The Prospector News

Teck Withdraws Separation Proposal

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Teck Withdraws Separation Proposal

 

 

 

 

 

Teck Resources Limited (TSX: TECK.A and TECK.B) (NYSE: TECK) announced it has determined not to proceed with the consideration by its shareholders at its upcoming annual and special meeting on April 26, 2023 of the current proposal to reorganize Teck’s business into two companies: Teck Metals Corp. and Elk Valley Resources Ltd. and the related items of business in respect of the consideration of the stock option plan for EVR and the shareholder rights plan for EVR.

 

“On behalf of Teck’s Board, I thank our shareholders for their support and consideration, as well as the feedback shared throughout this process,” said Sheila Murray, Chair of the Board, Teck. “The Board will focus on incorporating the feedback heard into a revised value-enhancing separation to maximize value for shareholders.”

 

“We received very strong support from shareholders for the goal of separation, which is to unlock value through creation of a premier, pure-play base metals company and a world-class steelmaking coal company. We have also listened and heard the feedback that some shareholders would prefer a more direct approach to separation,” said Jonathan Price, CEO. “Our plan going forward is to pursue a simpler and more direct separation, which is the best path to unlock the full value of Teck for our shareholders.”

 

“In the interim, Teck is poised for value creation; we are ramping up our flagship QB2 copper project to full production, advancing our industry-leading pipeline of copper growth projects, and safely and responsibly optimizing production at our existing operations,” said Price. “Glencore’s rejected proposals remain a non-starter, with the same flawed structure and material execution risks identified by our Board.”

 

All other matters to be considered at the Meeting remain unchanged and are further described in the management proxy circular in respect of the Meeting, which is available under Teck’s profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov), and on Teck’s website (www.teck.com). The Meeting will proceed as scheduled at 12 p.m. PDT to consider these other matters.

 

About Teck

As one of Canada’s leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada,

 

Posted April 26, 2023

Share this news article

MORE or "UNCATEGORIZED"


Global Race for Rare Earths Heats Up -- Canada Must Act Fast, Advises CFFiM

Canada is home to vast reserves of critical minerals, including copper, nickel, potash, and uranium.... READ MORE

November 20, 2025

Arizona Sonoran Cactus Project PFS Technical Report Reporting Post-Tax NPV8 of US$2.30 Billion and IRR of 22.8% is now Filed

Arizona Sonoran Copper Company Inc. (TSX:ASCU) (OTCQX:ASCUF) has filed the Cactus Project NI 43-101 ... READ MORE

November 20, 2025

Grid Metals Intersects High-Grade Cesium at the Falcon West Cesium Project including 14.0% Cs2O over 3.01m

Grid Metals Corp. (TSX-V:GRDM) (OTCQB:MSMGF) is pleased to announce the first five assays from its 2... READ MORE

November 20, 2025

Osisko Intersects 138 Metres Averaging 1.45% Cu in South Extension at Gaspé

Osisko Metals Incorporated (TSX: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to announce new dri... READ MORE

November 20, 2025

NevGold Announces Closing of C$10M Brokered Private Placement Financing

NevGold Corp. (TSX-V:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce that it has closed i... READ MORE

November 20, 2025

Copyright 2025 The Prospector News