Teck Announces Waneta Dam Sale Closing
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) reported the closing of the sale of a one-third interest in the Waneta Dam to BC Hydro for C$825 million.
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) reported the closing of the sale of a one-third interest in the Waneta Dam to BC Hydro for C$825 million.
The press release is quoted as saying:
Teck will apply the net proceeds of the transaction along with US$300 million of cash on hand to reduce the outstanding balance on its term loan to approximately US$800 million. Teck’s cash balance following the debt repayment will be approximately C$900 million. Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc and energy.