Teck and Glencore dispute investor appetite for coal
and Fidelity Investments – two of the six largest Glencore shareholders – are publicly committed to dumping their stakes in thermal coal producers by 2030. “Thermal coal is significantly carbon intensive, becoming less and less economically viable, and highly exposed to regulation because of its environmental impacts,” BlackRock said in a recent report.
Institutions have a very different take on steel-making coal, which the industry successfully portrays as essential to the energy transition. BlackRock and Fidelity are among Teck’s largest shareholders, and can own its collection of British Columbia-based mines, which will be branded as Elk Valley Resources Ltd.
The steel makers are buying in at a valuation far higher than what investors pay for thermal coal stocks. And Nippon has publicly stated that, over time, it intends to buy more Elk Valley shares.
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