Plans by Teck Resources to sell the remainder of its Elk Valley steelmaking coal business to Glencore has passed its final hurdles.
In a company statement, Teck has said it’s received all of necessary regulatory approvals, and a result, is expecting the sale to the Swiss-based conglomerate to be complete this coming Thursday.
Teck president and CEO Jonathan Price said the transaction marks a new era for Teck as a company.
He added it will the enable it to reduce debt and retain significant cash to fund its near-term metals growth, shifting more of its focus to copper production.
The sale, once complete, will see Glencore pay in the area of $9.5 billion (CDN $) to Teck to acquire 77-percent of its Elk Valley Resources operation.
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