TECK RESOURCES LTD. $34 is a buy. The company (Toronto symbol TECK.B; Resources sector; Shares o/s: 532.5 million; Market cap: $18.1 billion; Dividend yield: 0.6%; Takeover Target Rating: Lowest; www.teck.com) is reportedly planning the sale or spin-off of its metallurgical coal business. Metallurgical coal, a key ingredient in steelmaking, accounted for 43% of Teck’s revenue in the second quarter of 2021 and 35% of its profits.
Separating the coal operations would let Teck focus on its copper, zinc and oil sands operations. It’s currently building a second phase to its Quebrada Blanca copper mine in northern Chile. The project should increase Teck’s copper production by 60% when it begins operating in 2022.
A spinoff would also improve Teck’s appeal with institutional investors, who more and more are avoiding producers of fossil fuels.
Even if the company decides to hang on to the coal business, we like its prospects. Coal prices continue to rebound as government infrastructure projects spur steel demand.
Teck is a..
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