The battle for Teck Resources’ coal and metals assets highlights the challenges the mining industry faces as it looks to a future where its resources are necessary for the clean energy transition, and grapples with its history as a major polluter,…
’ coal and metals assets highlights the challenges the mining industry faces as it looks to a future where its resources are necessary for the clean energy transition, and grapples with its history as a major polluter, experts told BNNBloomberg.ca.
In fighting off Glencore’s bid, Teck has highlighted that its coal is used to make steel, which is necessary to produce goods for the energy transition. Glencore, meanwhile, produces thermal coal, which is used for energy and contributes massively to the planet’s emissions. Teck’s plans appear more focused on company value than reducing emissions, Bataille said. He pointed to other steelmaking techniques such as using hydrogen, and argued those should be the world’s focus as it winds down coal production to fight climate change.Steen said he sees the world’s transition away from steelmaking coal as a “multi-decade story” while alternative forms of steelmaking are developed, and he predicted investors will understand Teck’s approach.
Dustyn Lanz, a senior adviser with ESG Global Advisors, said he sees Teck’s proposal as a “meaningful transition strategy” that bets on coal production coming to an eventual end, and uses steelmaking coal profits in the meantime to build up the metals business.
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