Elk Valley mayors say having Teck retain control of the local mines is vital, as it keeps investments in Canada.
The Canadian mining giant has been beset by multiple hostile takeover bids from Switzerland-based Glencore.
Sparwood Mayor David Wilks said he’s glad to see the company stand its ground.
“It has been exceptionally good for not only this valley but British Columbia and arguably Canada for many years,” said Wilks. “I’m happy to see Teck is still Teck. Although they’ve backed off the splitting of their company, I believe they will look at it and see how to move forward in the future.”
Elkford Mayor Steve Fairbairn said the mines remaining under a Canadian company would also ensure environmental impacts are better addressed.
“Teck had put about $1.5 billion into addressing selenium and other heavy metals in the water. I have to tell you that I don’t think Glencore is going to do that,” said Fairbairn. “They [Teck] will continue to be a lot more responsive to environmental concerns. With post-mining recovery of the land, they’re going to be there, they’re a Canadian company., Glencore won’t.”
Wilks said the mines have been vital to the Elk Valley, and the impacts of losing them would be devastating.
“The spin-off is about one per cent of the national GDP for Canada, and for British Columbia, that’s much higher. It’s about 30 per cent of CP Rail’s income for the entire year. These mines bring in a boatload of money and a boatload of employees,” said Wilks.
“Without them, certainly Elkford would be done, Sparwood would be a close second and Fernie would be on life support. We need the mines, we hope they continue to be Canadian-owned. We think that’s the most important thing for not only this valley but Canada as a whole.”
Fairbairn said Teck has been behind a number of philanthropic efforts in the Elk Valley and throughout B.C.
“I recently signed a contract with Teck Resources for $300,000 worth of copper fittings and fixtures for our childcare centre. We wouldn’t have that childcare centre if Teck wasn’t a major donator,” said Fairbairn. “Teck donated $10 million towards the building of a wing in the Children’s Hospital in Vancouver. I don’t think Glencore is going to do that.”
Wilks noted that having a company based in Canada would better ensure the money is invested within its borders.
“I believe that if you have a foreign entity and they’re not present in the Elk Valley, the challenge is that they’re separated from the people who live here and we’re the ones who will be most impacted,” said Wilks. “I believe whoever has the mines has to have a visible presence in the valley, and I believe that is, as it stands today, Teck.”
Both takeover bids have been denied by Teck’s board, but Glencore said the offer remains open.
More: Glencore says Teck takeover offer still stands (Apr 27, 2023)
