Swiss commodities giant Glencore has acquired the steelmaking coal assets of Teck Resources, expanding its coal empire. This deal highlights the unique rules and profitability of the coal industry. Coal is a crucial material in the global power sector and steelmaking.
However, due to its carbon intensity, it faces criticism from investors, shareholders, and Western governments.
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Glencore to Buy Majority Stake in Teck Resources' Coal BusinessGlencore Plc will acquire a majority stake in Teck Resources Ltd.’s coal business, marking a significant development in the mining industry and paving the way for Glencore to exit the coal business.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Canadian Government to Review Glencore's Acquisition of Teck's Elk Valley ResourcesThe Canadian government will carefully review Glencore's acquisition of Teck's Elk Valley Resources Ltd. to ensure it benefits Canada and passes a national security test. The government will consider factors such as Canadian jobs, a Canadian headquarters, environmental concerns, and the rights of Indigenous people.
Source: globeandmail - 🏆 5. / 92 Read more »
Ottawa's Approval of Teck Resources' Coal Business OfferWith Teck Resources' offer for the coal business now on the table, all eyes are on the federal government to see if they will approve the deal and under what conditions.
Source: globebusiness - 🏆 31. / 66 Read more »