Teck’s new CEO looks to tap cash from coal to fuel copper expansion coal copper diversifiedmining Canada
Teck Resources' new chief aims to leverage his company’s booming coal business to get bigger in copper and become a “significant” miner of the metal behind the global energy transition.
Teck’s copper drive is part of a longstanding push to reposition the company, whose business of producing steelmaking coal has been the biggest revenue contributor for more than a decade. Copper represents less than a fifth of sales so far this year, while metallurgical coal accounts for more than half of revenue.“We like those cash flows very much,” Price, 46, said. “The intent is to invest those cash flows into further growth in copper.
“We expect to see an undersupplied copper market for some time yet, which will be very constructive for prices,” he said. The increased copper focus comes as Price highlights Teck’s goal to be a “nature positive” mining company by 2030, which includes conservation agreements to protect 14 000 ha of land — more than 40% of its current mining footprint. Price is attending the United Nations biodiversity conference in Montreal this week, where he will be participating in two panel discussions on Tuesday.
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