Shares of Teck Resources Ltd. jumped the most since April on the company’s plans to cut debt and return cash to shareholders thanks to proceeds from the sale of its steelmaking coal business to Glencore Plc.

Friday, July 5, 2024 - 14:50:59

Visit: 56

To secure the approval, Glencore has agreed to maintain Canadian headquarters for Elk Valley Resources (EVR) for at least 10 years, ensure a majority of the directors of EVR are Canadians, and maintain significant employment levels at EVR for no less than five years, the ministry said. SIGN UP FOR THE ENERGY DIGEST In a separate statement, Teck said it would use the deal proceeds to buy back up to C$2.75 billion ($2 billion) of its Class B subordinate voting shares, reduce its debt by up to $2 billion and fund near-term copper growth. The miner said it expects the deal to close by July 11. “Today I approved under strict conditions a much narrower transaction whereby Glencore will acquire Teck Resources metallurgical coal business,” Industry Minister Francois-Philippe Champagne said in a statement. He flagged that going forward Canada will set a high bar on net-benefit reviews when assessing mergers and acquisitions of important Canadian companies in the critical minerals space. “Henceforth, such transactions will only be found of net benefit in the most exceptional of circumstances,” Champagne said. Glencore CEO Gary Nagle said in a statement the company has made significant commitments to the Canadian government to ensure the transaction benefits Canada and British Columbia in the long term. In November, a Glencore-led consortium sealed one of the mining sector’s biggest deals, agreeing to acquire Teck Resources steelmaking coal unit for $9 billion. Swiss miner Glencore will get 77% of the business in a $6.9 billion cash deal, while 20% will go to Japan’s Nippon Steel, which already holds a 2.5% stake. South Korea’s POSCO will swap a stake in two of Teck’s coal operations for 3% in the steelmaking coal business Elk Valley Resources.

Thursday, July 4, 2024 - 14:39:34

Visit: 65

Production from a large new zinc mine in the Democratic Republic of Congo will be split between several new buyers including trading giant Trafigura Group, after rival Glencore Plc backed away from a previous deal for the entire supply.

Wednesday, June 26, 2024 - 02:29:47

Visit: 57

Production from a large new zinc mine in the Democratic Republic of Congo will be split between several new buyers including trading giant Trafigura Group, after rival Glencore Plc backed away from a previous deal for the entire supply.

Wednesday, June 26, 2024 - 02:29:47

Visit: 36

British prosecutors investigating former Glencore Plc employees over bribery allegations said they plan to bring long-awaited criminal charges.

Tuesday, June 18, 2024 - 21:39:35

Visit: 108

Zambia made its first move in implementing plans to set up a state company to trade in the minerals that Africa’s second-biggest copper producer exports.

Thursday, June 13, 2024 - 13:41:52

Visit: 45

Zambia made its first move in implementing plans to set up a state company to trade in the minerals that Africa’s second-biggest copper producer exports.

Wednesday, June 12, 2024 - 14:09:04

Visit: 75

Glencore Plc is considering selling its stake in Kazakh mining company Kazzinc amid interest from potential buyers in China, people familiar with the situation said.

Wednesday, June 5, 2024 - 20:56:22

Visit: 84

A majority of Glencore investors have indicated they were satisfied with the commodities giant’s plans to reduce carbon emissions, just as it gets closer to completing its acquisition of Teck Resources’ steelmaking coal business.

Friday, May 31, 2024 - 20:20:30

Visit: 69

Glencore Plc will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck Resources Ltd.’s mines closes later this year.

Thursday, May 30, 2024 - 19:54:38

Visit: 54

Glencore Plc will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck Resources Ltd.’s mines closes later this year.

Wednesday, May 29, 2024 - 22:19:54

Visit: 123

Glencore Plc will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck Resources Ltd.’s mines closes later this year.

Wednesday, May 29, 2024 - 22:16:20

Visit: 89

Swiss-based trading house Glencore and aluminum producer Rusal have extended their long-term supply contract into next year after the amount traded so far has amounted to a fraction of the agreement’s maximum volumes, a source with direct knowledge said on Wednesday.

Wednesday, May 22, 2024 - 14:44:59

Visit: 111

As part of the mining industry’s transition towards electrification, Sandvik has initiated a pilot project to deploy a second-life battery energy storage system (BESS) at to-be-determined assets held by Glencore.

Tuesday, May 21, 2024 - 14:27:55

Visit: 60

Australia’s Queensland state will decide this month whether to give Glencore a key approval to bury liquefied carbon dioxide in the country’s largest aquifer, a plan farm groups say must be blocked because it risks poisoning water supplies.

Monday, May 13, 2024 - 14:17:41

Visit: 145

Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an elevated interest rate and high commodity price environment, it said on Tuesday.

Tuesday, April 30, 2024 - 23:49:20

Visit: 113

A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 billion roubles, or some 114.8 million euros, worth of shares in a lawsuit filed by Sberbank, according to the court.

Monday, April 15, 2024 - 23:28:22

Visit: 139

Glencore Plc may consider switching its primary listing from London to New York, analysts at Deutsche Bank AG predicted, in what would be the most high-profile exit from the UK exchange to date.

Tuesday, April 2, 2024 - 19:40:44

Visit: 139

Activist investor Tribeca Investment Partners has called on Glencore to shift its primary listing from London to Sydney and abandon a plan to spin off its profitable coal business, the Financial Times reported on Wednesday.

Wednesday, March 13, 2024 - 22:23:06

Visit: 132

Glencore said on Monday it will close and sell its stake in the loss-making Koniambo Nickel SAS business it co-owns in New Caledonia, as a sharp drop in the metal’s prices continues to hit the industry.

Monday, February 12, 2024 - 23:07:33

Visit: 161

Miner and trader Glencore on Thursday reported lower copper, nickel and cobalt production in 2023 and signalled a further decline in output this year.

Thursday, February 1, 2024 - 23:14:22

Visit: 146

Zambia is seeking to restructure a $1.5 billion debt owed by Mopani Copper Mines to Glencore, which arose from its acquisition of Mopani in 2021, state-owned mining firm ZCCM-Investment Holdings (ZCCM-IH) said on Friday.

Wednesday, January 31, 2024 - 22:54:17

Visit: 101

Mining News Pro - Vale Base Metals (VBM) is prioritizing a decision on whether to combine its nickel operations in Canada’s Sudbury basin with those of Glencore this year, a move that could reduce costs for both companies, its chairman said.

Thursday, January 11, 2024 - 14:33:12

Visit: 115

Mining News Pro - A Glencore-led consortium’s successful $9 billion bid for Teck Resources’ steelmaking coal unit could face tougher environmental clean-up obligations, as water pollution from the mines comes under increasing scrutiny in the US and Canada.

Thursday, December 14, 2023 - 23:41:32

Visit: 145

Mining News Pro - Glencore will publish an updated climate action transition plan in March 2024, it said on Wednesday, after some investors rejected its climate progress report and it agreed to buy Canadian miner Teck Resources’ steelmaking coal business.

Wednesday, December 13, 2023 - 01:12:06

Visit: 152