Teck Resources Limited has agreed to sell Elk Valley Resources to the Swiss company Glencore in a deal that values the operations at $9 billion US.
Teck has been moving away from their coal division recently, focusing on metals like copper instead.
Glencore is purchasing 77 per cent of Elk Valley Resources for US$6.9 billion in cash.
The Nippon Steel Corporation is paying US1.3 billion and exchanging its current 2.5 per cent interest in Elkview Operations for 20 per cent.
Korean-based POSCO will make up the other three per cent.
Glencore has agreed to continue a number of promises made by Teck.
This includes $15 million for the proposed renal/oncology addition to the East Kootenay Regional Hospital in Cranbrook and they will complete the construction of a new Sparwood office.
More information on the sale of Elk Valley Resources can be found here.
