Glencore has received approval from the Government of Canada under the Investment Canada Act (ICA) for the acquisition of a 77% interest in EVR from Teck Resources. This was the final regulatory approval for the transaction, which is now expected to close on 11 July 2024.
Gary Nagle, CEO, Glencore, commented:
“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.
“We have made significant commitments to the Canadian government aimed at ensuring the transaction is of lasting benefit to Canada and British Columbia including in relation to employment, the environment and engaging constructively and meaningfully with the Indigenous Nations in the Elk Valley.
“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.”
A summary of the commitments made by Glencore under the ICA is available here.
As disclosed in our 2023 Annual Report, we will shortly commence a consultation process to assess shareholder views regarding the potential demerger of the combined coal and carbon steel materials business.
