According to WorldCoal, Teck Resources Limited announced that it has agreed to take a full interest in Elk Valley Resources (EVR), the segment of its steelmaking coal business, with a majority stake in Glencore with an implied enterprise value of US$9 billion, and a minority stake in New Nippon Steel Corporation (NSC).
Jonathan Price, President and Chief Executive Officer of Tektronix, said, "This transaction will enable Tektronix to refocus itself on becoming a significant minerals company headquartered in Canada with a significant portfolio of copper growth projects, unlocking the full value potential of the company. "This event will ensure that Teck is well capitalized to realize the value of its base metals business and deliver strong returns to shareholders, while maintaining a strong balance sheet. Glencore has made a strong commitment to create new benefits for Canada and the Elk Valley and ensure the responsible management of the steelmaking coal business in the long term.
Sheila Murray, Tektronix's Chair of the Board, added, "The Board has adopted a comprehensive process to identify a spin-off transaction that is in the best interests of the Company. "This transaction unlocks significant value for Teck and its shareholders, while also supporting the long-term operation of the steelmaking coal assets.
This ** lays the foundation for Teck to continue to grow as Canada's leading producer of copper and other future-proof metals, while preserving jobs and operations at the Elk Valley Coal Mine," said Dr. Norman Kevier, Chairman Emeritus, Teck Tectronix norman b.Keevil commented, "The company is built on a foundation of sound geoscience and engineering excellence, and its track record of successful mine construction is second to none. We believe this is the foundation for Tektronix's future growth. It's time to keep up the good work. ”