Teck Resources (TECK) Exits Coal to Focus on Copper, Stock Up

Allocation of the Proceeds From the Deal Background of the Sale On Nov 13, 2023, Teck Resources announced that it agreed to sell its steelmaking coal business for an implied enterprise value of $9 billion. The majority stake (77%) was to be made to Glencore and 20% to Nippon Steel Corporation. The remaining 3% stake was agreed to be taken up by POSCO (PKX) . Per the agreement, on Jan 3, 2024, Nippon Steel acquired the 20% interest in EVR in exchange for its prior 2.5% interest in Elkview Operations and a pa ...