Teck Australia, a wholly-owned subsidiary of Teck Resources, has received approval to explore a 102 square kilometre site in Queensland’s North West Mineral Province.
Teck Australia, a wholly-owned subsidiary of Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK), has received approval to explore a 102 square kilometre site in Queensland’s North West Mineral Province.
Announced on Friday (November 2), Teck’s approval makes it the first company in Queensland to be granted an exploration permit through a tender process as opposed to standard application procedures.
Minister for Natural Resources, Mines and Energy Anthony Lynham spoke about Teck joining the Queensland quest for resources in a statement.
“Having one of the world’s biggest zinc and mineral players moving into the sunshine state to explore and develop the state’s north-west presents a fantastic opportunity for Queensland,” he said. “Not only will this help to secure the next generation of resource development in the north-west region, it will firmly cement Queensland as a leader in the global minerals sector.”
“The next minerals boom will be new-age minerals used in advanced technologies from hybrid vehicle batteries to super-conducting magnets,” Lynham added. “The north-west has potential for copper/gold and lead/zinc, as well as the rare earth elements used in these advanced technologies.
“Emerging demand for these minerals is being driven by production targets for electric vehicles set by governments and car makers around the world and the need for progressive technology. These rare metal presents industry and employment opportunities for Queenslanders in the very near future.”
Canada-based Teck has a primary focus on copper, steelmaking coal, zinc and energy, with operations in Canada, the United States, Peru and Chile. The company also has exploration interests on an international scale, with Australia being a key target alongside “strategic belts” in Asia, Europe and Africa.
The company recently announced its Q3 results in late October, where it revealed that lowered commodity prices among zinc and copper had reduced price products compared to the previous quarter.
Teck’s share price on the NYSE was down 1.03 percent to US$21.14 at 12:30 p.m. EST on Friday.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.