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Teck Resources Limited
Coal oil, copper, steel, zinc, molybdenum and special metals
North America - Canada
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Your current location:Home » News » Teck Continues to Seek Cooperation Chance with CIC

Teck Continues to Seek Cooperation Chance with CIC

Published:2015-12-04        Views:708        Back to list
Teck Resources Limited said it would continue to talk with CIC about the relative possible acquisitions. Last July, the company received $ 1.5 billion strategic investment from CIC.

Don Lindsay, CEO of Teck Resources Limited recently said at the "Financial" interview that recently we indeed talked with CIC about possible acquisitions, although we had not reached a final agreement, but both sides offered each other a chance.

Lindsay said that bilateral cooperation for the acquisition was just a matter of time.

However, Lindsay also said that Teck had a large number of excellent projects to promote and we would continue to increase copper and steelmaking coal mining, and we were not eager to invest.

As Canada's largest diversified mining company, due to the acquisition of Fording Canadian Coal Trust in 2008 and the financial crisis, Teck Resources Limited’s bank debt in 2009 was as high as $ 9.8 billion.

In July 2009, CIC and Teck Resources announced that, through wholly-owned subsidiary of CIC (SPV) Fullbloom Investments LLC, CIC acquired approximately 101 million shares of Class B subordinate voting shares of the Teck resources, equal to $ 1.5 billion. After the completion of the transaction, Class B shares indirectly held by CIC took up approximately 17.5% of Teck Resources Class B shares, 17.2% of the total outstanding shares, thus CIC had the voting rights of 6.7%.

CIC’s investment made Teck Resources through the storm. After one year, it has also become the most successful overseas investment of CIC. Lindsay said to "financial" reporter, the equity value held by Teck Resources has now risen to about $ 4 billion, floating profit about $ 2.5 billion.

In the first half of last year due to debt problems, Teck Resources had been trying to sell about 20% of the coal assets, Lindsay said after the investments, they have no intention to re-sell assets.

According to Lindsay, "financial" reporter revealed last year Teck Resources sold a total of about 5% of its assets, including gold mine located in Alaska and Chile in order to deal with the debt and financial crisis.