Deal due to close July 11 (Il Sole 24 Ore Radiocor) - Zurich, 05 Jul - The Swiss-based mining group Glencore said that it has received approval from the government of Canada for the acquisition of a 77% interest in Elk Valley Resources (EVR), the steelmaking coal unit of Teck Resources.

This was the final regulatory approval for the transaction, which is now expected to close on July 11, it added.

"We are pleased to have received final regulatory approval for the transaction and look forward to completing the acquisition and welcoming EVR into the Glencore Group.

Glencore's Canadian assets form a significant part of our global business, and some have a history that dates back more than 100 years. The investment in EVR will further support our position as one of the largest diversified miners and suppliers of critical minerals in Canada," said Gary Nagle, the CEO of Glencore.

"The acquisition of EVR will further enhance the quality of our portfolio, broadening our ability to provide high quality steelmaking coal, an important transition-enabling commodity, to customers around the world as well as contributing significant expected cashflows to the Glencore Group.".

AAA-Web

(RADIOCOR) 05-07-24 09:41:24 (0193) 5 NNNN