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Teck Resources sells Canadian steelmaking coal business to Glencore-led group for $9 billion, reshaping operations.

Teck Resources has agreed to sell its entire stake in its Canadian steelmaking coal business, Elk Valley Resources (EVR), to Glencore-led group for $9bn. Glencore will acquire a 77% stake in Elk Valley Resource, while Nippon Steel and POSCO will acquire stakes of 20% and 3% respectively in the steelmaking Coal business. The deals will result in a complete separation of steelmaking operations from Teck Resources’ base metals business. Following the transactions, Teck will have full ownership in the entities that control the Elkview, Fording River, Greenhills, and Line Creek mines in British Columbia. The deal is subject to approvals under the Investment Canada Act and competition approvals across various jurisdictions, and is expected to close in Q3 2024.

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