Global commodities trader and miner Glencore has inked a $6.93 billion (about R130 billion) deal for a 77% stake in Canada's Elk Valley Resources (EVR), the steel-making coal business of Teck Resources.
"We have bought a low-cost tier-1 operation in a world-class asset in one of the world's leading mining jurisdictions," Glencore's CEO Gary Nagle said in a media briefing on Tuesday.
"These world-class assets and the experienced people that operate them are expected to meaningfully complement our existing thermal and steel-making coal production located in Australia, Colombia and South Africa."