Teck Resources (NYSE:TECK) has confirmed that it has received all necessary regulatory approvals for the sale of its 77% interest in Elk Valley Resources (EVR), a steelmaking coal business, to Glencore.

The transaction is slated to close on July 11.

Teck anticipates receiving total cash proceeds of $6.9 billion from the sale, excluding closing adjustments.

This marks a significant step in the company's strategy to separate its metals and steelmaking coal businesses.

Sheila Murray, Chair of the Board, expressed satisfaction with the progress, stating, “We are pleased that we will achieve a complete separation of the metals and steelmaking coal businesses to position Teck for its next phase of growth and responsible value creation.”

Murray also highlighted confidence in the leadership team's strategy to maximize long-term value for shareholders and stakeholders.