The Canadian government has approved Glencore's (GLEN.L), opens new tab $6.93 billion acquisition of miner Teck Resources' (TECKb.TO),steelmaking coal unit with strict conditions to preserve jobs, the country's industry minister said on Thursday.

To secure the approval, Glencore has agreed to maintain Canadian headquarters for Elk Valley Resources (EVR) for at least 10 years, ensure a majority of the directors of EVR are Canadians, and maintain significant employment levels at EVR for no less than five years, the ministry said.

In a separate statement, Teck said it would use the deal proceeds to buy back up to C$2.75 billion ($2 billion) of its Class B subordinate voting shares, reduce its debt by up to $2 billion and fund near-term copper growth.

^ Considering that $4.75 billion is already accounted for, that leaves just over $2 bilion for Teck to invest in its priority projects. I sure as hell hope Schaft Creek is quietly near the top of that list because if we don't get the golden handshake when there's that extra cash in the coffers, we may be waiting in the queue for a few more years. I don't think I could stand that without my head exploding!