Teck Resources Secures Regulatory Approval for Coal Business Sale and Announces Major Debt Reduction Plan

The company will use the proceeds from the $6.9 billion sale to Glencore to reduce debt, fund copper growth, and return cash to shareholders.

Teck received regulatory approval for the sale of its 77% stake in Elk Valley Resources to Glencore.
The transaction is expected to close on July 11, with Teck receiving $6.9 billion in cash proceeds.
Proceeds will be allocated to debt reduction, copper project funding, and shareholder returns.
Teck plans to repurchase up to $2 billion in shares and distribute a special dividend.
The company aims to increase copper production by 30% by 2028.