- Teck Resources (TECK.A) has formed a joint venture with PolyMet Mining Corp. to advance PolyMet’s NorthMet Project and Teck’s Mesaba mineral deposit
- The joint venture will be named NewRange Copper Nickel LLC
- Teck is a diversified miner with coal, copper, zinc, and oil sands operations in Canada, the United States, Chile, and Peru
- Teck Resources Limited (TECK.A) is down 3.63 per cent, trading at C$35.32 per share at 12:52 pm ET
Teck Resources (TECK.A) has formed a JV with PolyMet Mining to advance PolyMet’s NorthMet Project and Teck’s Mesaba mineral deposit.
The NorthMet Project is located near both existing and closed iron ore mines. It utilizes existing brownfield tailings storage and plant locations to minimize environmental impact. NorthMet expects to produce 29,000 tonnes of ore per day over a 20-year permitted mine life.
The Mesaba mineral deposit contains one of the world’s largest undeveloped copper-nickel resources. It is located in the Duluth Complex near the NorthMet Project. It requires further studies and community consultations to define the long-term development potential. Mesaba represents a strategic metal resource for North America.
The joint venture will be named NewRange Copper Nickel LLC. Glencore plc will retain its majority equity interest in PolyMet. It will provide financial support for its share of the funding commitment to the joint venture.
Don Lindsay, President and CEO of Teck Resources commented on the news.
“The NewRange Copper Nickel joint venture brings together two large, well defined mineral resources in the established Iron Range mining region of Minnesota. This agreement will help unlock a new domestic supply of critical metals for the low-carbon transition through responsible mining.”
Closing of the transaction will be subject to customary closing conditions, including receipt of all required regulatory approvals.
Teck is a diversified miner with coal, copper, zinc, and oil sands operations in Canada, the United States, Chile, and Peru. The company ranks as the world’s second-largest exporter of seaborne metallurgical coal and is a top-three zinc miner.
Teck Resources Limited (TECK.A) is down 3.63 per cent, trading at C$35.32 per share at 12:52 pm ET.