Glencore takes majority stake in Canadian coal business ...Middle East

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Glencore takes majority stake in Canadian coal business
Zurich (AFP) – Swiss commodities giant Glencore will acquire a majority stake in the steelmaking coal business of Canadian miner Teck Resources, the companies said on Tuesday, capping fraught negotiations between the groups. Issued on: 14/11/2023 – 10:01 2 min Glencore said it would take a 77-percent effective interest in Elk Valley Resources for $6.93 billion in cash. Japan’s Nippon Steel Corporation will acquire a 20-percent minority stake in Elk Valley, while South Korea’s POSCO will grab three percent. Vancouver-based Teck Resources put the value of its steelmaking coal business at $9.0 billion. Glencore’s coal strategy has attracted fierce criticism, i

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