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The CEO of Teck Resources says the company is not considering selling its stake in the Fort Hills oil sands project.
In an interview on Business News Network, Don Lindsay was asked whether the company has discussed selling its 20 per cent ownership in Fort Hills.
“Not a single discussion. Not a single hint of it,” said Lindsay. “We’re building a long-term franchise.”
Lindsay went on to detail the advantages of the project, including the relatively stable political environment in Alberta and the 50-year expected life of the project. As well, Lindsay said the expenses being incurred on the project effectively act as a tax shelter for the cash flow currently being generated by Teck’s coal and copper mines.
Lindsay also discussed the rebound in his company’s fortunes so far in 2016. Teck’s share price lost about two-thirds of its value in 2015 amid a plunge in prices for the commodities it produces. But the miner’s shares have nearly doubled so far this year.
“I think what you’re seeing is a change in direction,” said Lindsay. “People have been negative for so long - this has been one of the deepest darkest cycles we’ve had in our lifetime. … But eventually the direction turns and you see a bunch of hedge funds closing out short positions,” said Lindsay. “Actually I’m feeling pretty good today.”