The news comes as no surprise following the announcement last week by the federal government that it had approved the sale of the operation to the Swiss commodities giant.
Glencore had initially pursued a
Industry Minister
After receiving the thumbs-up from Ottawa, Teck said at the time that completing the transaction would give the company "a pathway to increase copper production by a further 30 per cent as early as 2028."
"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
Teck previously closed the sale of a minority stake in the steelmaking coal business to
The company has four near-term copper projects that will cost an estimated
As part of the deal, Glencore has committed to establishing and maintaining a
The majority of Elk Valley Resources' directors and two-thirds of its executives or senior managers must be Canadian for the same duration.
News that Teck was exploring a sale of its coal division first broke in 2021.
This report by The Canadian Press was first published
Companies in this story: (TSX:TECK.A; TSX:TECK.B)
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