Glencore-owned Elk Valley Resources, which operates four steelmaking coal mines in British Columbia, said it is cutting 140 jobs due to “challenging market conditions,” reported CBC News. “[Elk Valley Resources] is working to improve efficiency and reduce costs across our business to ensure our company is globally competitive,” said Chris Stannell, Elk Valley Resources communications manager. Stannell said most of…
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Glencore-led group nabs Teck coal unit
A consortium led by Glencore agreed in November 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…
Read MoreTeck to spin off steelmaking coal unit
Teck Resources said it will separate its business into two independent, publicly-listed companies – Teck Metals Corp. and Elk Valley Resources Ltd. – in an effort to provide investors choice of businesses with unique fundamentals and value propositions.
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