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Ottawa approves sale of Teck’s steelmaking coal business to Glencore

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VANCOUVER – Ottawa says it has approved Teck Resources Ltd.’s sale of a majority stake in its steelmaking coal business to Swiss commodities giant Glencore.

In a statement posted Thursday, Industry Minister François-Philippe Champagne said the green light comes with “strict” conditions and represents a “much narrower” transaction than Glencore’s hostile takeover attempt of Teck last year.

Teck said the latest development means the sale of its remaining 77 per cent interest in the steelmaking coal business, Elk Valley Resources, has now received all necessary regulatory approvals and is expected to close next Thursday.

The Vancouver-based miner said it expects to receive $9.5 billion from the sale, excluding closing adjustments.

“This transaction marks a new era for Teck as a company focused entirely on providing metals that are essential to global development and the energy transition,” said the company’s president and CEO Jonathan Price in a statement.

“Completion of this transaction will provide substantial funding for our projects, giving Teck a pathway to increase copper production by a further 30 per cent as early as 2028.”

As part of the transaction, Champagne said Glencore has committed to establishing and maintaining a Vancouver head office for Elk Valley Resources for at least 10 years, along with regional offices in Calgary and Sparwood, B.C.

The conditions also include ensuring the majority of Elk Valley Resources’ directors, and two-thirds of its executives or senior managers, are Canadian for the same duration.

Ottawa said Glencore has also agreed to “maintain significant employment levels” at Elk Valley Resources for at least five years.

Glencore’s $25-billion hostile takeover attempt had “raised very serious concerns and was rejected by shareholders,” Champagne said.

The approved steelmaking coal deal, originally announced last November, represented the best possible outcome after nearly a year of battling over the future of the company, Price said at the time.

Teck said at the time that Japanese company Nippon Steel Corp. would also acquire a 20 per cent stake in exchange for its interest in one of Teck’s coal operations and US$1.7 billion in cash, while South Korean steelmaker Posco would swap its interest in a pair of Teck’s coal operations for a three per cent stake in the overall steelmaking coal operations.

Teck had been weighing the future of its steelmaking coal business since it became apparent its plan to spin off the operations into a separate company did not have the required shareholder support.

This report by The Canadian Press was first published July 5, 2024.

Companies in this story: (TSX:TECK.B)

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Christian McCaffrey is placed on injured reserve for the 49ers and will miss at least 4 more games

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SANTA CLARA, Calif. (AP) — The San Francisco 49ers placed All-Pro running back Christian McCaffrey on injured reserve because of his lingering calf and Achilles tendon injuries.

The move made Saturday means McCaffrey will miss at least four more games after already sitting out the season opener. He is eligible to return for a Thursday night game in Seattle on Oct. 10.

McCaffrey got hurt early in training camp and missed four weeks of practice before returning to the field on a limited basis last week. He was a late scratch for the opener on Monday night against the Jets and now is sidelined again after experiencing pain following practice on Thursday.

McCaffrey led the NFL last season with 2,023 yards from scrimmage and was tied for the league lead with 21 touchdowns, winning AP Offensive Player of the Year.

The Niners made up for McCaffrey’s absence thanks to a strong performance from backup Jordan Mason, who had 28 carries for 147 yards and a touchdown in San Francisco’s 32-19 victory over the New York Jets. Mason is set to start again Sunday at Minnesota.

After missing 23 games because of injuries in his final two full seasons with Carolina, McCaffrey had been healthy the past two seasons.

He missed only one game combined in 2022-23 — a meaningless Week 18 game last season for San Francisco when he had a sore calf. His 798 combined touches from scrimmage in the regular season and playoffs were the third most for any player in a two-year span in the past 10 years.

Now San Francisco will likely rely heavily on Mason, a former undrafted free agent out of Georgia Tech who had 83 carries his first two seasons. He had at least 10 touches just twice before the season opener, when his 28 carries were the most by a 49ers player in a regular-season game since Frank Gore had 31 against Seattle on Oct. 30, 2011.

The Niners also have fourth-round rookie Isaac Guerendo and Patrick Taylor Jr. on the active roster. Guerendo played three offensive snaps with no touches in the opener. Taylor had 65 carries for Green Bay from 2021-23.

San Francisco also elevated safety Tracy Walker III from the practice squad for Sunday’s game against Minnesota.

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Canada’s Newman, Arop secure third-place finishes at Diamond League track event

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BRUSSELS – Canada walked away with some hardware at the Diamond League track and field competition Saturday.

Alysha Newman finished third in women’s pole vault, while Marco Arop did the same in the men’s 800-metre race.

Newman won a bronze medal in her event at the recent Paris Olympics. Arop grabbed silver at the same distance in France last month.

Australia’s Nina Kennedy, who captured gold at the Summer Games, again finished atop the podium. Sandi Morris of the United States was second.

Newman set a national record when she secured Canada’s first-ever pole vault medal with a bronze at the Olympics with a height of 4.85 metres. The 30-year-old from London, Ont., cleared 4.80 metres in her second attempt Saturday, but was unable conquer 4.88 metres on three attempts.

Arop, a 25-year-old from Edmonton, finished the men’s 800 metres with a time of one minute 43.25 seconds. Olympic gold medallist Emmanuel Wanyonyi of Kenya was first with a time of 1:42.70.

Djamel Sedjati, edged out by Arop for silver in Paris last month, was second 1:42.87

This report by The Canadian Press was first published Sept. 14, 2024.

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Bologna prepares for Champions League debut with draw at Como while Juventus held

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MILAN (AP) — Bologna’s preparations for its Champions League debut are not going well though it managed to spoil Como’s first Serie A home match in 21 years on Saturday.

Bologna came from two goals down to salvage a 2-2 draw to gather three points from its opening four matches.

Bologna hosts Shakhtar Donetsk on Wednesday. Its only other appearance in Europe’s top competition was in 1964 in the preliminary round of the old European Cup.

AC Milan is also winless as it prepares for a Tuesday Champions League match against Liverpool. The Rossoneri hosted promoted Venezia later. Juventus drew at Empoli 0-0.

Como made a great start in the fifth minute when Patrick Cutrone attempted to roll the ball across the six-yard box but it took a huge deflection off Bologna defender Nicolò Casale for an own goal.

Bologna thought it was gifted a way back into the match on the stroke of halftime when referee Marco Piccinini signalled for a penalty following an Alberto Moreno handball, but he revoked his decision and instead gave a free kick because the handball was just outside the area.

Bologna improved after the break but found itself further behind when Cutrone raced onto a through ball and cut inside past a defender and fired into the far bottom corner.

Tommaso Pobega hit the post for Bologna, which finally pulled one back in the 76th through substitute Santiago Castro.

Another substitute helped the visitors snatch a point when Samuel Iling-Junior curled a fine strike into the top left corner in stoppage time.

Unbeaten sides

Juventus, and more surprisingly Empoli, are among six unbeaten sides.

Empoli held Monza and Bologna to draws either side of a shock 2-1 win at Roma. Juventus’ perfect start to the season was ruined by Roma in a goalless draw before the international break.

On Saturday, there were few clearcut chances in Empoli although home goalkeeper Devis Vásquez made spectacular saves to fingertip out a Federico Gatti header and deny Dusan Vlahovic in a one on one with the Juventus forward.

Empoli had a good opportunity in the 73rd minute following an Alberto Grassi one-two with Pietro Pellegri but the finish was straight at Mattia Perin.

The host could have won it right at the death but Gatti flew in with a great sliding block to keep out Emanuel Gyasi’s close-range effort.

Juventus hosts PSV Eindhoven in the Champions League on Tuesday.

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