Teck Cominco plans to reduce exploration, could sell assets
The company plans to cut its exploration budget and is considering asset sales to repay the debt it took on with the $13 bn buyout of Fording Canadian Coal Trust.
Don Lindsay, CEO, Teck, Cominco, said:
We intend to pay down a substantial portion in the next year from our operating cash flow, a cash tax refund of about $1 billion from potential asset sales and from cash. We are going to look at exploration budgets, both oil sands related and on base metals and gold projects, but they will be cut back.
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Fri, Oct 24, 2008
Post by Melissa Pistilli, Heavy Oil Senior Reporter