Teck announces Quebrada Blanca transaction

by Keith Powell
Quebrada Blanca Operations is a copper mine located in northern Chile.

Quebrada Blanca Operations is a copper mine located in northern Chile. — Photo courtesy Teck/Quebrada Blanca

Teck Resources Limited (“Teck”), has announced the closing of the acquisition by Sumitomo Metal Mining Co. (“SMM”), Ltd. and Sumitomo Corporation (“SC”) of a 30% indirect interest in Compañia Minera Teck Quebrada Blanca S.A. (“QBSA”), which owns the Quebrada Blanca Phase 2 (“QB2”) project.

Following closing of the transaction, Teck holds a 60% indirect interest in QBSA and Empresa Nacional de Minería continues to hold a 10% carried interest. SMM and SC are expected to contribute approximately US$1.3 billion to the QB2 project during 2019. Teck’s anticipated share of 2019 QB2 capital spending is approximately US$175 million, which has been expended in the first quarter. Assuming closing during 2019 under the US$2.5 billion project financing facility expected to be signed in the second quarter, further cash contributions from Teck to QB2 capital costs are not expected to be required until late 2020.

About Teck

Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Related articles

Aerial view of Shawinigan site
Mining Insider, Mines, Quebec Nemaska Lithium provides project update

Nemaska Lithium Inc. is a developing chemical company, located in Quebec, Canada.

Group of people standing at podium, smiling, clapping and congratulating each other.
Mining Insider, Mines, Quebec Harfang enhances the potential for Cu-Au-Ag around Mista Prospect on its Serpent Property

Harfang is a mining exploration company whose primary mission is to discover new gold districts in the province of Québec.

Close up picture of CN train locomotive.
Mining Insider, Minerals, Mines, Ontario Ferrochrome refinery siting decision rekindles call for East-West access to the Ring of Fire

Sioux Lookout’s economic development connections with Finland and Sault Ste. Marie prove important

View all Mining Insider articles