Jump to main content
IndustriALL logotype

Uneasiness over Glencore’s takeover bid of Teck Resources

24 May, 2023Swiss mining and metal giant Glencore has made a hostile takeover bid of Canadian Teck Resources. Given the experiences of job losses, violations of workers’ rights and impact on the environment and communities after the Xstrata hostile takeover in 2012, IndustriALL and affiliates object to the bid.

“Glencore’s swashbuckling behaviour does not inspire confidence that Teck Resources hostile takeover bid will result in better working conditions for workers, improved relationships with communities and Indigenous people, and adherence to environmental, social and governance issues.

With Glencore’s doubling down on coal commitments, the future looks bleak in the absence of a well-articulated Just Transition pathway when transitioning away from coal,”

says Glen Mpufane, IndustriALL mining director.

Unlike Glencore, Teck Resources has a reputable sustainability plan aimed at reducing carbon emissions by ten per cent and is investing in renewable energy that includes solar and wind. The company is reducing its environmental impact and works with communities around its mining operations to protect water quality.

United Steelworkers, affiliated to IndustriALL, has come out in support of Teck’s intention to split the company, allowing for a more focussed approach to managing the company without the distraction of its coal portfolio.

Scott Lunny, District 3 Director says Glencore’s bid is “probably causing a little bit more stir” among the workers because “you are talking about the unknown; maybe a new company with a different focus and issues.”

Stakeholders that include IndustriALL, non-governmental organizations and civil society organizations, will impress upon Glencore shareholders at the company’s AGM in Bern, Switzerland, on 26 May to respect workers’ rights by taking a less abusive approach to industrial relations and to engage in meaningful dialogue with unions at global level.