You are here: Home > Steel News > Latest Steel News > Glencore...

Glencore secures Canadian approval for acquisition of Teck Resources’ coal business

Monday, 08 July 2024 11:56:47 (GMT+3)   |   Istanbul
       

According to a joint statement released by Switzerland-headquartered international commodities producer and trader Glencore and Canadian mining firm Teck Resources, the Canadian government has approved the transfer of the remaining 77 percent equity in Teck Resources’ coal subsidiary Elk Valley Resources to Glencore for $6.9 billion.

Glencore has welcomed the positive development, stating that the acquisition in question will further strengthen the quality of its portfolio and increase its ability to provide high quality steelmaking coal. The transaction is expected to be completed on July 11.

As SteelOrbis reported previously, Indian steelmaker JSW Steel Limited had been among the companies seeking to acquire the coking coal assets of Teck Resources. Along with Glencore, Japanese steel producer Nippon Steel had acquired a 20 percent stake and South Korea’s POSCO had picked up a three percent stake in Elk Valley Resources in exchange for its 2.5 percent existing interest in Elkview Operations and 20 percent existing stake in Greenhill ventures.


Similar articles

Local coke prices in China stable, coking coal imports almost halted

12 Jul | Scrap & Raw Materials

Ex-Australia coking coal price softens amid easing supply concerns, subdued demand

10 Jul | Scrap & Raw Materials

Australia’s Bowen Coking Coal sells 10% stake in Broadmeadow mine

10 Jul | Steel News

Goldman Sachs keeps iron ore price forecast stable for H2, raises coking coal price forecast

10 Jul | Steel News

Australia’s Stanmore discontinues operations at Mavis coal mine

08 Jul | Steel News

India’s coking coal port import traffic up six percent in April-June

05 Jul | Steel News

Australia expects metallurgical coal export earnings to fall in 2025-26

04 Jul | Steel News

MOC: Average steel prices in China down slightly during June 24-30

04 Jul | Steel News

Ex-Australia coking coal jumps to $260/mt FOB after fire at Anglo American

02 Jul | Scrap & Raw Materials

Anglo American suspends operations at Australian coal mine after fire

01 Jul | Steel News