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Teck Receives regulatory approval for sale of steelmaking coal business

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World Coal,

Teck Resources Ltd has announced that the sale of its remaining 77% interest in the steelmaking coal business, Elk Valley Resources (EVR), to Glencore plc has received all necessary regulatory approvals.

Teck expects to receive total cash proceeds of US$6.9 billion (CAN$9.5 billion) from the sale of the 77% interest in EVR, excluding closing adjustments.

“We are pleased that we will achieve a complete separation of the metals and steelmaking coal businesses to position Teck for its next phase of growth and responsible value creation”, said Sheila Murray, Chair of the Board. “We are confident that our leadership team is executing the right strategy to maximise long-term value for shareholders and all stakeholders.”

“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 Jonathan Price, President and CEO. “Moving forward as a pure-play energy transition metals company, we will build on our core portfolio of strong, cash-generating assets through development of our near-term copper growth projects. Completion of this transaction will provide substantial funding for our projects, giving Teck a pathway to increase copper production by a further 30% as early as 2028.”

“This transaction will enable us to reduce debt and retain significant cash to fund our near-term metals growth and maintain a resilient balance sheet, while also providing a significant return of cash to our shareholders”, said Price.

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Canada coal news