China Investment Corporation (CIC) sells 7% of its stake in Teck Resources
View of Teck's Elk Valley Mine. — Photo courtesy Teck
Teck Resources Limited has announced that China Investment Corporation (”CIC”) has advised that its subsidiary Fullbloom Investment Corporation has sold in a private transaction 42 million Class B subordinate voting shares of Teck, representing 7.36 per cent of the outstanding Class B subordinate voting shares and approximately 7.26 per cent of all outstanding Teck shares. Following the transaction, CIC indirectly holds 59,304,474 Class B subordinate voting shares, or 10.40 per cent of the outstanding Class B shares, with a voting interest of approximately 4.40 per cent in Teck.
CIC has advised Teck that it has undertaken the transaction in the ordinary course of its portfolio adjustment and that it intends to continue to hold the balance of its Class B shares as a long-term financial investor.
Teck President and CEO Don Lindsay said: “Prior to their purchase of our shares in July 2009, CIC told us they intended to be a long-term partner focused on financial returns. They have fully lived up to that commitment and, in addition, have been helpful in building important relationships with customers and others in China. We understand CIC’s reasons for monetizing a portion of its shareholding and are pleased that CIC intends to remain a significant financial investor in Teck.
Mr. Ju Weimin, Executive Vice President of CIC said: “We have been a shareholder of Teck since 2009. We have full confidence in the management of Teck. The fundamentals of the company are sound. We are supportive of the strategic direction of Teck and look forward to ongoing close cooperation in future.”
(Forward-Looking Statements Apply)
About Teck
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.
