Takeover by Swiss mining giant could put B.C. jobs at risk: David Eby
Premier David Eby says the provincial government doesn’t have the legal authority to block a takeover of B.C.’s Teck Resources by Swiss giant Glencore, but will be lobbying the federal government to do what it can to prevent it.
He also pointed to Glencore’s reputation, which was seriously tarnished last year when the company pleaded guilty to bribery and market manipulation, and ended up paying more than US$1 billion in fines. The split has a lot to do with environmental, social and governance issues. ESG-minded investors who want to invest in metals like copper – critical to decarbonization – may not want the company they invest in tied to coal mines – not even those that mine coal for making steel.
Under its proposal, Glencore said it would maintain an office in Canada, but hasn’t said where, raising concerns Vancouver could lose yet another major corporate head office. Eby said certain Teck mine projects might also be at risk, citing the Fording River coal mine expansion as one example. “We’re in a very sensitive time in the Elk Valley area, with negotiations between First Nations and Teck, and Teck having to demonstrate their commitment around addressing issues like selenium pollution,” Eby said.
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