Teck Resources seeks sale of stake in $8 billion coal business

Teck Resources seeks sale of stake in $8 billion coal business

Bloomberg: Teck Resources Ltd is exploring the sale of a minority stake in its metallurgical coal business as it seeks to take advantage of surging prices for the commodity, people familiar with the matter said.

The Canadian miner has approached parties including smaller rival Arch Resources Inc. to gauge their interest in buying a stake of 10% or more in the business, the people said, asking not to be identified as the matter is private.

Teck’s coal business could be valued at about $8 billion, according to the people. Rising demand for the commodity could push that figure higher, the people said. Shares of Teck rose 1.8% at 12:45 p.m. in Toronto after declining as much as 0.8% earlier.