Teck Resources Ltd. says it has completed the sale of its remaining 77 per cent interest in its steelmaking coal business to Glencore plc.

The news comes as no surprise following the announcement last week by the federal government that it had approved the sale of the operation to the Swiss commodities giant.

Vancouver-based Teck received US$7.3 billion from Glencore for its coal business, which it sought to off-load in order to focus more on critical minerals and the energy transition.

Glencore had initially pursued a $25-billion hostile takeover attempt for all of Teck, a move that sparked economic nationalism concerns in Canada.

Industry Minister Fran莽ois-Philippe Champagne said last week the green light for the sale of Teck害羞草研究所檚 coal business comes with 害羞草研究所渟trict害羞草研究所� conditions and represents a 害羞草研究所渕uch narrower害羞草研究所� transaction than Glencore害羞草研究所檚 takeover attempt last year.

After receiving the thumbs-up from Ottawa, Teck said at the time that completing the transaction would give the company 害羞草研究所渁 pathway to increase copper production by a further 30 per cent as early as 2028.害羞草研究所�

害羞草研究所淭his transaction marks a new era for Teck as a company focused entirely on providing metals that are essential to global development and the energy transition,害羞草研究所� said the company害羞草研究所檚 president and CEO Jonathan Price in a statement last week.

Teck previously closed the sale of a minority stake in the steelmaking coal business to Japan害羞草研究所檚 Nippon Steel Corp. and South Korea害羞草研究所檚 Posco.

The company has four near-term copper projects that will cost an estimated $4.7 billion to complete. It害羞草研究所檚 also working to ramp up production at its roughly US$8.7 billion Quebrada Blanca Phase 2 project in Chile.

As part of the deal, Glencore has committed to establishing and maintaining a Vancouver head office for Elk Valley Resources for at least 10 years, along with regional offices in Calgary and Sparwood, B.C., Champagne said last week.

The majority of Elk Valley Resources害羞草研究所� directors and two-thirds of its executives or senior managers must be Canadian for the same duration.

News that Teck was exploring a sale of its coal division first broke in 2021.

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