Teck Resources Ltd. is planning to separate its multibillion-dollar steelmaking coal business to focus more on industrial metals, according to people familiar with the matter. Canada mining coal
Greenhills is one of the five steelmaking coal operations Teck Resources has in the Elk Valley, British Columbia.
The Canadian miner is expected to make an announcement on the spinoff as early as next week, the people said, asking not to be identified as the matter is private. Deliberations are ongoing and no final decision has been made, the people said.Shares rose 9.9% to C$61.79 at 10:55 a.m. in Toronto before trading was halted. That marks the highest intraday price in 12 years.
Teck has been exploring options for the business since at least September 2021, when people familiar with the matter said the business could be worth about $8 billion. 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.
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