Coal news and updates

·         Glencore approached Teck Resources again, this time only for its coal business.

·         Teck Resources is considering the new proposal from the Swiss mining company.

·         Glencore stock is down about 25% versus its year-to-date high at writing.

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Teck Resources Limited (NYSE: TECK) is trading slightly down today after Glencore PLC (LON: GLEN) revealed interest in buying its steelmaking coal business.

Glencore failed to fully acquire Teck Resources

Remember that the world’s most profitable mining company has already made two failed attempts to fully acquire Teck Resources.

The new proposal aims to combine its coat assets with Teck’s and separate them as a new company called CoalCo within a year or two.

Its original $23 billion full takeover bid in April had disclosed plans of such a demerger as well. Glencore also confirmed that its previous offer still stands and the new one that’s restricted to Teck’s coal business is being put forth only as an alternative.