Glencore Gains Final Approval for Elk Valley Resources Acquisition, Closing Expected July 11, 2024

  • Glencore secures final regulatory approval for acquiring 77% of Elk Valley Resources from Teck Resources.
  • The transaction is expected to close on July 11, 2024, after receiving approval under the Investment Canada Act.
  • CEO Gary Nagle emphasizes the strategic importance of the acquisition for Glencore's global portfolio and Canadian assets.

Glencore has achieved a significant milestone. The company received the final regulatory approval for acquiring a 77% interest in Elk Valley Resources (EVR) from Teck Resources. The approval came from the Government of Canada under the Investment Canada Act (ICA). This marks the last hurdle in the transaction, which is set to close on July 11, 2024.

CEO Comments

Gary Nagle, Glencore’s CEO, expressed his satisfaction with the approval. “We are pleased to have received final regulatory approval for the transaction,” said Nagle. He highlighted the strategic importance of Canadian assets within Glencore’s global portfolio. The acquisition of EVR will enhance Glencore’s position as a leading diversified miner and supplier of critical minerals in Canada.

Quote from Gary Nagle

“The investment in EVR will support our position as one of the largest diversified miners and suppliers of critical minerals in Canada.”

Nagle emphasized the company’s commitment to ensuring the transaction benefits Canada and British Columbia. This includes commitments related to employment, the environment, and meaningful engagement with Indigenous Nations in the Elk Valley.

In conclusion, the acquisition of Elk Valley Resources marks a significant step for Glencore, strengthening its portfolio and reinforcing its commitment to sustainability and community engagement. The company’s strategic investments and regulatory compliance demonstrate its dedication to growth and responsible business practices.