Sparwood British Columbia - Teck Resources Ltd. is set to sell its coal business to commodities trader and miner Glencore Plc, Japan's Nippon Steel Corporation, and South Korea's Posco in a nearly $9 billion deal that could be announced as early as Tuesday.
 
People familiar with the talks said Glencore would take 77 percent of Teck's coal business for $6.9 billion, with the steelmakers taking the remainder.
 
Nippon Steel would end up with 20 percent in exchange for $1.7 billion and its interest in one of Teck's operations, while Posco would take 3 percent, the people said.
 
They could not be identified as the negotiations are private.
 
Glencore declined to comment, while Teck didn't immediately respond to requests from Bloomberg.
 
Nippon Steel said it was in talks over Teck's coal business, but declined to comment specifically on reports.
 
A Posco spokeswoman said the company was not considering any form of investment in Teck.
 
Details of the Glencore-led acquisition were earlier reported by the Globe and Mail.
 
A sale agreement would represent a dialing back of hostilities after Teck and Glencore butted heads earlier this year over an unsolicited offer from the Swiss giant to buy the whole of the Canadian miner and then split it into metals and coal-focused companies.
 
Teck repeatedly rebuffed Glencore's bid.
 
The miner and commodities trader then proposed buying Teck's coal business in June as an alternative.
 
Teck had been seeking to split out its coal business, but was forced back to the drawing board after canceling a shareholder vote on the planned spinoff in April.
 
The addition of Teck's business would further consolidate Glencore's position as one of the world's biggest coal miners.
 
The company said in June that if its proposal succeeded, it would look to spin off its own coal operations and combine them with Teck's assets.
 
Teck, whose valuation had been weighed down by coal, will be left a smaller miner, focused on copper and zinc, two minerals crucial for the energy transition.
 
Jacob Lorinc and Matthew Monks.