China Investment Corp. said it would buy a 17 per cent stake in the Teck Resources Ltd., a Canadian mining company, in a $1.74-billion all-cash deal.

Under the deal, China Investment Corp. would get more than 101 million class voting shares for $17.21 each and 17.5 % of the company's B shares.

However, the sale is yet to get regulatory approval.

The deal is expected to close on July 14.

Speaking on the issue, the sovereign wealth fund said, "CIC is acquiring the class B shares for investment purposes as a long-term passive financial investor."

Mining company Teck, which has interests in copper, metallurgical coal, zinc, gold and energy, plans to utilize the money to reimburse outstanding bank debt.

In the recent trading, Teck shares closed at Canadian $19.99, up 8.05 per cent.