Resource firms’ spinoffs may attract pension fund interest
in nickel and copper mines the company values at $40-billion, including Canadian properties acquired in the takeover of Inco a generation back.
However, both Teck’s coal business and Total’s stakes in the Fort Hills and Surmont projects are highly profitable businesses that throw off significant cash when commodity prices go their way. Teck, the world’s second-largest coal exporter, made a gross profit of $5.5-billion on coal sales of $8.7-billion through the first nine months of 2022.
These two CrapCo stocks could start their lives as public companies at valuations that are incredibly cheap, compared with peers in the mining and oil and gas sectors. That would create an opportunity for thick-skinned institutional investors, or rival resource companies.
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