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Barrick has been building its copper business organically and said it is exploring copper drilling opportunities in countries such as Chile and Argentina. "We have always said that if you want to be relevant as a gold miner you have to be in copper business," Bristow added. Gold is often a byproduct of copper, a critical metal required for electrification and the transition to a greener economy. Teck last month withdrew its plan to split its coal and metals business after it failed to secure shareholders' approval. Bristow said Glencore's proposal made a "lot of sense" as Glencore could handle Teck's debt and had offered a clean split of Teck's business.

☆ Glencore says takeover bid for Teck Resources still stands
▼ + stars: | 2023-04-27 | by ( Clara Denina | ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Glencore Plc (GLEN.L) said on Thursday its takeover bid for Teck Resources Ltd (TECKb.TO) still stands, after the Canadian miner scrapped a restructuring plan that would have ended it. It chief executive, Jonathan Price, repeated on Wednesday his objection to Glencore's bid, saying he would "not engage in something that is a distraction". Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck. Glencore also said it "remains committed to ensuring that its proposal delivers real benefits to Canada." On Monday, Chrystia Freeland, Canada's deputy prime minister, said Teck should remain headquartered there, providing the clearest indication to date that Ottawa was closely watching the takeover battle.

☆ Teck Resources withdraws restructuring ahead of vote, as Glencore circles
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Teck Resources Ltd (TECKb.TO), the target of an unsolicited takeover bid by Glencore (GLEN.L), on Wednesday said it has withdrawn a proposed restructuring plan just hours ahead of a shareholder vote on it. The Vancouver-based miner operates under a dual-class structure and would need approval from two-thirds of shareholders on both sides for the restructuring. "Glencore's rejected proposals remain a non-starter, with the same flawed structure and material execution risks identified by our Board," Teck boss Jonathan Price said. Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck. Letko added that internally, some of its employees were divided on whether the deal would succeed or not.

☆ Norway sovereign fund backs Teck Resources in battle with Glencore
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of the Canadian mining company Teck Resources Limited is displayed as people visit the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023. REUTERS/Chris Helgren/File PhotoOSLO, April 21 (Reuters) - Norway's sovereign wealth fund, one of the world's largest investors, said on Friday it will support a plan by Canadian miner Teck Resources (TECKb.TO) to spin off its metallurgical coal business and focus on copper and zinc. Glencore on Wednesday said it was willing to improve its $22.5 billion offer for Teck, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table. But the Norwegian sovereign wealth fund, which does not own shares in Glencore due to the Swiss company's large thermal coal business, said it would vote in favour of Teck's plan. The Norwegian fund at the end of 2022, the last available data, owned a 1.48% stake in Teck Resources worth $287 million, while its share of voting rights under the miner's dual-class share structure stood at 0.59%.

☆ Glencore in hot pursuit of Teck with eyes on copper assets
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

April 19 (Reuters) - Swiss miner Glencore Plc (GLEN.L) said on Wednesday it was willing to raise its bid for Canada's Teck Resources Ltd (TECKb.TO), its latest attempt to bring the Canadian miner on the negotiation table ahead of restructuring. Teck has repeatedly rejected Glencore's offer and instead urged shareholders to vote for the company's own plan to split its coal and copper businesses. Here is the snapshot of key events in the Teck-Glencore saga so far. Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd WiegmannApril 19 (Reuters) - Glencore (GLEN.L) has told Teck Resources (TECKb.TO) shareholders it is willing to improve its $22.5 billion takeover offer, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table. In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage. "With engagement, we could improve our proposal's terms and value, which would be in the best interests of all Teck shareholders." "The vote (on Teck's restructuring plan) is highly likely to go through without an official bump in terms (from Glencore)," Ben Cleary, portfolio manager at Tribeca Global Natural Resources Fund, told Reuters.

☆ Glencore raises pressure on Teck Resources with promise of higher bid
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage. Glencore Chief Executive Gary Nagle flew to Canada to meet shareholders last Thursday after revising its unsolicited bid to include up to $8.2 billion in cash. Teck's board rejected that as too low, adding that it would unnecessarily expose shareholders to a large thermal coal business and an unwanted oil trading unit. Glencore's proposal would combine and spin off its thermal coal unit and Teck's steelmaking coal business.

☆ IBM's numbers prove it's a stable play in macro turmoil, says Evercore's Amit Daryanani
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIBM's numbers prove it's a stable play in macro turmoil, says Evercore's Amit DaryananiAmit Daryanani, Evercore ISI managing director, joins 'Closing Bell: Overtime' to discuss IBM after the company reported earnings today.

☆ Evercore's Mark Mahaney is still bullish on Netflix despite 'disappointing' Q1
▼ + stars: | 2023-04-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEvercore's Mark Mahaney is still bullish on Netflix despite 'disappointing' Q1Mark Mahaney, Evercore ISI head of internet research, joins 'Closing Bell: Overtime' to discuss Netflix after the company reports earnings.

☆ Club meeting recap: Jim Cramer says Johnson & Johnson's post-earnings sell-off is wrong and a chance to buy
▼ + stars: | 2023-04-18 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer said Tuesday this is traditionally not the kind of call to greet with open arms. J & J decline misguided Investors are wrong to be selling J & J shares after the company's first-quarter earnings report, Jim Cramer said. While J & J topped Wall Street estimates on the top-and-bottom lines, investors may have gotten worried by management's comments about foreign exchange rates weighing on J & J's long-term revenue forecasts. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Glencore courts 120 Teck investors for bid backing as spinoff vote looms -source
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. The Swiss mining giant would instead combine and spin off its thermal coal unit and Teck's steelmaking coal business. Glencore's initial bid represented a 20% premium to Teck's closing stock price on March 26, when it was made privately. JP Morgan analysts said in a note on Monday that Glencore could pay as much as $27.2 billion. Reporting by Clara Denina; Additional reporting by Mrinalika Roy; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Teck's base metals business attracts offers from Freeport, Vale, Anglo
▼ + stars: | 2023-04-16 | by ( Mrinmay Dey | ) www.reuters.com time to read: +2 min

These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L). Freeport, Vale and Anglo American declined to comment. Teck investors will decide on the Canadian miner's restructuring plan on April 26. Influential proxy advisor Institutional Shareholder Services (ISS) on Thursday advised shareholders to reject Teck's restructuring plan on uncertainties and structural issues. The Globe and Mail first reported interest in Teck's base metals business.

☆ TSX notches 6-week high as investors cheer US bank earnings
▼ + stars: | 2023-04-14 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) rose 15.42 points, or 0.1%, to 20,579.91, its highest closing level since March 3. "Good bank earnings out of the U.S. spilled over into Canada," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. Canadian banks had been pressured in recent weeks by the banking stress in the United States and Europe. The Toronto market's heavily-weighted financials sector added 0.2%, while energy was up 0.3% as oil added to recent gains. Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

ET (1413 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 26.71 points, or 0.13%, at 20,591.2. The heavily-weighted financials sector (.SPTTFS) added 0.4%, mirroring gains in big U.S. banks. "The read through to Canada is largely from the banks (in the U.S.) because the banks comprise about 20% of the weight of the Toronto Stock Exchange," said Brian Madden, chief investment officer at First Avenue Investment Counsel. "It is good news for the Canadian banks in general because they have operations in the United States, so that should bode well for their results in their US operations." Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Top tech analyst Mahaney has 2 buys and a short going into first-quarter earnings
▼ + stars: | 2023-04-13 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Evercore ISI is gearing up for first-quarter tech earnings by making short-term, bullish calls and a tactical bearish recommendation. Well-known technology analyst Mark Mahaney said underperformance in first quarter earnings is less likely given the negative revisions already seen across the tech sector in recent quarters. 1-ranked analyst for five years, named two two of his favorite tech names going into first quarter earnings, and one stock to bet against. Wall Street's consensus for Meta's first-quarter revenue is reasonable while the second quarter's is beatable, Mahaney argued. While industry checks were in line with forecasts through the beginning of March, demand appears to have cooled later in the quarter, Mahaney said.

☆ The head of tech at indie music publisher TuneCore credits the company's growth to its collaborative approach to building new products
▼ + stars: | 2023-04-13 | by ( Nicholas Fearn | ) www.businessinsider.com time to read: +6 min

Thanks to the advancement of technology, music is transforming rapidly and becoming more accessible than ever before. In an industry dominated by behemoths like Spotify and Apple Music, TuneCore continues to strengthen. The mastermind behind TuneCore's product, technology, and operations is chief technology and product officer (CTPO) Alisha Outridge. To create the most impactful products, TuneCore utilizes a dual qualitative and quantitative measurement approach. Reflecting on the past decade, Outridge said Web 2.0 technologies have transformed "how fans discover new music and artists, connect with their favorite artists, and how artists create music."

☆ Inflation slowed dramatically in March, but Evercore says it's not an all-clear for stocks. Here's how it says investors should position for upside while staying safe.
▼ + stars: | 2023-04-13 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

Evercore says that concerns about inflation and financial stability will still drive stocks. Inflation continues to fade, which means it's much more likely that the Fed's rate hiking campaign is coming to an end. Emanuel says investors should apply that strategy using both the S&P 500 and QQQ, the popular ETF tracking the Nasdaq 100 index. So, in essence, his advice is that investors should position for the index to give up its gains, and buy support that would protect them at the 3,800 level. The idea is that investors can protect themselves against the S&P 500 falling through the 3,800 and 3,575 levels with puts.

☆ Evercore's Hyman: Fed's already make a mistake by tightening too much
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEvercore's Hyman: Fed's already make a mistake by tightening too muchEd Hyman, Evercore ISI chairman, joins 'Squawk on the Street' to discuss Hyman's thoughts on a potential recession, if the Federal Reserve still has work to do and more.

LONDON, April 12 (Reuters) - The zinc market was defined by smelter woes last year with global refined metal production dropping by 4.1% relative to 2021, according to the International Lead and Zinc Study Group (ILZSG). But the smelter bottleneck was severe enough to generate a global supply shortfall of more than 300,000 tonnes, according to ILZSG. A sharp rise in the annual benchmark smelter processing fee should incentivise a turnaround in metal production. Annual "benchmark" zinc smelter processing feesOUT-OF-SYNCH SUPPLY CHAINThis year's benchmark treatment charge, the fee a smelter earns for converting mined concentrates into metal, has been set at $274 per tonne, up from $230 in 2022 and $159 in 2021. Global mined and refined zinc production annual changeSMELTER RECOVERY?

Glencore latest offer is for Teck's shareholders to receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck said its board will review and evaluate the offer, but nevertheless believes it is "largely unchanged" from the original bid. "The revised proposal does not provide an increase in the overall value to be received by Teck shareholders or appear to address material risks previously raised," Teck said in a Tuesday statement. "Getting Teck's Class A shareholders on board is a separate, more substantial challenge," LaFemina added. Reuters on Monday reported that Glencore Chief Executive Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

☆ Glencore adds cash option to Teck bid in effort to sway shareholders
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 11 (Reuters) - Glencore (GLEN.L) proposed introducing a cash component to its $22.5 billion bid for Teck Resources (TECKb.TO) on Tuesday and urged its board to delay an impending vote on a restructuring. Glencore is now proposing that Teck shareholders receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck, which did not immediately respond to a request for comment, had said in its rejection that it did not want to expose its shareholders to thermal coal. "This new bid from Glencore raises the odds of the vote (on proposed restructuring) not going Teck's way." Reuters on Monday reported that Glencore CEO Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

TORONTO, April 10 (Reuters) - Glencore Plc (GLEN.L) Chief Executive Gary Nagle plans to meet with some of Teck Resources Ltd's (TECKb.TO) Canadian shareholders in Toronto this Thursday to personally lobby them for support of Glencore's proposed takeover of the copper and zinc miner, according to a source who was invited. Royal Bank of Canada's (RY.TO) RBC Capital Markets will host the Toronto lunch meeting, according to Jonathan Case of CI Global Asset Management, a Teck shareholder who was invited. RBC has been one of Glencore's bankers in the past. Teck's executives on Monday reinforced their rejection of Glencore's unsolicited $22.5 billion takeover offer. Reporting by Divya Rajagopal in Toronto; Editing by Ernest Scheyder and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

A shareholder vote on Teck's plan is scheduled for April 26. "A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Teck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. "This is not just about price," Price said on Monday.

April 10 (Reuters) - Canada's Teck Resources (TECKb.TO) on Monday reinforced its rejection of an unsolicited $22.5 billion bid from Glencore (GLEN.L), calling it "an illusion" and telling shareholders that its proposed restructuring is the only option on the table. "A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. "This is not just about price," Price said on Monday. Price also said that Teck is open to partnering with Glencore and other companies on "the creation of ...joint venture to unlock regional synergies."

☆ Canadian miner Teck Resources pushes for restructuring, says Glencore bid 'flawed'
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

April 10 (Reuters) - Canada's Teck Resources (TECKb.TO) on Monday doubled down on its push to reject an unsolicited $22.5 billion bid from Glencore Plc (GLEN.L) citing "fundamental flaws" in the offer and urged shareholders to instead vote for a restructuring. The Swiss miner's buyout bid, which was made public last week, includes a plan to simultaneously spin off the thermal and steelmaking coal businesses and rebrand the remaining company as GlenTeck. read moreTeck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company, adding that the deal would expose its shareholders to thermal coal, oil, LNG and related sectors. The company once again said more value could be unlocked through a proposed restructuring in which the Vancouver-based miner would spin off its steelmaking coal unit to focus on copper and other industrial metals. Reporting by Mrinalika Roy in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

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