- Teck Resources Ltd. announced a restructuring that will eventually see the firm divided into two independent, publicly listed companies: Teck Metals Corp. and Elk Valley Resources Ltd.
- Elk Valley Resources Ltd. will operate Teck's metallurgical coal assets while Teck Metals Corp. will focus on minerals such as copper that are vital for the energy transition.
- The new coal company will channel 90% of its free cash flow into the new, greener copper business for years to come.
- Saudi Aramco is charging a record $6.45-a-barrel premium to the US Gulf of Mexico oil-price benchmark to sell its crude to American refiners.
- Brazil is halting shipments of beef to China after confirming a case of mad cow disease.
Teck's Coal Spinoff Is a Climate Placebo
Teck Resources’ overhaul is a feel-good corporate maneuver that will do little to protect the environment.
Javier Blas
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