New Mining Giant Created

On April 29, 2001, Teck Corporation entered into a merger agreement with Cominco Ltd. to create North America’s third-largest mining company. The merger will be effected by a statutory plan of arrangement under which each common share of Cominco will be exchanged for 1.8 Class B subordinate voring shares of Teck and $6 in cash. The total value of the transaction is approximately $1.8 billion.

The company, to be renamed Teck Cominco Limited, will hold interests in the largest zinc project in the world, augmented by mining operations in copper, gold and coal. It will operate two refineries and eleven mines in North and South America and Australia, as well as numerous exploration and development properties throughout the world.

Representing Teck was a team from Lang Michener comprised of corporate strategist Warren Seyffert, Q.C., merger and securities lawyers Geofrey Myers and Paul Collins of the Toronto office, Charlotte Olsen of the Vancouver office and competition lawyer James Musgrove, who assisted Teck’s in-house counsel George Stevens and Peter Rozee. Cominco, through its General Counsel and Secretary G. Leonard Manuel, was advised by corporate and securities lawyers Ian A. Webb, Nigel Cave and Warren Learmonth of Borden Ladner Gervais LLP. The independent committee of Cominco’s board of directors was represented by Lawson Lundell Lawson & McIntosh with a team comprised of corporate and securities lawyers David J. Smith, Jerrold W. Schramm and Michael L. Lee.