Teck Resources - CEO, Donald Lindsay
CEO, Donald Lindsay
Source: Bloomberg
  • Teck Resources (TECK-A) has signed a renewable power agreement with The AES Corporation, providing clean energy to its Carmen de Andacollo mine in Chile
  • Under the agreement, the mine will source 72 megawatts from a portfolio of wind, solar and hydroelectric assets owned by AES Gener SA, a subsidiary of The AES Corporation
  • This is expected to remove approximately 200,000 tonnes of greenhouse gas emissions each year
  • The agreement will run through until 2031, and forms part of Teck broader plan to become a carbon neutral operator by 2050
  • Teck Resources (TECK.A) is currently down 3.74 per cent and is trading at C$20.60 per share

Teck Resources (TECK-A) has signed a renewable power agreement to provide clean energy to its Carmen de Andacollo mine in Chile.

According to the terms of the agreement, the mine will source 72 megawatts from a portfolio of wind, solar and hydroelectric energy assets owned by AES Gener SA – a subsidiary of NYSE-listed The AES Corporation.

The transition from fossil-fuel-based power sources is expected to eliminate roughly 200,000 tonnes of greenhouse gas emissions each year – the equivalent to removing more than 40,000 passenger vehicles from the road.

Don Lindsay, President and CEO of Teck Resources, said the company is doing its bit to tackle the global challenge of climate change.

“This agreement takes Teck a step closer to achieving our sustainability goals, while also ensuring a reliable, long-term clean power supply at a reduced cost to Teck,” he added.

The deal took effect on September 1 and is expected to run through until the end of 2031. It forms part of Teck’s broader sustainability strategy, a key pillar of which is the goal to become a carbon neutral operator by 2050.

This involves a number of milestones, including sourcing 100 per cent of all power requirements in Chile from renewable energy by 2030, and reducing the carbon intensity of its operations by 33 per cent.

Teck signed a similar agreement with AES Gener in February for its Quebrada Blanca Phase 2 project, which is currently under construction. Once in place, more than half of Quebrada Blanca’s operational power needs will come from renewable sources.

Teck Resources (TECK.A) is currently down 3.74 per cent and is trading at C$20.60 per share at 12:04pm EDT.

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