Former Teck Resources (TSX: TECK.A/TECK.B; NYSE: TECK) CEO Don Lindsay joined The Northern Miner’s Canadian Mining Symposium in London, U.K., Oct. 12-13 to speak to Adrian Pocobelli, host of TNM’s podcast.
Lindsay, now chairman of Manulife, shared his insights into Glencore’s pursuit of Teck as well as why Teck isn’t being fully valued for its huge QB2 copper project in Chile.
“In this age of decarbonization, over $60 trillion of assets under management have some sort of protocols internally to not invest in anything related to coal,” Lindsay said. “And they don’t distinguish between the good coal and the bad coal. You know, steel making coal, of course, is absolutely vital for decarbonization, but they don’t care. The word coal is in there so that limits the valuation multiple that you’re going to get on the whole company.”
They also spoke about the patriotism that the Glencore bid for Teck has awakened in Canada.
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