The transaction is expected to close on 11 July, giving Glencore a 77% ownership stake in Teck’s Elk Valley Resources. Teck expects to receive CA$9.5 billion in cash proceeds from the sale, which marks its exit from the metallurgical coal business.

“This transaction marks a new era for Teck as a company focused entirely on providing metals that are essential to global development and the energy transition,” said Teck Resources president and chief executive officer Jonathan Price.

“Moving forward as a pure-play energy transition metals company, we will build on our core portfolio of strong, cash-generating assets through development of our near-term copper growth projects," Price said.