China Buys Stake in Teck Resources

Charmaine Noronha, AP Business Writer

TORONTO -- Mining company Teck Resources(TCK Quote) said Friday it is selling a 17% stake to China Investment Corp. for 1.74 billion Canadian dollars ($1.5 billion) in a bid to reduce its debt.

The Vancouver-based company said CIC, the world's largest commodity buyer, will buy 101.3 million class B voting shares for 17.21 Canadian dollars each. CIC will hold onto the stock for at least a year, said the mining company.

The proceeds from the private placement will go towards paying down nearly $10 billion in bank debt and will also give the company a chance to forge a partnership with a major foreign investor, said Teck's chief executive in a conference call. ...