Just a REMINDER
Teck Announces Completion of Sale of Minority Interest in Steelmaking Coal Business
T.TECK.A | January 3, 2024
VANCOUVER - Teck Resources Limited (“Teck”), (TSX: TECK.A and TECK.B, NYSE: TECK) today announced the closing of the sale of a minority interest in its steelmaking coal business, Elk Valley Resources (“EVR”), to Nippon Steel Corporation (“NSC”) and POSCO.
NSC has acquired a 20% interest in EVR in exchange for its prior 2.5% interest in Elkview Operations plus US$1.3 billion in cash paid at closing to Teck and US$0.4 billion paid subsequently to Teck out of cash flows from EVR. POSCO has exchanged its 2.5% interest in Elkview Operations and its 20% interest in the Greenhills joint venture, for a 3% interest in EVR.
Closing of the sale of the remaining interest (77%) in EVR to Glencore PLC is expected to occur in the third quarter of 2024, subject to the satisfaction of customary conditions, including receipt of approvals under the Investment Canada Act and competition approvals in several jurisdictions.
For more information on the full sale of Teck’s steelmaking coal business, see the November 13, 2023 news release here.