In November, a consortium led by Glencore finalized one of the largest deals in the mining sector by acquiring Teck Resources’ steelmaking coal unit for $9 billion. The acquisition marked a significant development in the mining sector and solidified the positions of Glencore, Nippon Steel Corporation, and POSCO in the steelmaking coal business.
According to a report, Canadian Industry Minister Francois-Philippe Champagne had been evaluating the deal based on net benefit and national security considerations. However, his office did not respond to a request for comment from Reuters. The Globe and Mail reported, citing unnamed sources, that Canada was planning to approve the deal with various legally binding conditions.
The approval of the deal with conditions is expected to move forward after the review by the minister. The deal showcases the global nature of the mining industry and the strategic partnerships that are formed to strengthen operations in key sectors.
