{"id":6651,"date":"2024-02-01T19:21:48","date_gmt":"2024-02-01T19:21:48","guid":{"rendered":"https:\/\/northamericanmining.com\/?p=6651"},"modified":"2024-02-01T19:29:43","modified_gmt":"2024-02-01T19:29:43","slug":"glencore-led-group-nabs-teck-coal-unit","status":"publish","type":"post","link":"https:\/\/northamericanmining.com\/index.php\/2024\/02\/01\/glencore-led-group-nabs-teck-coal-unit\/","title":{"rendered":"Glencore-led group nabs Teck coal unit"},"content":{"rendered":"

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A consortium led by Glencore agreed in November to acquire Teck Resources\u2019 steelmaking coal unit for $9 billion, marking one of the largest deals in the mining sector, according to Reuters.<\/p>\n\n\n\n

Glencore will own 77% of the business in a $6.9 billion cash deal, while 20% will go to Japan\u2019s Nippon Steel Corp., which already holds a 2.5% stake.<\/p>\n\n\n\n

South Korea\u2019s POSCO will swap a stake in two of Teck\u2019s coal operations for 3% in the steelmaking coal business Elk Valley Resources.<\/p>\n\n\n\n

The transaction is expected to close in the third quarter of this year.<\/p>\n\n\n\n

Glencore said it would demerge the coal units of both companies within 24 months of the acquisition\u2019s completion. The merged coal company will be listed in New York, with secondary listings in Toronto and Johannesburg.<\/p>\n\n\n\n

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\u201cThere\u2019s a potential value creation uplift for our shareholders to demerging coal, including EVR, as opposed to a less certain value creation that would be just demerging our existing coking coal business,\u201d said Glencore CEO Gary Nagle.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

A consortium led by Glencore agreed in November to acquire Teck Resources\u2019 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\u2019s Nippon Steel Corp., which already holds a 2.5% stake. South…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12],"tags":[1792,1254,1973,244],"coauthors":[1644],"class_list":["post-6651","post","type-post","status-publish","format-standard","hentry","category-the-headlines","tag-elk-valley-resources","tag-glencore","tag-steelmaking-coal","tag-teck-resources"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t