Fording Canadian Coal Trust News

Mining company Teck Resources Ltd. said Friday it is selling a 17 percent stake to China Investment Corp.

Vancouver-based Teck is struggling under the weight of a massive debt load it took on to buy the assets of Fording Canadian Coal Trust, and indicated on a conference call last month that it planned to go to the debt capital markets.

The proceeds will be used to pay down a bridge loan taken on to finance Fording Canadian Coal Trust acquisition.

Teck Cominco Ltd. , the metals producer that assumed $9.8 billion in debt to buy Fording Canadian Coal Trust last year, agreed to sell its stake in the gold production from a Chilean mine to raise about $270 million.

Teck Cominco Ltd. is leaving no stone unturned in its search for ways to reduce a suffocating debt load, as the metals miner reported falling deep into the red in its latest quarter.

Canadian metals miner Teck Cominco Ltd. says it will cut 1,400 jobs around the world to help it deal with a global slump in commodity prices.

Leading Japanese companies are understood to be eyeing a minority stake in Fording Canadian Coal Trust, the miner on which Vancouver-based Teck Cominco spent $14bn just this summer.

Teck Cominco Ltd. , the worlda s second-largest zinc producer, said ita s in talks with a oeinterested partiesa to sell gold assets to reduce company debt.