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.

The company's president and CEO Jonathan Price says the move marks a "new era" for Teck, allowing it to focus entirely on producing metals that are essential to global development and the energy transition, which includes increasing copper production by 30 per cent as early as 2028.

The two last year struck a SPAC deal that would have resulted in the combined company being publicly listed on U.S. exchange Nasdaq. Blank-check firms, also known as SPACs, are shell companies that raise money in an initial public offering to merge with a private company and take it public. The deal has been scrapped as a result of the current unfavorable SPAC market conditions and other factors, the companies said.

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