Lassonde says he still hopes to buy Teck coal assets
Canadian mining executive Pierre Lassonde says he’s still interested in acquiring Teck Resources' coal assets, and is waiting on the company to decide what it does next following an abortive attempt to spin off the business.
“I have made it very clear over a month ago of my interest in EVR,” Lassonde said Tuesday by email, referring to Elk Valley Resources, Teck’s metallurgical-coal unit. “At this point there’s nothing more I can add. I am waiting for Teck to decide what they want to do.”
Lassonde, 76, is the founder of mining royalty and investment company Franco-Nevada and has been a vocal proponent of keeping Elk Valley Canadian amid takeover interest from Glencore.
Earlier on Tuesday, the Globe and Mail reported Lassonde is part of a consortium that could mount a bid for Elk Valley, and that he’s had discussions with Teck and put forward a plan to buy the business.
“What we have proposed is proprietary and not to be discussed by either side,” Lassonde said in his email, sent from Ireland where he’s on vacation. “Teck has great advisers and a board that can make decisions.”
A spokesperson for Teck declined to comment on Lassonde’s comments. Teck’s Class B shares rose as much as 5.8% in Toronto trading.
Glencore last month made a $23-billion unsolicited bid for the whole of Teck, which rejected the proposal, and sought to block the company’s plan to spin off the coal business. Teck subsequently canceled a shareholder vote on the plan amid opposition from some investors.
Lassonde has previously said he’s convinced the Trudeau government could intervene to block a Teck takeover, if necessary, and that it would be a “tragedy” if a Glencore transaction was approved by the federal government.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation