Teck Resources Ltd. said it is evaluating options for its steelmaking coal business, including a possible spinoff. Read more.
A coal spinoff would leave Teck with a suite of copper and zinc mines across the Americas, including its Quebrada Blanca 2 copper project in Chile which has long been admired by some of its biggest rivals. It also owns a stake in the Antamina copper and zinc operation with BHP Group and Glencore Plc.
The world’s biggest miners are increasingly looking to exit fossil fuels. Rio Tinto Group has exited coal altogether, while Anglo American Plc has sold out of thermal coal. BHP divested some of its thermal coal and quit oil and gas altogether. BHP and Anglo still have large met coal operations, the sort of coal Teck is looking to hive off.
Teck’s standalone base metals business would make a very attractive M&A target should the controllers ever decide to sell, Citibank analyst Alexander Hacking said in a note Thursday. “The question going forward is whether additional value can be surfaced by splitting the company, at the expense of the diversification and scale benefits,” RBC Capital Markets analyst Sam Crittenden said in a Thursday note. “We don’t see an obvious buyer for the met coal business so this would largely be a standalone met coal business.”
Bloomberg reported last month that the world’s biggest producers have rediscovered an appetite for mega deals, after years of staying on the sidelines.
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