07:37 AM EDT, 07/05/2024 (MT Newswires) -- Teck Resources (TECK-A.TO, TECK-B.TO) had its "outperform" rating and $83 price target confirmed by National Bank of Canada after the company received approval for the sale of its coal business to Glencore.

National Bank expects the sale to provide Teck with significant cash to boost its balance sheet as it seeks to grow its copper footprint, as well as to deliver cash to shareholders.

Teck's steelmaking coal sales volumes of 6.4 million tonnes for the second quarter also beat the bank's forecast of 6.2 million tonnes and at the top end of its previous guidance range 6.0-6.4 million tonnes.

"With heightened M&A activity highlighting the appetite for major mining companies to add copper to their portfolios, we continue to believe Teck's portfolio of copper assets, with fully funded near-term growth in politically stable jurisdictions remains an attractive target," National Bank said in a note.

Teck's share price closed yesterday at nearly $69 on the TSX.