The Swiss miner is paying US$6.9 billion cash for a 77 per cent stake in Vancouver-based Teck’s steel-making coal business, Elk Valley Resources. Japan’s Nippon Steel will take a 20 per cent minority stake and South Korean chemical giant Posco will own a three per cent interest in Elk Valley Resources, which has a US$9 billion implied enterprise value. (The Logic)

Talking point: Chairman emeritus Norman Keevil, who had blocked earlier bids by Glencore, said the new long-awaited deal sets the stage for Teck to pursue “future-oriented metals.” Teck CEO Jonathan Price said the deal will provide capital for the company’s base metals business, a category that includes copper and zinc, while spurring Teck’s effort to be “a Canadian-based, growth-focused critical minerals champion.” The company aims, among other things, to extend the life of Canada’s largest copper mine and evaluate a potential electric vehicle-battery recycling facility. The deal will have to meet conditions, including approvals from competition authorities, to close in the third quarter of 2024. Teck said Glencore has committed to maintain jobs and increase local investment. Meanwhile, Finance Minister Chrystia Freeland said during a press conference the federal government will “carefully” review the deal.