Teck turns out roses for CIC
By Richard Fu |
October 11, 2010, Monday
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Print Edition
Print Edition
TECK Resources Ltd, Canada's largest base-metals and coal producer, said an investment by China's sovereign wealth fund has almost tripled in value and it is eying a listing in Shanghai as it sells its products to more customers in China.
China Investment Corp bought 17.2 percent of Teck in July last year for US$1.5 billion, and the stake is now worth US$4.3 billion, Donald Lindsay, CEO of Teck, said in Shanghai.
Teck, the world's second-largest seaborne exporter of coal for steelmaking, said it now sells the commodity to five to six major steel companies in China after CIC introduced it to a number of Chinese mills.
Lindsay also said that it "makes sense" for Teck to list in Shanghai, which will launch an international board.
"We would like to be one of the earliest (foreign) companies to list here," he said.
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