Reported about 1 year ago
Shares of Teck Resources Ltd. saw a significant increase after announcing plans to reduce debt and return cash to shareholders from proceeds of selling its steelmaking coal business to Glencore Plc. Teck plans to repurchase $2 billion of B class shares, distribute $182 million to shareholders through a special dividend, and start a debt reduction program. The completion of the deal allows Teck to focus on copper projects in Canada, Mexico, Peru, and Chile, with an estimated capital cost of $3.3 billion to $3.6 billion, aiming to increase copper production by 30% by 2028.
Source: YAHOO