Teck Resources Debt Raising Increases Speculation on FMG
IRJ -- July 4 -- Teck Resources’ filing with the SEC to raise debt to the tune of US$6 billion has sparked further speculation that the Canadian mining giant plans to increase its stake in Australia’s Fortescue Metals Group.
Peter Meurs, FMG’s Director of Developments speaking exclusively to IRJ at the end of June, said “We welcome companies like Teck that see great value in Fortescue. And I still believe with everyone here that we’re very much undervalued and that as we unfold this incredible expansion then the market will have to accept that the value is going to go up.”
Teck’s move comes hard on the heels of a major stock buy up by FMG founder Andrew Forrest, upping his investment by more than AU$100 million, taking his share of the miner to just over 32%.
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