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Goldcorp, Teck Complete Combination of El Morro and Relincho
Nov. 24, 2015 04:28PM PST
Gold InvestingGoldcorp Inc. (TSX:G,NYSE:GG) and Teck Resources Ltd. (TSX:TCK.B,NYSE:TCK) announced the completion of their previously announced agreement to combine the El Morro and Relincho projects into a 50/50 joint venture.
Goldcorp Inc. (TSX:G,NYSE:GG) and Teck Resources Ltd. (TSX:TCK.B,NYSE:TCK) announced the completion of their previously announced agreement to combine the El Morro and Relincho projects into a 50/50 joint venture.
As quoted in the press release:
The two projects are located approximately 40 kilometres apart in the Huasco Province in the Atacama region of Chile. Combining these two assets is expected to provide a number of key benefits including: reduced environmental footprint, lower cost, improved capital efficiency, optimized mine plan, enhanced community benefits and community engagement.
In combination with community consultation, a Pre-Feasibility Study is expected to commence in the third quarter of 2016 and be completed by the end of 2017.
Goldcorp also announced earlier today that it has completed the transaction to acquire New Gold’s 30% interest in the El Morro project for $90 million in cash, along with a 4% gold stream payable on future gold production from the El Morro property.