Teck sale of EVR to Glencore coming Thursday

Plans by Teck Resources to sell the remainder of its Elk Valley steelmaking coal business to Glencore has passed its final hurdles.

In a company statement, Teck has said it’s received all of necessary regulatory approvals, and a result, is expecting the sale to the Swiss-based conglomerate to be complete this coming Thursday.

Teck president and CEO Jonathan Price said the transaction marks a new era for Teck as a company.

He added it will the enable it to reduce debt and retain significant cash to fund its near-term metals growth, shifting more of its focus to copper production.

The sale, once complete, will see Glencore pay in the area of $9.5 billion (CDN $) to Teck to acquire 77-percent of its Elk Valley Resources operation.