Teck to erase more debt thanks to C$1,74bn Chinese investment

Canadian diversified miner Teck Resources has announced the latest, if somewhat unexpected, milestone on the road to improving its balance sheet by paying off bank debt, and ultimately returning the group to investment grade credit rating.

State-owned China Investment Corp will buy 101,3-million of Teck’s class B subordinate voting shares, giving the Chinese firm will hold about 17,2% of equity and 6,7% voting interests in Teck.

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