Teck Provides Update on Galore Creek Project
Teck Resources has announced that its partner in the Galore Creek project has entered into an agreement to sell its 50 percent project interest to Newmont Mining for US$275 million.
Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) announced today (July 26) that its partner in the Galore Creek joint venture project, NOVAGOLD Resources (TSX:NG) has entered into an agreement to sell its 50 percent project interest to Newmont Mining Corporation (NYSE:NEM) for US$275 million in staged and contingent payments.
As quoted in the press release:
Teck and Newmont have agreed to a work plan at Galore Creek with the objective of completing an updated pre-feasibility study over the next three-to-four years to improve overall project understanding and economics. Teck will invest approximately C$12-20 million (US$10-15 million) annually to complete this work.
Teck and Newmont have also agreed to certain modifications to the existing shareholders agreement. Teck has held a 50 percent interest in the Galore Creek project since May 2007.
As described by Teck., Galore Creek is a large tonnage, copper-gold-silver resource located in northwestern British Columbia, approximately 160 kilometres northwest of Stewart. It is managed by the Galore Creek Mining Corporation (GCMC), a joint venture between Teck and Newmont.
Click here to read the full Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) press release.
