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04-07-2009 |
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| Mining company Teck Resources
has said it is selling a 17
percent stake to China
Investment Corp for US$1.5
billion in a bid to reduce its
debt load. 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 toward paying down
nearly US$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.
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