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…
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JSW Steel eyes stake in Teck’s coal unit
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. Chairman Sajjan Jindal said JSW, along with some Japanese and South Korean mills, could offer a combined $8 billion for a stake in the asset. He told Bloomberg that Teck produced…
Read MoreTeck enters rail agreement with CPKC
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. The agreement builds on existing services in place and runs until the end of 2026. Additionally, the companies intend to collaboratively develop a unique pilot program that integrates…
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