PDAC 2010 was as upbeat and buoyant as last year’s was just the opposite
Apr 01, 2010 | 05:30 AM
| Tom Jennemann
TORONTO: Just one year ago, Teck Resources Ltd. was staring into the abyss.
At the Prospectors and Developers Association of Canada (PDAC) annual convention last year, the Vancouver, British Columbia-based company found itself buried in debt as it borrowed billions just as global commodity markets were melting down in epic fashion. Bankruptcy was certainly an option for Canada's largest diversified miner at the time.
Just 12 months later, Teck not only has survived—thanks in large part to Canadian $1.74 billion in financing from China Investment Corp. and an uptick in Asian demand—but has seen its stock value soar by about 540 percent. The coal, copper and zinc producer even supplied the metal draped around the necks of winter Olympians in Vancouver. Talk about a turnaround.
"This year feels a little bit different than it did last year, both to us and I believe to everyone here," Donald R. Lindsay, Teck's president and chief executive officer, said on the sidelines of this year's PDAC convention in Toronto. "We came to PDAC to take advantage of this feel-good factor."....
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