Home » South African exec Gary Nagle-led Glencore secures approval for $6.9-billion acquisition

South African exec Gary Nagle-led Glencore secures approval for $6.9-billion acquisition

Glencore secures final approval for $6.9-billion Elk Valley Resources acquisition, deal enhances the group’s critical minerals portfolio

by Feyisayo Ajayi
Gary Nagle

Key Point


  • Glencore secures final approval for a 77% stake in Elk Valley Resources, bolstering its position in the competitive steelmaking coal market.
  • The acquisition further bolsters the Swiss giant’s commitment to the Canadian market where it currently manages thirteen entities.
  • Glencore’s Canadian assets form a strategic part of over 430 listed entities in over 50 countries with some having a history that dates back more than 100 years.

Glencore Plc, the Swiss multinational commodity trading and mining giant led by South African executive Gary Nagle, has received the final regulatory approval required for the acquisition of a 77-percent stake in Elk Valley Resources (EVR) from Teck Resources.

Valued at $6.9 billion, this acquisition aligns with Glencore’s strategic focus on critical minerals essential for the global energy transition and infrastructure development.

Glencore’s acquisition of a 77-percent stake in Elk Valley Resources, approved under the Investment Canada Act, significantly strengthens its portfolio and position as a leading global miner of critical minerals.

EVR’s high-quality steelmaking coal assets in British Columbia will enhance Glencore’s supply capabilities as one of the largest diversified miners and suppliers of critical minerals in Canada.

Glencore to close acquisition of Elk Valley Resources

Expressing satisfaction with the approval, Glencore CEO Gary Nagle said, “We are pleased to have received final regulatory approval for the transaction as we 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.”

Nagle said: “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 transaction, closing on July 11, 2024, will enable EVR to assume full ownership of Elkview, Fording River, Greenhills, and Line Creek mines in Southeast British Columbia, along with a 46-percent stake in Neptune Terminals in North Vancouver.

Glencore acquisition expands portfolio

Founded in the 1970s as a trading company, Glencore has evolved into a dominant force in the global commodities market. With a diverse portfolio of over 60 commodities comprising more than 430 listed entities in over 50 countries, Glencore ranks among the world’s largest mining groups by revenue. South African business leader Gary Nagle, who assumed the CEO position in 2021 from billionaire Ivan Glasenberg, has been instrumental in the group’s expansion.

Beyond his executive role, Nagle holds a 0.016-percent stake (roughly 2 million shares) in Glencore, valued at more than $10 million. This ownership underscores his significant influence beyond the boardroom and his contributions to Glencore’s continued success.

As Glencore’s acquisition spree continues under Gary Nagle’s leadership, this acquisition is set to bolster Glencore’s portfolio. The deal includes commitments to boost employment, broaden its ability to provide high-quality steelmaking coal to customers worldwide, and generate substantial cash flows to support global infrastructure and energy transition projects.

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