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Days after Teck Resources Ltd. publicly pulled the plug in February on Frontier, a proposed $20.5-billion mine in the oilsands, one of the company’s largest investors started a campaign to oust the company’s chief executive, Don Lindsay. Bob Bishop, founder of Impala Asset Management, a Florida-based resource focused hedge fund, which has been a shareholder since 2016, wrote a letter in late February to the board; and then a few days later, just before coronavirus halted all air travel, he flew to Toronto to deliver his message in person to the company’s chair Sheila Murray: It’s time for Lindsay to go. [...] “This whole oilsands strategy has just been a complete disaster,” Bishop told the Financial Post. While Lindsay declined to comment for this article, it is clear his company, Canada’s largest diversified miner, is struggling through a rough patch. All four of the commodities it produces — coal, copper, zinc and oil — have suffered double-digit price declines. Now investors are suddenly rising up to challenge its once unassailable CEO.
