Swiss company Glencore will take a majority share in mining company Teck’s Elk Valley Resources business.
November 15, 2023 at 11:55 AM
3 minute read
Canada Correspondent
Stikeman Elliott and Paul, Weiss, Rifkind, Wharton & Garrison advised Canadian-based Teck Resources Ltd. on the US$9 billion sale of its steelmaking coal mining business.
Ending a months-long saga, Swiss company Glencore plc will get a 77% stake in Teck’s coal business for $6.9 billion, with steelmakers Nippon Steel Corp. of Japan and South Korea’s Posco, which currently own minority stakes in Teck coal mines, to indirectly purchase the rest. The deal was announced Tuesday.
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Teck Resources’ Greenhills steelmaking coal operation in British Columbia, Canada. Courtesy photo
