Teck Resources has closed the sale of a minority interest in its coal division to the Nippon Steel Corporation (NSC) and POSCO.
NSC now has a 20 per cent interest in Elk Valley resources after exchanging its prior 2.5 per cent interest and paying US$1.3 billion.
POSCO changed its 2.5 per cent interest and a 20 per cent interest in the Greenhills joint venture, for a 3 per cent interest in Elk Valley resources.
This was a part of the deal with Swiss-based Glencore, who’s purchasing Teck’s coal division.
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Teck is moving away from coal and focusing on copper and zinc production.
The sale of the remaining 77 per cent interest to Glencore is expected to be done sometime in the third quarter of 2024.
The deal is still subject to regulatory approval.