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Teck/Glencore sale update

Nicholas L. M. Allen

Nov 22, 2023

The manager of social responsibility at Teck provided answers about the impact of this transaction.

Teck Resources Limited (Teck) announced on November 14 they agreed to sell its entire interest in the steelmaking coal business, Elk Valley Resources (EVR).

In response to recent inquiries about the sale of EVR to Glencore, Rory O’Connor, the manager of social responsibility at Teck, provided answers to questions surrounding the impact of this transaction.

“Teck undertook an extremely thorough and competitive process which clearly identified this transaction as the best option for our shareholders and all stakeholders, ensuring continued socially and environmentally responsible steelmaking coal operations and creating significant enhanced benefits for Canada and BC,” explained O’Connor when asked about looking into Glencore’s background.

Concerns about employment changes were addressed by Glencore’s commitments. EVR will maintain significant employment levels in Canada, with no net reduction in the number of employees. 

“EVR will maintain the terms of its current collective bargaining agreements and when they expire negotiate in good faith the terms of the new agreements,” said O’Connor.

Additionally, health and other employee benefits will be maintained and, where appropriate, enhanced.

All mining companies, including EVR under Glencore, are required to adhere to environmental regulations set by provincial and federal bodies. O’Connor added that Glencore has committed to continuing the Elk Valley Water Quality Plan, investing in research and development for water quality treatment technologies, and pursuing a climate transition strategy with ambitious emissions reduction targets.

When asked if there will be any changes to donations in the Elk Valley, O’Connor responded with how EVR will allocate at least $30 million over the term of its commitments, supporting local community events, charities, housing improvements, and daycare access. EVR also plans to be a major funding partner for the proposed East Kootenay Regional Hospital addition in Cranbrook.

Upon closing in the third quarter of 2024, EVR will have Glencore (77%), Nippon Steel Corporation (20%), and POSCO (3%) as equity interests. The current Teck management team, led by Robin Sheremeta, will oversee Elk Valley operations until the transaction’s closure. 

Executive and senior management roles within EVR will primarily be held by Canadians added O’Connor. EVR will continue to operate from the Vancouver head office and regional offices in Calgary and Sparwood, including the completion of a new Sparwood office.

“Many employees of the steelmaking coal business have worked for several companies owning and operating the mines in their careers and are pleased to see the strong commitments made by Glencore as part of this transaction,” said O’Connor.

More details about the sale are available at

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