Teck Resources Rises After Reporting Higher Quarterly Profit on Coal Sales Jul 24, 2009
Chief Executive Officer bought Fording Canadian Coal Trust last year to increase Tecks sales of metallurgical coal, a key steelmaking ingredient. The purchase followed acquisitions of copper assets in 2007 aimed at reducing the companys vulnerability to zinc prices. (Bloomberg -- Canada)
Teck Reports Second Quarter Results for 2009 Jul 23, 2009
These forward-looking statements, principally under the heading "Outlook," but also elsewhere in this document, include estimates, forecasts, and statements as to management's expectations with respect to, among other things, our future earnings and cash flow , our plans to reduce our outstanding indebtedness and the expected impact of steps that we have taken to reduce spending, potential sources of funds to repay indebtedness, our planned sales of assets, proposed discussions with our lenders,... (CCNMatthews Press Releases)
China Investment buying 17% US$1.5bil in Teck Resources Jul 4, 2009
8-billion purchase of Fording Canadian Coal Trust last year. China, on the other hand, has been aggressively pursuing major acquisitions or investments in commodity companies. (The Star Online, Malaysia)
Teck Sells 17% Stake to Chinese Fund for C$1.74 Billion to Reduce Debt Jul 4, 2009
8 billion of loans last year to buy Fording Canadian Coal Trust, a producer of coal used in steelmaking. Teck last year sold more than half of its coking coal production to Japan and Korea and recently started selling to China, the world's largest steelmaker. (Bloomberg -- Canada)
China Investment Buying Stake in Teck Resources Jul 4, 2009
8 billion purchase of Fording Canadian Coal Trust last year. After the deal was struck in July, prices for most commodities tanked. (ABC News -- Wire)
Foundation Coal sells for $1.4B May 14, 2009
Alpha and other large coal companies routinely talk about making acquisitions, but Teck Comincos takeover of Fording Canadian Coal Trust last year and St. Louis-based Peabody Energys purchase of Australias Excel Coal in 2006 have been the exception. More common have been smaller deals such as Russian metals company Mechel OAOs recent purchase of Appalachian coal producer Bluestone Industries for $436 million plus 83. (Gillette News-Record, WY)
Teck to offer senior secured notes May 5, 2009
The metals and coal producer's shares have been rising steadily since it announced a reprieve from its lender on billions borrowed from its $14-billion purchase of Fording Canadian Coal Trust last year. Teck Resources. (Globe and Mail -- Business)
Teck to sell stake in Pogo for $245-million May 1, 2009
The company has been struggling to repay nearly $10-billion in debt largely amassed through last year's $14-billion purchase of Fording Canadian Coal Trust. Teck Resources. (Globe and Mail)
China's runaway steel train Apr 13, 2009
Selling to China's coastal regions was a key driver behind the company's $14-billion (Canadian) takeover last year of Fording Canadian Coal Trust a deal that has left Teck straining under more than $9-billion (U.S.) in debt. It's one of the reasons that we believe in the coal assets, said Teck spokesman Greg Waller. (Globe and Mail)
Teck Cominco Sold About 5.6 Million Shares of Kinross for $101 Million Apr 9, 2009
8 billion in borrowings last year to buy Fording Canadian Coal Trust, a producer of coal used in steelmaking. Teck Cominco rose 78 cents, or 9. (Bloomberg -- Canada)
Teck readies $2-billion asset sale Apr 7, 2009
Canada's largest base metals miner is struggling to reduce the enormous debt load it incurred from its top-of-the-market, $14-billion (Canadian) takeover of Fording Canadian Coal Trust last year. Teck must begin paying down a $4-billion (U.S.) term loan in April, and a bridge loan now worth $5. (Globe and Mail)
Teck pitches coal stake to pension funds Mar 7, 2009
Teck is struggling to reduce the enormous debt load it incurred from its top-of-the-market, $14-billion (Canadian) takeover of Fording Canadian Coal Trust last year ... Both executives are veterans of the Ontario Teachers' Pension Plan, which co-owned Fording Canadian Coal Trust for six years. (Globe and Mail -- Business)
Teck Cominco loses appeal to stay insurance suit over Columbia River damage Feb 21, 2009
The decision Friday comes as Teck tries to cope with a crushing debt load it built up from its 14 billion purchase of Fording Canadian Coal Trust last fall. It has about 10 billion of debt on its books, and has been selling assets, cutting production, its dividends and staff to try and cope with the loan and falling commodity prices in the current recession. (Longview Daily News, WA)
Ailing Teck looks to sell coal stake Feb 19, 2009
Teck's top-of-the-market acquisition last year of Fording Canadian Coal Trust gave it full ownership of the world's second-largest coal-producing assets, but also saddled the Vancouver company with more than $10-billion in debt. Canada's biggest base metals miner confirmed yesterday, for the first time, that it hopes to sell a stake in the coal operations and use the proceeds to reduce the crushing debt load. (Globe and Mail)
Teck Cominco posts Q4 net loss Feb 17, 2009
The company, which is a top copper and zinc producer and has holdings in the Alberta oil sands, took over Fording Canadian Coal Trust to get full control of the Elk Valley Coal Partnership, one of the world's top producers of metallurgical coal. ID:nN08524937] ($1=1. (Reuters)
Grande Cache cuts output, jobs Feb 12, 2009
Teck, the world's largest producer of zinc and metallurgical coal, said the cuts will also help eliminate redundancies after its acquisition of Fording Canadian Coal Trust late last year. About 1,000 employee and 400 contractor positions will be eliminated by the end of 2009, with most of the cuts coming in the first quarter. (Globe and Mail -- Business)
The Top 5 Stocks Revealed Feb 11, 2009
The mountain of debt the company took on to fund its acquisition of Fording Canadian Coal Trust last year has given many investors the willies. Many expect the company will need to sell off some assets to pay down the debt, like Rio Tinto (NYSE: RTP) has done in its sale of assets to Vale (NYSE: RIO). (MSNBC -- Business)
