Glencore has obtained the Government of Canada's approval for the acquisition of a 77% interest in EVR from Teck Resources, marking the final regulatory approval for the transaction. The company's CEO, Gary Nagle, expressed enthusiasm for completing the acquisition and integrating EVR into the Glencore Group. Glencore has made substantial commitments to the Canadian government to ensure lasting benefits for Canada and British Columbia, particularly in areas such as employment, the environment, and engagement with Indigenous Nations in the Elk Valley.
The acquisition of EVR is expected to enhance Glencore's portfolio, allowing the company to provide high-quality steelmaking coal to global customers and contribute significant cash flows to the group. Additionally, Glencore has announced plans to commence a consultation process to assess shareholder views regarding the potential demerger of the combined coal and carbon steel materials business.
Glencore, a global diversified natural resource company, operates in over 35 countries and is a major producer and marketer of more than 60 commodities. The company's activities support decarbonization efforts and meet the energy needs of today. Glencore's customers include industrial consumers in sectors such as automotive, steel, power generation, battery manufacturing, and oil. The company also provides financing, logistics, and other services to producers and consumers of commodities.
Furthermore, Glencore is committed to supporting the global effort to achieve the goals of the Paris Agreement by decarbonizing its operational footprint. The company has set ambitious targets to reduce its industrial emissions and aims to achieve net-zero industrial emissions by the end of 2050, subject to a supportive policy environment.
For further information, investors and media can contact Martin Fewings and Charles Watenphul, respectively. Glencore's commitment to sustainability is evident through its membership in the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals, as well as its active participation in the Extractive Industries Transparency Initiative.
The company's comprehensive approach to sustainability and decarbonization aligns with its efforts to support the global transition to a low-carbon economy. Glencore's commitment to reducing emissions and its involvement in various industry initiatives demonstrate its dedication to responsible and sustainable business practices.