Glencore PLC (LSE:GLEN) has received final regulatory approval for its acquisition of 77% of the coking coal business Elk Valley Resources (EVR) from Teck Resources.
This was the final regulatory approval for the transaction, which is now expected to close on 11 July 2024.
Gary Nagle, Glencore’s chief executive, commented: "We are pleased to have received final regulatory approval for the transaction and look forward to completing the acquisition and welcoming EVR into the Glencore Group.
"We have made significant commitments to the Canadian government aimed at ensuring the transaction is of lasting benefit to Canada and British Columbia including in relation to employment, the environment and engaging constructively and meaningfully with the Indigenous Nations in the Elk Valley.
"The acquisition of EVR will further enhance the quality of our portfolio, broadening our ability to provide high-quality steelmaking coal."