Canada’s federal government is set to approve Glencore’s $6.93 billion acquisition of Canadian miner Teck Resources’ steelmaking coal unit, a spokesperson for Canada’s Industry minister toldThe ministry spokesperson said the office will be issuing a statement “soon” on the development. Teck and Glencore, did not immediately respond to
Canadian Industry Minister Francois-Philippe Champagne had been reviewing the deal on both a net-benefit and national security basis, the report added. The minister’s office too did not answer to aThe Globe and Mail on Thursday evening reported quoting unnamed sources that Canada was planning to approve the deal with several legally binding conditions, theSwiss miner Glencore will get 77% of the business in a $6.
South Korea’s POSCO will swap a stake in two of Teck’s coal operations for 3% in the steelmaking coal business Elk Valley Resources.The comments come hours after Toronto-based Victoria Gold said it hasn’t detected elevated cyanide levels downstream of its property.With an expected cost of $343 million, the Madaouela project was poised for development and had started to advance despite the political changes.