- Teck Resources (TECK.A) is now done finalizing its joint venture with Agnico Eagle Mines for a multi-mineral project
- This comes days after Teck Resources’ board voted against a takeover bid from Swiss multinational Glencore
- Teck Resources and Agnico Eagle are now even partners in the joint venture for the San Nicolás copper-zinc development project in Mexico
- Through its wholly-owned Mexican subsidiary, Agnico Eagle bought a 50-percent stake for US$580 million
- The companies expect to issue an Environmental Impact Assessment and Permit application in the first half of this year
- Teck Resources (TSX:TECK.A) is up 1.99 percent, trading at $57.96 at 9:44 a.m. ET
Teck Resources (TECK.A) is now done finalizing its joint venture with Agnico Eagle Mines for a multi-mineral project.
This comes days after Teck Resources’ Board of Directors voted against entertaining a takeover bid from Swiss multinational Glencore. The board decided it was not in the company’s best interest at the time.
Thursday’s news means Teck Resources and Agnico Eagle are now even partners in the joint venture for the San Nicolás copper-zinc development project.
Toronto-based Agnico made the deal through its wholly-owned Mexican subsidiary buying the 50-percent stake. The use of a subsidiary is to satisfy Mexican government regulations.
Agnico Eagle also has operations in Canada, Australia and Finland.
Vancouver-based Teck Resources will continue advancing its copper, zinc, and steelmaking coal business units.
The two companies now expect to issue an Environmental Impact Assessment and Permit application in the first half of this year for the Nicolás Project in Zacatecas, Mexico.
Agnico Eagle will now leverage its Mexican operating experience with high-quality, copper-zinc mineral deposits.
“Concluding the San Nicolás joint venture, initiating permitting, and completing the next stage of technical studies, is another positive step in Teck’s strategy to advance its industry leading Copper Growth portfolio in a timely and prudent manner,” the company said in a news release.
Teck Resources (TSX:TECK.A) is up 1.99 percent, trading at $57.96 at 9:44 a.m. ET.
