Topic: How To Invest

The Successful Investor Hotline – Friday, June 9, 2023

Article Excerpt

TECK RESOURCES LTD., $56.72, Toronto symbol TECK.B, remains a buy for investors seeking long-term gains from the Resources sector of their portfolio. The company is a leading producer of metallurgical coal, a key ingredient in steelmaking. It also produces copper and zinc. Teck confirmed this week that it has received several takeover offers for its coal operations. The company recently cancelled a controversial plan to spin off its coal business yet continue to receive revenue from that business. Winning shareholder approval would have been difficult. As a result, Teck is now working on a new proposal to separate the coal business. It’s also possible that Switzerland-based mining firm Glencore plc (Over-the-counter Pink Sheets symbol GLCNF) could launch a new bid for the entire company. In April 2023, Teck rejected Glencore’s unsolicited offer of roughly $23 billion U.S. To put that in context, Teck’s current market cap (the value of all outstanding shares) is $29.2 billion (Canadian). Teck remains a buy. Teck Resources recent coverage: Hotline…