Teck Resources is dividing into two separately listed companies with big plans to grow its copper and zinc operations. Find out more.
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Despite the separation, Teck Metals will continue to use cash flows from Elk Valley Resources through an 87.5-per-cent interest in a gross revenue royalty scheme and preferred shares to fund its copper growth. Between 2024 and 2026, the company expects to boost its copper production to between 545,000 and 640,000 tonnes per year. In 2022, it produced 270,500 tonnes., given it is essential for most electricity-related infrastructure, including wind turbines and solar photovoltaic panel wiring, and to transfer electricity.
The lower production was due to a two-month outage at its Elkview operations, amid repairs, labour constraints and extreme weather events, the company said. Teck’s separation will need to be approved by shareholders, who are expected to vote on the matter in late April. For the proposal to be successful, Teck will need two-thirds of shareholders to vote in favour of the move.
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