Elk Valley Resources Ltd. reached an agreement to acquire Interests in Elkview mine and Greenhills Operations of Nippon Steel Corporation (TSE:5401) and POSCO Holdings Inc. (KOSE:A005490) on February 21, 2023. Nippon Steel Corporation has agreed to exchange its current 2.5% interest in Elkview Operations and CAD 1.025 billion in cash payable to Teck Metals for common shares of EVR and an interest in the Transition Capital Structure. NSC will own 10% of the EVR common shares and a 10% interest in the Transition Capital Structure. POSCO has agreed to exchange its current 2.5% interest in Elkview Operations, and its 20% interest in the Greenhills joint venture, for a 2.5% interest in each of the EVR common shares and the Transition Capital Structure. The exchanges of the current interests of NSC and POSCO for interests in EVR are conditional on the completion of the Separation and other customary conditions. Sean Muggah, Fred R. Pletcher, Ryan Laity and Randy Morphy of Borden Ladner Gervais LLP acted as legal advisors to POSCO.

Elk Valley Resources Ltd. completed the acquisition of Interests in Elkview mine and Greenhills Operations of Nippon Steel Corporation (TSE:5401) and POSCO Holdings Inc. (KOSE:A005490) on January 3, 2024.