It’s unclear, nevertheless, if Canada would permit the Australian miner to accumulate Teck. Simply final week, Minister of Innovation, Science and Trade François-Philippe Champagne stated the federal government would solely greenlight overseas takeovers of its main mining corporations “in essentially the most distinctive of circumstances.”
Teck concluded this week the sale of its steelmaking coal unit to Glencore, in a deal value about $6.9 billion. The Vancouver-based miner is now targeted on copper and zinc and has no publicity to the fossil gas.
Rio’s transfer comes on the heels of a $49 billion failed try by BHP (ASX, NYSE, LON: BHP) to accumulate Anglo American (LON: AAL) and could also be considered one of many mergers and acquisitions to come back within the mining business within the brief to medium time period, in keeping with business specialists.
Giant-scale offers involving the world’s high miners are anticipated to face elevated regulatory scrutiny, particularly as western governments ramp up their consideration on provide chains for essential minerals.
Rio Tinto and Teck Assets didn’t instantly reply to MINING.COM’s requests for remark.