Mineweb - Daily news headlines (Free subscription) | 03/12/2008
Teck says it is expecting metallurgical coal demand to continue falling, calling the repayment of a $5.8 billion bridge loan into question.
Reuters UK (Free subscription) | 02/12/2008
TORONTO, Dec 2 (Reuters) - Canadian miner Teck Cominco acknowledged a gloomier outlook for metallurgical coal demand on Tuesday, further muddying the outlook for its ability to pay back a $5.8 billion bridge loan due next fall.
Market Wire (Free subscription) | 24/10/2008
CALGARY, ALBERTA (MARKET WIRE) Fording Canadian Coal Trust (TSX: FDG.UN) (NYSE: FDG) and Teck Cominco Limited (TSX: TCK.A) (TSX: TCK.B) (NYSE: TCK) today announced that Fording and Teck have provided notice to the Toronto Stock Exchange and the New York Stock Exchange that closing of the previously announced arrangement involving the sale by Fording of all of its assets to Teck is expected...
Fool.com (Free subscription) | 25/11/2008
[C]ertainly felt safe picking [Teck Cominco] to outperform from a cost basis of around $33 back in September. After all, the company was nearing completion on its of Fording Canadian Coal Trust to consolidate ownership of the massive and incredibly lucrative Elk Valley coal project in Canada.With [metallurgical] coal prices still trading at lofty levels and contracts not...
atHome Top Story (Free subscription) | 21/11/2008
TheStar.com | Business | Teck Cominco cuts dividend, spending planTeck Cominco cuts dividend, spending planBurdened by debt after Fording Coal takeoverBrenda BouwTHE CANADIAN PRESSVANCOUVER–Teck Cominco Ltd. is suspending dividends, slashing capital spending and selling assets to save more than a billion dollars as it struggles under a massive debt load.The major zinc, copper and coal...
atHome Top Story (Free subscription) | 20/11/2008
Teck Cominco Ltd. is suspending dividends, slashing capital spending and selling assets as the big copper, zinc and coal miner struggles under a massive debt load.
CBC.ca (Free subscription) | 20/11/2008
Last summer, Teck bought the Fording Canadian Coal Trust for $12.4 billion. To pay for the transaction, the company borrowed almost $10 billion, $5.4 billion in a short-term bridge loan and $4 billion in another term loan.
Globe and Mail (Free subscription) | 20/11/2008
“The measures announced today, combined with previously announced tax savings, amount to $2.4- billion and should significantly enhance our ability to address our near-term debt obligations and better position Teck to refinance the bridge loan [to finance the acquisition of Fording Canadian Coal Trust] when conditions improve.”
Reuters UK (Free subscription) | 20/11/2008
... dividend payments under a sweeping plan to cut debt from its acquisition of Fording Canadian Coal Trust, the company said on Thursday.Combined with a previously announced C$1.1 billion tax break, the measures total C$2.4 billion ($1.9 billion) and are aimed mainly at helping Teck pay down and refinance a $5.8 billion bridge loan as quickly as possible. Teck also took on $4 billion...
Fool.com (Free subscription) | 13/11/2008
As we've all learned recently, a credit crisis is also a crisis of confidence.Confidence rapidly dwindled this week in the financial stability of a major diversified mining company. Teck Cominco(NYSE: issued a press release Tuesday to dispel rumors that the company was planning an equity offering to pay down debt incurred from the of Fording Canadian Coal Trust last month. Unfortunately...
Mineweb - Daily news headlines (Free subscription) | 13/11/2008
... to quickly pay off a $5.8 billion bridge loan used to finance its takeover of Fording Canadian Coal Trust, it said on Wednesday, after its shares tanked on concerns over its ability to repay the debt.The Canadian mining company will use cash flow, a C$1 billion tax break, asset sales and capital cost cuts to pay down a big chunk of the loan by the middle of next year, Teck Senior...
The Earth Times Online Newspaper (Free subscription) | 24/10/2008
CALGARY, ALBERTA -- 10/23/08 -- Fording Canadian Coal Trust (TSX: FDG.UN) (NYSE: FDG) and Teck Cominco Limited (TSX: TCK.A) (TSX: TCK.B) (NYSE: TCK) today announced that Fording and Teck have provided notice to the Toronto Stock Exchange and the Ne..
atHome Top Story (Free subscription) | 24/10/2008
... businesses and may sell assets to help pay for its $14 billion (U.S.) takeover of Fording Canadian Coal Trust, set to close next week."Our primary objective is to reduce these debt balances" through a $1 billion cash tax refund expected in the first half of 2009, potential asset sales and cash on hand, the company said in a statement.Greg Waller, Teck's vice-president of investor...
Globe and Mail (Free subscription) | 23/10/2008
TORONTO — Teck Cominco Ltd. plans to reduce its exploration budgets and is considering asset sales to rapidly repay the debt it took on with the $13-billion (U.S.) acquisition of Fording Canadian Coal Trust, the company's chief executive officer said Thursday.
atHome Top Story (Free subscription) | 23/10/2008
... its businesses and may sell assets to help pay for its US$14-billion takeover of Fording Canadian Coal Trust, which is set to close next week."Our primary objective is to reduce these debt balances" through a $1-billion cash tax refund expected in the first half of 2009, potential asset sales and cash on hand, the company said in a statement.Greg Waller, Teck's vice-president of investor...
