Teck's winter season makeover

摘要

Canada's Teck Resources - the world's second largest met coal exporter - is giving itself a makeover in the current 'economic winter' with several moves aimed at setting the debt-laden group on the road to recovery. In the first week of July alone, the company has not only reduced its debt problems by selling about 1.6 billion US dollars worth of equity to a Chinese state-controlled company, but also won important cuts in its railing costs following complex arbitration proceedings. The initiatives closely follow a substantially improved sales profile for Teck's Elk Valley met coal complex, boosted by recent sales to China. Together, the developments have done a lot to get Teck off the financial commentators 'sick list,' and back into recovery territory.