Teck to sell 17 percent stake to China for C$1.7 billion

TORONTO (Reuters) - Canada's Teck Resources (TCKb.TO) said on Friday it will sell a 17.2 percent equity stake to state-owned China Investment Corp in a deal that will help Teck pay down debt while expanding China's portfolio of commodity investments. China, the No.1 importer of iron ore, copper and other commodities, has been steadily buying stakes in overseas commodity producers in a broad strategy aimed at securing supply for its burgeoning economy. Teck, a top producer of zinc, copper, and metallurgical coal, said CIC will acquire the 17.2 percent stake through a private placement that will raise C$1.74 billion ($1.5 billion). "This transaction is an endorsement of Teck's future and provides an immediate and very positive impact on Teck's balance sheet," said Chief Executive Don Lindsay. "It puts Teck back on the growth... [read full story]                    

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