07:02 AM EDT, 07/05/2024 (MT Newswires) -- Teck Resources (TECK-B.TO, TECK-A.TO) said overnight Thursday that the sale of its remaining 77% interest in its steelmaking coal business, Elk Valley Resources, to Glencore has received all necessary regulatory approvals.

Teck said it expects to receive US$6.9 billion from the sale, which is expected to close on July 11.

"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 President and CEO Jonathan Price. "Completion of this transaction will provide substantial funding for our projects, giving Teck a pathway to increase copper production by a further 30% as early as 2028."

Teck added that the sale will help reduce debt, retain significant cash to fund its near-term metals growth, and maintain a healthy balance sheet while providing a significant return of cash to shareholders.

Separately, Teck launched six separate offers to purchase up to US$1.25 billion in aggregate principal amount of its outstanding notes due 2030, 2035, 2040, 2041, 2042 and 2043. The offers will expire July 15.

The company also provided second-quarter steelmaking coal sales of 6.4 million tonnes, at the top end of its guidance of 6.0-6.4 million tonnes.

The realized steelmaking coal price in the second quarter averaged US$237 per tonne.

The company said it expects to report a negative provisional pricing adjustment of $50 million in the second quarter.

Teck will release second-quarter financial results on July 24.

The company's share price rose 2.1% at last look to US$51 on the NYSE.