Conservatives Call for Glencore Takeover of Teck to be Blocked
April 27th, 2023
FOR IMMEDIATE RELEASE
Cranbrook, BC — After eight years of Justin Trudeau, the Liberals have failed to understand the importance of keeping strong Canadian jobs in Canada. Glencore’s proposed $23 billion (USD) hostile takeover of Teck Resources would be devasting for British Columbian communities like Sparwood and Elkford and Canadians all across the country. Thousands of Canadian jobs would be at risk, our local supply chains would be threatened, and Teck’s commitment to producing environmentally responsible steelmaking coal and zinc would be lost. If Glencore’s acquisition is successful, Canada will lose the last remaining major mining company owned and headquartered in Canada, and tens of thousands of Canadians will be affected.
“A Poilievre government would bring home Canadian jobs by using the Investment Canada Act to stop this hostile foreign takeover and take into account Glencore’s previous unethical behaviour,” said Pierre Poilievre, the Leader of the Official Opposition and the Conservative Party. “A serious, Conservative government that is focused on creating jobs, protecting our supply chain, and supporting environmentally responsible companies, will make clear that actions like Glencore’s are unacceptable.”
“Thousands of Canadian jobs depend upon Teck Resources’ survival as a Canadian-owned and operated business,” said Rick Perkins, Shadow Minister for Innovation, Science and Industry. “Conservatives will keep strong Canadian mining jobs in Canada, rather than allowing an ethically compromised company from shipping these jobs overseas.”
Glencore has been fined for exploitative mining practices where they deplete mining assets while avoiding environmental cleanup requirements. In 2022, the United Kingdom fined Glencore $350 million (USD) for bribing African officials, and in 2018, the Ontario Securities Commission fined their Canadian subsidiary over $20 million (USD) for misleading investors. Similarly, Glencore performs virtually no mineral exploration, creating a dead-end for Canada’s resource sector. A Poilievre government will ensure that foreign companies who engage in despicable forms of corruption will not be given control of one of Canada’s most important industries.
“My community depends on the jobs and economic benefits that Teck Resources provides Kootenay–Columbia. Glencore’s hostile takeover will threaten the livelihoods of thousands of my constituents and damages our reputation of responsible and sustainable resource extraction,” said Rob Morrison, MP for Kootenay–Columbia. “The Trudeau government must put an end to this forced acquisition.”
“Canada needs a government that is committed to creating and supporting Canadian jobs,” said Poilievre. “Glencore’s attempted hostile takeover will ship thousands of jobs out-of-country and threaten thousands more Canadians who work for Teck across British Columbia. A Poilievre government will protect Canadian jobs from hostile foreign takeovers and will bring home powerful paycheques for working Canadians.”
