Wrap Text
GLN: Glencore receives final regulatory approval for the acquisition of Elk Valley Resources (EVR)
Glencore plc
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
Baar, Switzerland
05 July 2024
Glencore receives final regulatory approval for the
acquisition of Elk Valley Resources (EVR)
Glencore has received approval from the Government of Canada under the Investment Canada Act
(ICA) for the acquisition of a 77% interest in EVR from Teck Resources. This was the final regulatory
approval for the transaction, which is now expected to close on 11 July 2024.
Gary Nagle, CEO, Glencore, commented:
"We are pleased to have received final regulatory approval for the transaction and look forward to
completing the acquisition and welcoming EVR into the Glencore Group. Glencore's Canadian assets
form a significant part of our global business, and some have a history that dates back more than 100
years. The investment in EVR will further support our position as one of the largest diversified miners
and suppliers of critical minerals in Canada.
"We have made significant commitments to the Canadian government aimed at ensuring the
transaction is of lasting benefit to Canada and British Columbia including in relation to employment, the
environment and engaging constructively and meaningfully with the Indigenous Nations in the Elk
Valley.
"The acquisition of EVR will further enhance the quality of our portfolio, broadening our ability to provide
high quality steelmaking coal, an important transition-enabling commodity, to customers around the
world as well as contributing significant expected cashflows to the Glencore Group."
A summary of the commitments made by Glencore under the ICA is available here:
https://www.glencore.com/.rest/api/v1/documents/static/96ff8226-d9d8-4513-a67e-
b2d45580c7a0/Summary+of+ICA+commitments.pdf
As disclosed in our 2023 Annual Report, we will shortly commence a consultation process to assess
shareholder views regarding the potential demerger of the combined coal and carbon steel materials
business.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of
more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the
globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while
meeting the energy needs of today.
With over 150,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging
regions for natural resources, our marketing and industrial activities are supported by a global network of more than 50
offices.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery
manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of
commodities.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on
Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.
We will support the global effort to achieve the goals of the Paris Agreement through our efforts to decarbonise our own
operational footprint. We believe that we should take a holistic approach and have considered our commitment through the
lens of our global industrial emissions. Against a restated 2019 baseline, we are targeting to reduce our Scope 1, 2 and 3
industrial emissions by 15% by the end of 2026, 25% by the end of 2030, 50% by the end of 2035 and we have an ambition to
achieve net zero industrial emissions by the end of 2050, subject to a supportive policy environment. For more information see
our 2024-2026 Climate Action Transition Plan and the About our emissions calculation and reporting section in our 2023
Annual Report, available on our website at glencore.com/publications.
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Important Information
This material does not purport to contain all of the information you may wish to consider. For further important information, including in
connection with forward-looking statements and other cautionary information, refer to the Important notice section of Glencore's 2023 Annual
Report, which is available at glencore.com/publications. By their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results, performance or achievements to differ materially from any future event,
results, performance, achievements or other outcomes expressed or implied by such forward-looking statements. No statement in this
document is intended as any kind of forecast (including, without limitation, a profit forecast or a profit estimate), guarantee or prediction of
future events or performance and past performance cannot be relied on as a guide to future performance. Glencore cautions readers against
reliance on any forward-looking statements contained in this document. Except as required by applicable regulations or by law, Glencore is
not under any obligation, and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any
circumstances, create any implication that there has been no change in the business or affairs of Glencore since the date of this document
or that the information contained herein is correct as at any time subsequent to its date. This document does not constitute or form part of any
offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities.
Other information
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document,
"Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its subsidiaries in
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general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.
Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to those who work for them. These
expressions are also used where no useful purpose is served by identifying the particular company or companies.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 05-07-2024 08:30:00
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