https://www.cbc.ca/news/canada/british-columbia/
Teck Resources said it expects to receive $9.5 billion from the sale, excluding closing adjustments
The last hurdle in Teck Resources Ltd.’s years-long effort to off-load its coal mining business and become purely a metals producer is cleared after the federal government approved the sale of the operation to Swiss commodities giant Glencore.
In a statement posted Thursday, Industry Minister François-Philippe Champagne said the green light comes with “strict” conditions and represents a “much narrower” transaction than Glencore’s hostile takeover attempt of Teck last year.
Teck said the latest development means the sale of its remaining 77 per cent interest in the steelmaking coal business, Elk Valley Resources, has now received all necessary regulatory approvals and is expected to close next Thursday.
The Vancouver-based miner said it expects to receive $9.5 billion from the sale, excluding closing adjustments. “This transaction marks a new era for Teck as a company focused entirely on providing metals that are essential to global development and the energy transition,” said the company’s president and CEO Jonathan Price in a statement.
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