Under the deal, which still must be approved by regulators in Ottawa, Glencore is to pay $6.9 billion for 77% of Elk Valley Resources, Teck’s coal business.
China is in the midst of a breakneck expansion of its copper industry that’s reshaping global flows of the essential metal for the world’s energy transition.
The agreed rules set targets for the region to mine 10% of the critical raw materials it consumes, such as lithium, and for the first time copper and nickel.