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Teck Resources to Sell Majority of Coal Business to Glencore

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Teck Resources,Coal Business,Glencore

Teck Resources Ltd. is planning on selling the majority of its coal business to Swiss commodities trading giant Glencore PLC, and two Asian steelmakers will buy the balance in a US$8.9-billion transaction.

Teck Resources Ltd. is planning on selling the majority of its coal business to Glencore PLC, with two Asian steelmakers buying the remaining stake. Glencore will pay $6.9 billion for 77% of Teck's coal business, while Japan's Nippon Steel will pay $1.

7 billion and South Korea's POSCO will swap its interests in two coal operations for 3% of the business.

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Teck in Talks to Sell Coal Business to GlencoreTeck Resources is reportedly in talks to sell its coal business to Glencore, according to the Wall Street Journal. The potential deal comes as Teck aims to reduce its carbon footprint and shift towards cleaner energy sources.
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