Posco traded its interest in two of Teck’s coal operations for a 3% stake in the overall steelmaking coal business.
The transactions are part of an umbrella deal inked with Glencore (LON: GLEN) in November 2023, which will see the Swiss miner and commodities trader pay $6.9 billion for for 77% of Elk Valley Resources.
The agreement with Glencore, which capped negotiations and takeover attempts initiated by the Baar-based firm, remains subject to regulatory review and is expected to close in the third quarter of 2024.
Less copper
Canada’s largest diversified miner also said that 2023 production at Quebrada Blanca (QB), its flagship copper mine in Chile, was lower than expected.
Teck had forecasted 80,000-tonne copper production for 2023 due to reliability and consistency issues at the operation in the fourth quarter. But output from QB, excluding copper cathode, only totalled 56,200 tonnes for the year.
“During the second…
