TORONTO - Teck Resources said on Friday it will sell a 17.2 percent equity stake to state-owned China Investment Corp through a private placement that will raise C$1.74 billion ($1.5 billion) and help the miner pay down debt. Teck, a top miner of zinc, copper, and metallurgical coal, will sell 101.3 million shares at C$17.21 each, a 7 percent discount to Thursday's closing Toronto-listed price of C$18.50. Teck Resources President and Chief Executive Officer Donald Lindsay speaks to shareholders during the annual general meeting in Vancouver British Columbia April 26, 2006. (Reuters Photo / Lyle Stafford) In a statement, Teck Chief Executive Don Lindsay said the transaction was "an attractive opportunity for Teck to establish a... [read full story]
