In November 2023, Teck Resources entered into separate agreements to sell steelmaking coal business to Glencore Plc (Glencore), Nippon Steel Corporation (NSC) and POSCO (the Steelmaking Coal Business Unit Transactions).
On January 1, 2024, in connection with the Steelmaking Coal Business Unit Transactions Teck Resources completed an internal reorganization of the steelmaking coal business unit to align all steelmaking coal assets, including Teck Coal Partnership and Elkview Mining Limited Partnership, under a newly organized Elk Valley Mining Limited Partnership (EVM LP).
On January 3, 2024, Teck completed the NSC and POSCO Transactions, with NSC and POSCO acquiring a 20% and 3% interest, respectively, in EVM LP. Following the NSC and POSCO Transactions, EVM LP now holds a 100% interest in all of the steelmaking coal operations and Teck holds a 77% interest in EVM LP, with NSC and POSCO holding the remaining 20% and 3%, respectively.