In the largest oil-sands transaction in years, Teck sold its 21.3 per cent stake in the Fort Hills project to Calgary-based Suncor Energy, which now owns 75.4 per cent of the operation. (The Logic)
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In the largest oil-sands transaction in years, Teck sold its 21.3 per cent stake in the Fort Hills project to Calgary-based Suncor Energy, which now owns 75.4 per cent of the operation. (The Logic)
Talking point: Vancouver-based Teck has long signalled an intention to divest of its oil-sands interests in favour of “low carbon metals” used to make products like batteries. Before retiring from his role after 17 years, former Teck CEO Don Lindsay suggested the company would have to divest of its bitumen operations in order to satisfy increasingly environmentally-conscious investors. “We’re conscious that there are quite a few investors that cannot buy Teck when we have a certain proportion of our revenues coming from oil sands,” he told The Globe and Mail in July. Teck is among Canada’s largest mining companies, and a major developer of copper and metallurgical coal.
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