Updated Nov. 14, 2023 3:23 am ET
Canadian miner Teck Resources said it is selling its coal assets to a group led by mining and trading giant Glencore in a deal that would cap a lengthy saga and be one of the biggest in mining this year.
The transaction would value the business at around $9 billion. Under the terms of the deal, Glencore will pay $6.93 billion for a 77% stake. Japan-based steelmaker Nippon will hold a 20% stake after converting existing holdings in some of Teck’s coal operations and paying cash, while South Korean steelmaker Posco will hold a 3% position after converting its holdings.
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