Teck may reap gains from CIC alliance

BOSTON/TORONTO: Teck Resources Ltd, Canada's largest base-metals producer, said its partnership with China's sovereign wealth fund will win the company more coal, copper and zinc sales and provide financing for future acquisitions.

China Investment Corp (CIC), which bought about 17 percent of Teck in July, has helped the company gain better access to customers including Jiangxi Copper Co as well as three of the nation's largest steelmakers, Chief Executive Officer Don Lindsay said in an interview yesterday in New York.

Teck and China Investment have discussed at least a dozen ways to cooperate, including some acquisitions of a couple of billion dollars, he said. CIC may provide financing for purchases if Teck decided to make any, Lindsay said. While Teck doesn't need takeovers, "opportunities will continue to be shown to us", he said.