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.
On July 11, 2024, Teck Resources Limited completed the sale of its remaining 77% interest in the steelmaking coal business to Glencore plc. Teck received total cash proceeds of US$7.3 billion, subject to customary closing adjustments.