Original article by Nick Evans
The Australian – Page: 15 : 15-Nov-23

Glencore CEO Gary Nagle expects its $US8.9bn ($14bn) deal to acquire a majority stake in Teck Resources’ coking coal business to be finalised in the September 2024 quarter. Glencore will own 77 per cent of Elk Valley Resources if the deal is approved by Canadian regulators, while steelmakers Nippon Steel and Posco will be minority shareholders. Glencore is still proposing to demerge its coal division, which would include the Elk Valley mines as well as Glencore’s coal mines in Australia; Nagle says the process of hiving off the coal assets is likely to take about two years. Teck will in turn focus on copper and nickel production.

CORPORATES
GLENCORE PLC, TECK RESOURCES LIMITED, ELK VALLEY RESOURCES LIMITED, NIPPON STEEL CORPORATION, POSCO