The acquisition of EVR from Teck Resources enhances Glencore’s coal-mining business, including its operations in South Africa.
The company believes the Canadian EVR has “world-class assets” and “the experienced people that operate them are expected to meaningfully complement our existing thermal and steel-making coal production” in South Africa, Australia and Colombia, the company said.
On Friday, the company confirmed that it had “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 required for the transaction. Glencore expects this acquisition will now close on July 11.
