REG - Glencore PLC - Glencore receives regulatory approval for EVR

GlencoreAnnouncement

05/07/2024 07:00

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RNS Number : 2911V  Glencore PLC  05 July 2024

 

 

Glencore plc

5 July 2024

Baar, Switzerland

 

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
(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
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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 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
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