Teck Resources (TSE:TECK.B) has released an update.
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Teck Resources Limited has announced the regulatory approval for the sale of its 77% interest in steelmaking coal business Elk Valley Resources to Glencore, with the transaction expected to close on July 11, 2024. Teck will focus on becoming a pure-play metals company, emphasizing copper growth, funded by the US$6.9 billion sale proceeds. The proceeds will be used to reduce debt, fund copper projects, and return significant cash to shareholders, including a repurchase of shares and a special dividend.
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