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Teck Resources Ltd. is parting ways with Harry “Red” Conger, one of the executives who oversaw the company’s cost overruns at its QB2 copper mine.
Teck chief executive Jonathan Price is taking over as president, while the company searches for a permanent COO replacement for Mr. Conger. Teck is increasing its exposure to copper as the metal trades at a significantly higher valuation to coal, owing to its usage in lower carbon energy sources, and its designation in Canada as a critical mineral. At the same time, the company wants to divest its coal business because of the fossil fuel’s poor environmental, social and governance credentials.
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