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Ottawa approves sale of Teck’s B.C. steelmaking coal business to Glencore

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$9.5M agreement to transfer Elk Valley Resources to Swiss firm expected to close next Thursday

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 Vancouver-based miner said it expects to receive $9.5 billion from the sale, excluding closing adjustments. As part of the transaction, Champagne said Glencore has committed to establishing and maintaining a Vancouver head office for Elk Valley Resources for at least 10 years, along with regional offices in Calgary and Sparwood, B.C.

Glencore’s $25-billion hostile takeover attempt had “raised very serious concerns and was rejected by shareholders,” Champagne said.

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