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1) Canadian metals company, Teck Resources has announced that it received an "unsolicited and opportunistic" takeover offer from Glencore, which it has rejected the $22.5 billion proposal. Glencore wants to acquire Teck and separate into two businesses, a metals company and a coal company. Teck is also planning a separation of groups into Teck Metals Corp. and Elk Valley Resources (EVR). "The Glencore proposal would expose Teck shareholders to a large thermal coal business, an oil trading business and significant jurisdictional risk, all of which would negatively impact the value potential of Teck’s business , is contrary to our ESG commitments and would transfer significant value to Glencore at the expense of Teck shareholders,” said Teck CEO Jonathan Price. Glencore said that the proposed merger would create two standalone companies that would offer more value and diversification.
2) Meanwhile, Teck Resources also announced that its Quebrada Blanca Phase 2 Project (QB2) has produced its first bulk copper concentrate. “First copper concentrate production at QB2 is an important milestone as we advance our commissioning and ramp up plan towards full production this year,” said Jonathan Price, CEO. “This achievement is made possible by the dedicated and skilled teams who have worked diligently to progress this transformative operation, which is the cornerstone of our copper growth strategy.” At full production, the QB2 project will double Teck's copper production, being one of the world's largest undeveloped copper resources with an initial mine life of 27 years using only 18% of the 2022 reserves and resource tonnage. The mine is projected to reach 285,000 to 315,000 tons per year of copper in 2024-2026.
3) Native American students in Arizona have greater access to higher education thanks to the Freeport-McMoRan Native American and Navajo Code Talkers College Scholarships. The scholarships are made possible by a $9 million investment by the Freeport-McMoRan Foundation. The scholarships will provide students with up to $6,000 annually for college and up to $15,000 for trade or technical school, in addition to support service. Please follow this link, to apply for this great opportunity to grow our industry's future.