Shares of Teck Resources Limited (TECK) have gained 2% after the company sold its 77% stake in its steelmaking coal business, Elk Valley Resources (“EVR”), to Glencore plc (GLNCY) , signaling a full exit from coal. The $7.3 billion proceeds from the sale will be used to pay down debt, return cash to shareholders and invest in growing TECK's copper portfolio.Background of the SaleOn Nov 13, 2023, Teck Resources announced that it agreed to sell its steelmaking coal business for an implied enterprise value of ...