Ottawa approves sale of Teck's steelmaking coal business to Glencore

VANCOUVER — Ottawa says it has approved Teck Resources Ltd.'s sale of a majority stake in its steelmaking coal business to Swiss commodities giant Glencore.

Teck says 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 says it expects to receive $9.5 billion from the sale, excluding closing adjustments.

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