Teck Resources' CEO, Jonathan Price, has emphasized that the highest bid for the company's coal assets may not necessarily be the winning one. Teck Resources is considering several offers for its steelmaking coal unit as it aims to reposition itself as a standalone metals producer. This decision follows a tumultuous year for the Canadian mining company, including rejecting a takeover bid from Glencore and revisiting its coal strategy when a previous split proposal failed to garner enough shareholder support.

Glencore has made an offer of approximately $8.2 billion to acquire only Teck's coal business, which had also attracted interest from Nippon Steel, JSW Steel, and Canadian mining financier Pierre Lassonde, according to previous reports by Bloomberg. Teck could either sell the entire unit or divest a stake and then spin off the remainder to its shareholders, as CEO Jonathan Price explained during an interview at Bloomberg's London office on Tuesday.

Teck will evaluate various factors beyond the financial valuation, including execution risk and the environmental track record of potential buyers for the four coal mines located in British Columbia. Price refrained from commenting on specific bids or the potential outcome of the sales process, which he aims to conclude by the end of the year.

The approval of any deal will be subject to the Canadian government's endorsement. The government has emphasized the need for the operator of the coal mines to have a strong environmental track record and a commitment to retaining the local workforce.

Jonathan Price stated, "Yes, shareholder value is paramount here, but a key part of that is managing execution risk and ensuring a responsible separation. We must ensure that the coal mines in the Elk Valley continue to be operated responsibly and sustainably, as they have been under Teck's oversight."

Teck's coal mines have faced heightened scrutiny in Canada due to concerns about pollution impacting neighboring regions in the United States. This issue became a focal point in Canadian-U.S. relations, resulting in a joint statement from President Joe Biden and Prime Minister Justin Trudeau this year, pledging to "reduce and mitigate" the effects of local water contamination.

Teck had previously criticized Glencore's environmental record when fending off the takeover bid, an issue that drew the attention of federal and regional government officials due to its potential impact on local and national economies