Teck Resources said on 6 June that it had received several offers for its coal business as it revised its plan to separate from its copper-zinc division, which failed to receive sufficient shareholder support at the end of April.
Teck confirmed on Monday that it had reached agreement with Glencore on a coal offer. Glencore, which mines and sells thermal coal for steel production and a small amount of coking coal, said the two companies would separate their coal divisions.
Glencore CEO Gary Nagle said in May that the acquisition of Teck's coal business as a separate division was a "second target" for the Swiss mining company, which is still pursuing merger plans.
Other parties, including Canadian mining entrepreneur Pierre Lassonde and Japanese steelmaker Nippon Steel Corporation, are also interested.
As part of its initial offer, Glencore offered up to $ 8.2 billion in cash to Teck shareholders who did not want access to thermal coal.
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