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Kootenay–Columbia MP calls on Feds to halt any hostile takeover of Teck Resources

Lone Sheep Publishing
By Lone Sheep Publishing
April 30th, 2023

Rob Morrison, MP for Kootenay–Columbia is calling on the Trudeau Government to halt any hostile takeover of Teck Resources.

Morrison said in a media release that Glencore’s proposed $23 billion (USD) hostile takeover of Teck Resources would be devastating for British Columbian communities like Sparwood and Elkford, and Canadians all across the country.

He added Glencore’s acquisition is successful that thousands of Canadian jobs would be at risk, the local supply chains would be threatened, and Teck’s commitment to producing environmentally responsible steelmaking coal and zinc would be lost and Canada will lose the last remaining major mining company owned and headquartered in Canada, and tens of thousands of Canadians will be affected.

“Our communities depend on the jobs and economic benefits that Teck Resources provides Kootenay–Columbia. Glencore’s hostile takeover will threaten the livelihoods of thousands of my constituents and damages our reputation of responsible and sustainable resource extraction,” said Morrison.

“The Trudeau government must put an end to this forced acquisition.”

Pierre Poilievre, the Leader of the Official Opposition and the Conservative Party said his government would bring home Canadian jobs by using the Investment Canada Act to stop this hostile foreign takeover, and take into account Glencore’s previous unethical behavior.

“A serious, Conservative government that is focused on creating jobs, protecting our supply chain, and supporting environmentally responsible companies, will make clear that actions like Glencore’s are unacceptable,” Poilievre said

Morrison said that Glencore has been fined for exploitative mining practices where they deplete mining assets while avoiding environmental cleanup requirements.

In 2022, the United Kingdom fined Glencore $350 million (USD) for bribing African officials, and in 2018, the Ontario Securities Commission fined their Canadian subsidiary over $20 million (USD) for misleading investors.

Similarly, Glencore performs virtually no mineral exploration, creating a dead-end for Canada’s resource sector. A Poilievre government will ensure that foreign companies who engage in despicable forms of corruption will not be given control of one of Canada’s most important industries.

“Canada needs a government that is committed to creating and supporting Canadian jobs,” said Poilievre.

“Glencore’s attempted hostile takeover will ship thousands of jobs out-of-country and threaten thousands more Canadians who work for Teck across British Columbia. A Poilievre government will protect Canadian jobs from hostile foreign takeovers and will bring home powerful paycheques for working Canadians.”

Glencore’s surprise bid to buy Teck was announced on April 3, just days after the Canadian miner produced its first copper concentrate from its Quebrada Blanca 2 (QB2) project in Chile. The project is Teck’s largest in terms of construction and is expected to double the company’s copper production in the near future.

Teck  is one of Canada’s leading mining companies and is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal.

Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, with a smelter in Trail and mining in the East Kootenay, Teck’s shares are listed on the Toronto Stock Exchange.

Categories: Business


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