Glencore to increase its influence in Canada’s coal industry

The Canadian government approves sale of Teck Resources to Glencore

The Canadian government has approved the sale of 77% of the shares of the coal company Teck Resources Elk Valley Resources to Glencore for $6.9 billion.

Positive development for Glencore

Glencore expressed satisfaction with the acquisition, stating that it will enhance their portfolio and increase coal supplies for steel production.

Interest from JSW Steel Limited

Indian company JSW Steel Limited has also shown interest in acquiring Teck Resources’ assets, signaling further potential developments in the industry.

Involvement from Nippon Steel and POSCO

Nippon Steel from Japan purchased 20% of the shares, while POSCO from South Korea acquired 3% of Elk Valley Resources, indicating strong international interest in the coal sector.