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MEI Online: General Minerals Engineering: Latest News: October 3rd 2008

 
 

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:: Teck Drops Cominco name as Reorganizes Mining Business

Teck Cominco, which won final approvals this week for its acquisition of Fording Canadian Coal Trust has said that it will reorganize its mining business into five units and change its name next year.

However, the company's shares fell hard as base metals prices sold off, and after a Canadian bank downgraded the shares due to concerns about higher costs in its oil sands holdings and Fording's steep $14 billion price tag.

The company will become Teck Resources Ltd, following a vote at next year's annual meeting. For branding purposes, the company will be known simply as Teck, it said in a statement.

Its business will be reorganized into separate divisions for copper, metallurgical coal, zinc, gold, and energy.

"The new structure is designed to improve the company's competitiveness by increasing Teck's ability to analyze and act on available opportunities in each commodity segment," the statement said.

The announcement came as Vancouver, British Columbia-based Teck shifts to bigger offices, and puts up a revamped website that was active on Wednesday.

Once known as primarily a zinc producer, Teck has moved to align its revenue more closely with copper and coal through the Fording takeover and last year's acquisition of copper miner Aur Resources.

It has also entered Canada's rich energy sector, mainly through its 20 percent stake in the Fort Hills oil sands project in Alberta, and envisions drawing billions in revenue from the business one day.

 

 

   

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