Â© Reuters. SUBMIT PICTURE: The logo design of the Canadian mining business Teck Resources Limited is shown as individuals go to the Prospectors and Developers Association of Canada (PDAC) yearly conference in Toronto, Ontario, Canada March 7, 2023. REUTERS/Chris Helgren/File Pho
OSLO (Reuters) – Norway’s sovereign wealth fund, among the world’s biggest financiers, stated on Friday it will support a strategy by Canadian miner Teck Resources (NYSE:-RRB- to spin off its metallurgical coal service and concentrate on and zinc.
By voting in favour of the Teck board’s proposed spin-off at a conference of investors on April 26, the Norwegian fund implicitly turned down Swiss miner Glencore (OTC:-RRB-‘s attempted takeover of the Canadian group.