Teck is planning to separate the business to focus more on industrial metals and that the announcement on the spinoff could be made as early as next week, Bloomberg reported on Thursday, citing people familiar with the matter.

Although the company did not give details on the unit's valuation, Bloomberg had reported in 2021 that the spinoff could be valued at $8 billion.

No decision has been reached to proceed with a transaction and there can be no assurances that any transaction will happen, Teck said.

Teck shares jumped 9.7% to C$61.69 on the Toronto Stock Exchange after being briefly halted.

(Reporting by Arshreet Singh; Editing by Anil D'Silva)