Canadian Industry Minister Francois-Philippe Champagne approved Glencore's acquisition of Elk Valley Resources late Thursday local time, but attached several strict conditions to protect local jobs and the environment. Sources previously told Bloomberg that the deal was about to be announced. Champagne said in a statement that the government also obtained Teck Resources' commitment to reinvest a large portion of the proceeds from the transaction in its copper growth portfolio, giving the company a leading position in critical minerals. Champagne raised the approval threshold for future overseas transactions involving large Canadian mining companies engaged in major critical minerals. In the future, such acquisitions will only be considered in Canada's interests in the "most exceptional circumstances."