What happened

While most metals and mining stocks are regaining ground today after Monday's market crash, Teck Resources (TECK -2.46%) is absolutely crushing it, trading 7.9% higher as of 11 a.m. EDT after popping 10% in early-morning trading.

There's a lot brewing at Teck that's caught investor attention.

So what

Teck Resources is primarily a coal company, but coal's bleak future as economies across the globe transition from fossil fuels to clean energy has compelled Teck to look at other base metals for growth.

In fact, Teck is now putting its coal business up for sale, according to The Globe and Mail. The newspaper reports that Teck has already held talks with Glencore and Lundin Mining for its coal business and might eventually spin it off if a sale doesn't materialize.

Ironically, this news comes at a time when coal prices are hitting record highs. Coking coal has now overtaken iron ore to become the most costly raw material for steel, according to S&P Global Platts, as prices of hard coking coal hit a 10-year high last week. The astounding rally in coal prices has even spurred a power crisis in the U.K. and pushed some utility companies in China to the brink of bankruptcy.

A closeup of burning red hot coal.

Image source: Getty Images.

Of course, it's great news for Teck Resources. In an update released Sept. 21, Teck revealed its decision to operate higher-cost equipment and run factories overtime to ensure it can produce enough coal this year to exploit the "unprecedented steelmaking coal prices."

That update, and the rebound in copper prices today after a multiweek slump, was enough to send Teck Resources shares soaring today. The company is forecasting lower production for zinc and copper thanks partly to the wildfires in British Columbia.

Fears of China's property developer China Evergrande Group (EGRN.F) defaulting on debt worth $300 billion and stalling growth in the nation sent metal prices crashing and triggered a massive sell-off in stocks, with copper hitting near-four-week lows yesterday. With Evergrande now reportedly on track to make its debt payments due Thursday, copper and other metal prices are bouncing back.

Now what

Finding a buyer for its coal business may not be easy, but Teck Resources is striving to transform. The company is now betting primarily on zinc and copper for growth and aiming to double copper production by 2023 as demand for copper, especially from the electric vehicle industry, continues to rise. So aside from coal, copper and zinc prices could dictate the movement in Teck Resources' stock price, and that's something investors may want to keep an eye on.