Glencore makes offer for the steelmaking coal business of Teck Resources (Peterborough Examiner/Canadian Press – June 12, 2023)

VANCOUVER – Swiss company Glencore it has made an offer to buy the steelmaking coal business of Teck Resources Ltd. The company said in a statement Monday it would pay cash for the assets, but did not say how much publicly.

Glencore said it remains willing to pursue its offer for all of Teck, but that it has made an alternative offer for the coal operations that it would combine with its own thermal coal assets.

The company said it is “fully committed” to ensuring an acquisition of the coal business would benefit Canada and that it is open to working with Teck “to identify a comprehensive suite of commitments for the benefit of all relevant stakeholders.”

Teck, which rejected Glencore’s earlier offer for the entire company, said it’s reviewing the latest proposal along with a number of other potential transactions involving its steelmaking coal business.

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