Gold entrepreneur Lassonde’s strategy aligns with that of Norman Keevil, who has rejected this week’s proposal by Glencore of Switzerland to merge with Teck in an all-share deal
in an all-share deal. Mr. Keevil, a Canadian resources nationalist who has decried the hollowing out of the Canadian mining industry in recent decades, has said he would not sell to a foreign company at any price.
Elk Valley would hold all of Teck’s metallurgical coal assets, leaving Teck as a base metals company with a focus on copper and zinc. Teck is valuing its Elk Valley offspring at C$11.5-billion. Its shares would be listed on the Toronto Stock Exchange and start trading on June 6. After the spin-off, Elk Valley, which would start life with a debt-free balance sheet, would deliver at least C$14-billion in payments, through royalties and dividends, to Teck for up to 11 years.
There are rumours that several investment groups from Australia, United States and Europe are keen to buy Elk Valley and take it private. Were any of them to change the nature of the company by, say, shrinking production or eliminating new coal projects, the payment stream to Teckmight come into jeopardy.
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