Teck Announces Copper Nickel Projects Joint Venture with PolyMet
20 Juli 2022 - 02:30PM
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK)
(“Teck”) today announced an agreement with PolyMet Mining Corp.
(“PolyMet”) to form a 50:50 joint venture to advance PolyMet Mining
Inc’s NorthMet Project (“NorthMet”) and Teck’s Mesaba mineral
deposit (“Mesaba”). The joint venture will be named NewRange Copper
Nickel LLC (“NewRange Copper Nickel”). Glencore plc (“Glencore”)
will retain its majority equity interest in PolyMet and provide
financial support for its share of the funding commitment to the
joint venture.
"The NewRange Copper Nickel joint venture brings together two
large, well defined mineral resources in the established Iron Range
mining region of Minnesota,” said Don Lindsay, President and CEO.
“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.
About NorthMetThe NorthMet Project is located
near both existing and closed iron ore mines and utilizes existing
brownfield tailings storage and plant locations to minimize
environmental impact. NorthMet is expected to produce 29,000 tonnes
of ore per day over a 20-year permitted mine life, with first
production targeted for 2026. Over its first full five years of
operations, NorthMet is expected to deliver annual payable
production of 30,000 tonnes of copper, 3,600 tonnes of nickel,
58,000 ounces of palladium, and 12,000 ounces of platinum.
About Mesaba The Mesaba mineral deposit,
located in the Duluth Complex near the NorthMet Project, contains
one of the world’s largest undeveloped copper-nickel resources.
While further studies and community consultations are required to
fully define the long-term development potential, Mesaba represents
a strategic metal resource for North America.
Morgan Stanley is acting as financial advisor to Teck.
Forward Looking Statements This press release
contains certain forward-looking statements within the meaning of
the Unites States Private Securities Litigation Reform Act of 1995
and forward-looking information as defined in the Securities
Act (Ontario). Forward-looking statements and information are
statements other than historical fact and can be identified by
statements that certain actions, events or results “may”, “could”,
“should”, “would”, “might” or “will” be taken, occur or achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual results
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Forward-looking statements in this release include
statements concerning: the expectations regarding the NorthMet
Project, including production per day, mine life, timing of first
production and expected annual production over the first full five
years of operations; and expectation of closing of the
transaction.
Forward-looking statements are made based upon certain
assumptions, including but not limited to, assumptions that
NorthMet Project can be developed in accordance with current plans,
that financing for development of NorthMet will be available, and
that conditions to closing will be satisfied or waived in a timely
manner.
Factors that could cause actual results, performances or
achievements to differ materially from those in the forward-looking
statements include, among others, the transaction not closing when
planned, the outcome of development of the NorthMet project; risks
related to mineral reserves and resources and metallurgical
recoveries, development risks, regulatory restrictions (including
environmental regulatory restrictions and liability) and activities
by governmental authorities.
The foregoing list of important factors and assumptions is not
exhaustive. Other events or circumstances could cause actual
results to differ materially from those estimated or implied by our
forward-looking statements. Certain of these risks are described in
more detail in the 2021 Annual Information Form and Form 40-F of
Teck and in its subsequent public filings with Canadian securities
administrators and the US Securities and Exchange Commission. Teck
does not assume the obligation to revise or update these
forward-looking statements after the date of this document or to
revise them to reflect the occurrence of future unanticipated
events, except as maybe required under applicable securities
laws.
About TeckAs one of Canada’s leading mining
companies, Teck is committed to responsible mining and mineral
development with major business units focused on copper, zinc, and
steelmaking coal, as well as investments in energy assets. Copper,
zinc and high-quality steelmaking coal are required for the
transition to a low-carbon world. Headquartered in Vancouver,
Canada, Teck’s 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.
Teck Media ContactChris StannellPublic
Relations Manager604.699.4368chris.stannell@teck.com
Teck Investor Contact:Fraser PhillipsSenior
Vice President, Investor Relations & Strategic
Analysis604.699.4621fraser.phillips@teck.com
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