The Globe and Mail reports in its Friday edition that Teck chief executive officer Jonathan Price is confident that operational struggles at its QB2 mine in Chile will be behind it by the end of this year. The Globe's Niall McGee writes that Teck in September announced a $20-billion (U.S.) takeover by London-based Anglo American PLC that saw it agree to a no-premium sale during a time of weakness in its operations. The deal received approval from both shareholders and the Canadian federal government in December. In a Thursday earnings call with analysts after the release of the company's fourth-quarter results, Mr. Price said that Teck has also received competition and antitrust approval from Canada, Chile, Australia, Japan, the European Union and the U.S. However, more antitrust approvals are needed for the deal to close, including from South Korea and China. Under scrutiny is the impact the combination of Anglo and Teck will have on the global copper industry, and whether too much power would be concentrated in one entity. Anglo Teck would control just less than 5 per cent of the copper market. When the deal was announced, Teck and Anglo said it could take up to 18 months to close, a timeline that remains in place.
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