A consortium led by Glencore has agreed to acquire Teck Resources’ steelmaking coal unit for $9 billion, marking one of the largest deals in the mining sector, according to Reuters. Glencore will own 77% of the business in a $6.9 billion cash deal, while 20% will go to Japan’s Nippon Steel Corp., which already holds a 2.5% stake. South Korea’s…
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India’s biggest steel producer JSW Steel intends to bid for a 20-40% stake in Elk Valley Resources Ltd., the metallurgical coal unit of Canadian-based Teck Resources, reported Bloomberg News. Full story.
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Coal, copper and zinc producer Teck Resources has teamed with transport firm Norden for an agreement that will reduce CO² emissions in Teck’s steelmaking coal supply chain. The agreement is expected to reduce annual emissions from Teck shipments handled by Norden by 25%, or up to 6,700 tonnes of CO². The latter will achieve emission reductions with a range of…
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Teck Resources said Canadian Pacific Kansas City (CPKC) and Teck Coal have entered into a long-term rail agreement for the transportation of steelmaking coal from Teck’s four operations in southeastern British Columbia. Full story.
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Canadian miner Teck Resources has rejected an unsolicited $22.5 billion offer from Glencore, citing reluctance to expose its shareholders a large thermal coal business, an unwanted oil trading business and significant jurisdictional risk, reported Reuters. Glencore’s proposal was to merge with Teck and to simultaneously demerge their combined metals and coal businesses to create MetalsCo and CoalCo. The remaining company…
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Anglo American has appointed its new CEO for Australia, former Rio Tinto executive Daniel van der Westhuizen, who has been tasked with leading the global miner’s steelmaking coal business from Brisbane. Read full article.
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