History
Cominco started in 1906 as The Consolidated Mining and Smelting Company of Canada, formed by the amalgamation of several units controlled by the Canadian Pacific Railway. CM&S, or "Smelters" as it was often called by investors, changed its name to Cominco in 1966. Cominco's core Sullivan Mine in Kimberley, British Columbia which began production in 1909, would operate for more than 90 years until its ore reserves exhausted in 2001.
Teck began as Teck-Hughes Gold Mines Limited in 1913, to develop a gold discovery by prospectors Sandy McIntyre and James Hughes at Kirkland Lake, Ontario. The Teck-Hughes Mine would produce for 50 years until 1965. The Beaverdell Mine, purchased by Teck in 1969, went back even further to 1898, and produced silver until 1991.
The association between Teck and Cominco began in 1986, when Teck and two industry partners acquired a shareholding from CP Limited, and culminated with the merging of the two companies in July 2001.
On May 8, 2006, Teck Cominco offered to purchase Inco for $16 billion, but CVRD eventually purchased it for $17 billion.
On July 29, 2008 Teck Cominco announced an agreement with Fording Canadian Coal Trust, which owned a 60% stake in the Elk Valley Coal Partnership, to purchase 100% of its assets. Teck Cominco had been the minority owner of the Elk Valley Coal Partnership, with a 40% stake. The purchase was closed on October 30, 2008, with a final cost of $14-billion USD. Elk Valley Coal Corporation will be renamed Teck Coal Limited. The purchase resulted in Teck taking on $9.8-billion USD in debt; the company has suspended dividends, cut spending, and is selling some assets to save money. On January 9, 2009, the company also announced a plan to cut 13% of their total workforce, amounting to 1,400 jobs, saving the company $85 million. Coal production targets were also lowered by 20% in response to declining worldwide demand for steel, in the midst of the global financial crisis.
Beginning October 1, 2008, Teck Cominco began rebranding itself as Teck. The legal name of the company was changed to Teck Resources Ltd. on 23 April 2009 after being approved by shareholders the previous day.
In 2009, China Investment Corporation bought a 17% stake in Teck for C$1.74bn.
In 2012, the Company announced record earning, record profit and record production, thus ending the year 2011 with $4.4 billion in cash. Besides expanding into Energy sector, the company was also executing two major projects in Chile and planning a $600 million restart of its Quintette Mine near Tumbler Ridge,BC.
Read more about this topic: Teck Resources
Famous quotes containing the word history:
“Considered in its entirety, psychoanalysis won’t do. It’s an end product, moreover, like a dinosaur or a zeppelin; no better theory can ever be erected on its ruins, which will remain for ever one of the saddest and strangest of all landmarks in the history of twentieth-century thought.”
—Peter B. Medawar (1915–1987)
“What we call National-Socialism is the poisonous perversion of ideas which have a long history in German intellectual life.”
—Thomas Mann (1875–1955)
“The history of reform is always identical; it is the comparison of the idea with the fact. Our modes of living are not agreeable to our imagination. We suspect they are unworthy. We arraign our daily employments.”
—Ralph Waldo Emerson (1803–1882)