan Jindal is looking to pull together a consortium to take a 75% stake in the coal unit of Canadian miner Teck Resources (TECKb.TO), according to Bloomberg. Such a move would pit his $23 billion Mumbai-listed JSW Steel (JSTL.NS) against a rival $8 billion bid by Swiss commodities giant Glencore (GLEN.L). In North America, JSW already has steel plants in Ohio and Texas, and coal mining facilities in West Virginia. Anchoring a consortium bid makes sense but if push comes to shove, Indian tycoons can afford to be aggressive interlopers.
Persons: Sajjan Jindal, Jindal, JSW, Una Galani, Thomas Shum Organizations: Reuters, Teck Resources, Bloomberg, Tata Steel, Steel Authority of India, South, JSW, Elk Valley Resources, Deloitte, Chamber of Commerce, Thomson Locations: BENGALURU, Teck, Mumbai, India, JSW, Australia, Ukraine, North America, Ohio, Texas, West Virginia, Teck Resources, Elk Valley, Elk
☆ Canadian entrepreneur Lassonde plans to buy blocking stake in Teck's Elk Valley, Globe and Mail reports
  + stars: | 2023-04-08 | by ( ) www.reuters.com   time to read: +1 min
April 8 (Reuters) - Canadian entrepreneur Pierre Lassonde is planning to buy a blocking stake in Elk Valley Resources, the steel-making coal unit to be spun off by Teck Resources Ltd (TECKb.TO), the Globe and Mail reported. In an interview with the Canadian newspaper published on Friday, Lassonde expressed his interest in the soon-to-be divested unit of Teck, saying he wanted the company's assets to "remain Canadian." Teck Resources could not be reached immediately for comment. Under terms of a deal offered previously by minority shareholder Nippon Steel, the Elk Valley unit will have an enterprise value of C$11.5 billion. Teck Resources in February said it will receive an 87.5% interest in gross revenue royalty from the steel-making coal business through the transition period.
☆ Glencore’s Teck gambit could slip on an oily patch
  + stars: | 2023-04-06 | by ( Karen Kwok | ) www.reuters.com   time to read: +4 min
Valued at 6 times its expected 2024 EBITDA of $3.2 billion, Teck’s metals unit would be worth just under $20 billion. Glencore boss Gary Nagle’s alternative plan, which would hand Teck shareholders 24% of the enlarged company, initially looks more appealing. Nagle can’t put the business, the pride of Glencore founder Marc Rich, together with the new coal unit. The risk for Nagle is that Teck shareholders do too. Teck shareholders will vote on the company’s proposal on April 26.
☆ Canada's Teck Resources rejects $22.5 bln buyout offer from Glencore
  + stars: | 2023-04-03 | by ( ) www.reuters.com   time to read: +1 min
April 3 (Reuters) - Teck Resources Ltd (TECKb.TO) on Monday rejected an unsolicited $22.5 billion bid from Swiss commodity firm Glencore Plc (GLEN.L), sending the U.S.-listed shares of the Canadian copper miner up about 10% in premarket trading. Teck said more value can be achieved with the proposed restructuring announced earlier this year than the sale of the company. "The board is not contemplating a sale of the company at this time," Teck Chair Sheila Murray said. The company had in February said it would spin off its steelmaking coal unit to focus on industrial metals such as copper. After the separation, Teck will re-brand itself as Teck Metals Corp, while the new divested unit will be listed in Toronto as Elk Valley Resources Ltd.
☆ Investors question Teck on climate even after Canadian miner's coal spin-out
  + stars: | 2023-03-21 | by ( Divya Rajagopal Simon Jessop | Divya Rajagopal | Simon Jessop | ) www.reuters.com   time to read: +5 min
[1/3] Visitors pass a logo of Teck Resources Ltd mining company during the Prospectors and Developers Association of Canada (PDAC) annual convention in Toronto, Ontario, Canada March 4, 2019. REUTERS/Chris HelgrenTORONTO, March 21 (Reuters) - Investors have yet to embrace Canadian miner Teck Resources Ltd's (TECKb.TO) proposal to spin off its highly polluting coal business and focus on production of copper to help supply society's move toward electric vehicles. Last month, Teck announced a split into copper-focused Teck Metals and Elk Valley Resources (EVR), which will focus on high-margin coal for steel making. In 2021, South African miner Anglo American demerged and listed its thermal coal business. "The coal business is profitable for now, and using its proceeds to fund its copper business is a pragmatic way towards transition," said Dustyn Lanz, Senior Advisor ESG Global Advisors.
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