Insight
Glencore acquires Teck's world class coal assets
Report summary
In the biggest coal deal since 2011, Glencore is purchasing Teck’s coal business (Elk Valley Resources, or EVR) for US$6.93 billion. Glencore will move from being a relatively minor player in the seaborne metcoal market to the third largest supplier globally. The deal breakeven price of US$198/t continues the trend of higher implied transaction prices that started in 2022. Glencore and Teck Metals both stand to gain, as each reshuffles their portfolio to target new investors.
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