Response to Teck’s withdrawal of its separation proposal

Baar, Switzerland
27 April 2023

Glencore notes the decision by Teck to withdraw its separation proposal and its recognition that a simple and direct approach to separation provides a better path to unlocking value for Teck shareholders.

Glencore’s proposal provides Teck shareholders with a clean separation for its coal business while also creating significant additional value for Teck’s shareholders in which they would fully and disproportionately share. 

Glencore confirms that its proposal still stands, and, as previously stated, we remain willing to engage with the Board and Management of Teck to attempt to address the issues they have raised.   We believe that with engagement, we could further improve our proposal’s structure, terms and value, which would be in the best interests of all Teck shareholders.

Glencore hopes that the Teck Board will, against the backdrop of the feedback provided by its shareholders, engage constructively in order to fully explore our proposal which has not been done to date.  Glencore remains willing to make an offer directly to Teck shareholders if there continues to be no engagement from the Teck Board.

Glencore also remains committed to ensuring that its proposal delivers real benefits to Canada, including through a MetalsCo that will have its global asset footprint, including significant critical minerals and recycling operations in Canada, managed from Canada.  Glencore looks forward to engaging with its Canadian stakeholders to ensure that they are provided with an accurate picture of Glencore’s extensive business in Canada, the significant investments Glencore has already made in developing critical minerals in Canada, as well as our commitment to being a responsible and ethical operator wherever we work. 

For further information please contact:

Investors

Martin Fewings    
t: +41 41 709 28 80    
m: +41 79 737 56 42    
martin.fewings@glencore.com

Media

Charles Watenphul    
t: +41 41 709 24 62    
m: +41 79 904 33 20    
charles.watenphul@glencore.com

Glencore LEI: 2138002658CPO9NBH955

Notes for Editors

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.

With around 140,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 40 offices. 

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

We recognise our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement by decarbonising our own operational footprint. We believe that we should take a holistic approach and have considered our commitment through the lens of our global industrial emissions. Against a 2019 baseline, we are committed to reducing our Scope 1, 2 and 3 industrial emissions by 15% by the end of 2026, 50% by the end of 2035 and we have an ambition to achieve net zero industrial emissions by the end of 2050. For more detail see our 2022 Climate Report on the publication page of our website at glencore.com/publications.

Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.