China Investment to buy $1.5B stake in mining giant Teck Resources

By CHARMAINE NORONHA , Associated Press Minnesota business by the numbers See Minnesota's top earning companies, CEOs and non-profits TORONTO - Mining company Teck Resources Ltd. said Friday it is selling a 17 percent stake to China Investment Corp. for 1.74 billion Canadian dollars ($1.5 billion) in a bid to reduce its debt. The Vancouver-based company said CIC, the world's largest commodity buyer, will buy 101.3 million class B voting shares for 17.21 Canadian dollars each. CIC will hold onto the stock for at least a year, said the mining company. The proceeds from the private placement will go towards paying down nearly $10 billion in bank debt and will also give the company a chance to forge a partnership with a major foreign investor, said Teck's chief executive in a conference call. "We will have a financial... [read full story]                    

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