One of Teck Cominco's Top Shareholders Continues to Sell

One of Teck Cominco Ltd.’s (TCK) largest shareholders continues to cut its position in the mining giant that has seen its shares slide roughly 60% year-to-date.

The Caisse de dépôt et placement du Québec held 7,115,233 Teck Class B shares at the beginning of 2008. That amount rose to 8,847,431 by the end of March. But since the end of September, the public pension plan manager has cut its holdings from more than 8 million shares to around 2.56 million, with more than 5.5 million disposed of in the week following Sept. 19. Teck has also lost roughly 60% of its value since the middle of last month.

An Oct. 15 filing showed that the Caisse continues to sell Teck shares, dumping 250,750 at prices ranging from $15.97 to $21.13 between Oct. 6 and Oct 10.

Along with fears of a global recession and what that might mean for commodity demand, Teck also faces soaring costs at projects like the Fort Hills oilsands development and uncertain debt markets, which are linked to its US$14-billion acquisition of Fording Canadian Coal Trust.

Earlier, FP Trading Desk reported:

• Anderson Energy Ltd. chairman James Anderson bought 281,223 company common shares at prices ranging from $1.53 to $1.60 on Oct 7 through Oct 9, 2008, bringing these total holdings to 5,281,223 shares.
• BPO Properties Ltd. bought back and canceled 61,300 company common shares from Oct 7 to Oct 15, 2008.
• Finning International Inc. bought back and canceled 533,700 company common shares on Oct. 14, 2008.
• Gold Reserve Inc. director Chris Mikkelsen bought 34,000 company common shares at 68¢ each on Oct 15, 2008, bringing these holdings to 286,041 shares.
• Khan Resources Inc. chairman James Doak bought 300,000 company common shares at prices ranging from 32¢ to 45¢ on Oct 2 through Oct 9, 2008, bringing these holdings to 1,000,000 shares.
• Laramide Resources Ltd. director John Booth sold 152,900 company common shares at prices ranging from 95¢ to $1.17 on Oct 6 through Oct 7, 2008.
• Caisse de dépôt et placement du Québec sold 250,750 Teck Cominco Ltd. class B subordinate voting shares at prices ranging from $15.97 to $21.13 on Oct 6 through Oct 10, 2008., bringing these total holdings to 2,564,420 shares.