Latest news with #TeckResourcesLtd.
Bloomberg
2 days ago
- Business
- Bloomberg
Copper Clash Shows Cracks in Decades-Old Pricing System
Canadian miner Teck Resources Ltd. and Japan's Sumitomo Metal Mining Co. are locked in a commercial dispute over a major copper supply deal, exposing cracks in a decades-old pricing system as the market endures a severe shortage. The two sides have failed to agree on the sales terms for concentrated copper ores that Teck will supply to Sumitomo's smelter in Japan this year, according to people familiar with the matter, who asked not to be identified due to the commercial sensitivity of the matter.
Yahoo
04-03-2025
- Business
- Yahoo
Teck CEO Slams US for Making Economic Decisions ‘Without Adults'
(Bloomberg) -- The top executive of Teck Resources Ltd., one of Canada's biggest mining companies, blasted the US for imposing inflation-fueling tariffs on metals markets in some of the industry's most scathing comments against the Trump administration. How Upzoning in Cambridge Broke the YIMBY Mold Remembering the Landscape Architect Who Embraced the City NYC Office Buildings See Resurgence as Investors Pile Into Bonds Hong Kong Joins Global Stadium Race With New $4 Billion Sports Park US Tent Facility is Holding Migrant Families Longer Than Recommended The US is making economic decisions 'without adults in the room,' Chief Executive Officer Jonathan Price said Tuesday at an industry event in Toronto. 'There is little upside.' The CEO's comments come after US President Donald Trump delivered on his threat to hit Canada and Mexico with sweeping import tariffs early Tuesday. Price said the tariffs will 'drive inflation up' throughout the mining industry and encourage companies to find customers in other countries — a move the Canadian miner has started to pursue. Teck shares fell as much as 4.6% to C$54.73 in Toronto, its lowest intraday price in almost a year, joining the broad decline of other Canadian metals producers after the tariffs were imposed. Teck is looking to sell zinc to customers in Asia instead of the US, Price said during a panel discussion at the Prospectors & Developers Association of Canada gathering. About half of Teck's zinc output last year went to the US. Its zinc is mined in Alaska, refined at the company's Canadian smelter and then sold into the US. 'We have been reserving warehousing capacity, looking to reserve space in ports to export the metals to Asia,' Price said. 'We will find buyers and prices will adjust.' Teck mainly produces copper, though most of that metal is shipped to Asian markets. The US accounted for 14% of the Vancouver-based company's revenue last year, according to data compiled by Bloomberg. Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? The Mysterious Billionaire Behind the World's Most Popular Vapes Snack Makers Are Removing Fake Colors From Processed Foods The US Is Withdrawing From Global Health at a Dangerous Time Trump's SALT Tax Promise Hinges on an Obscure Loophole ©2025 Bloomberg L.P. Sign in to access your portfolio
