Glencore deal been priced in. Just a matter of federal approval.

Teck is largely following copper pricing now I think.

Going to be interesting now to see how Teck is going to replace the coal ebitda for them.  The cash flow from coal.

From their 2022 annual report.

____________________

Operating Cash Flow
Cash flow from operations was $8.0 billion in 2022, compared with $4.7 billion in 2021 and $1.6 billion in 2020. The
increase in 2022 was primarily reflected in the substantial increase in steelmaking coal prices compared with 2021.
The increase in 2021 as compared to 2020 was primarily due to higher prices for our principal products, especially
steelmaking coal.

____________________

you look further down. it shows historically, coal is 2/3 of their ebitda. they need qb2 and more copper projects online.