One of the largest investors in the world, Norway’s national wealth fund, announced on Friday that it would back a plan by Canadian miner Teck Resources (TECKb.TO) to spin off its metallurgical coal business and concentrate on copper and zinc.
The Norwegian fund indirectly rejected Swiss miner Glencore’s (GLEN.L) plan to take up Teck by voting for the board’s spin-off at a shareholder meeting on April 26.
