Analysis
July 8, 2024
CRU: Ottawa OKs Glencore’s buy of Teck’s coal business, issues critical minerals warning
Written by CRU
Canada’s industry minister Francois-Philippe Champagne has conditionally allowed a Glencore-led consortium to acquire Teck’s Elk Valley Resources (EVR) metallurgical coal business for $6.9 billion. He also raised the bar for foreign companies wanting to buy into the country’s critical mineral resources.
His approval follows a net benefit review lasting months during which Glencore made legally binding commitments and other pledges to ensure what Champagne described as a strong and well-funded operation. He expects the Switzerland-based miner and commodity trader to meet them.
