Teck Announces Sale of Quintette Assets
December 19 2022 - 4:00PM
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK)
(“Teck”) announced today that it has agreed to sell to a subsidiary
of Conuma Resources Limited (“Conuma”) all the assets and
liabilities of the Quintette steelmaking coal mine in north-eastern
British Columbia. Conuma will pay Teck $120 million in cash in
staged payments over the next 36 months, and an ongoing 25% net
profits interest royalty, first payable after Conuma recovers its
investment in Quintette.
Closing of the transaction, expected to occur in the first
quarter of 2023, is subject to receipt of regulatory approvals and
other customary conditions.
Quintette has been on care and maintenance since 2000.
Forward-Looking Statements This press release
contains certain forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and forward-looking information as defined in the Securities Act
(Ontario). Forward-looking statements and information can be
identified by the use of words such as “expects”, “intends”, “is
expected”, “potential” or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”,
“should”, “would” “might” or “will” be taken, occur or achieved.
Forward-looking statements include statements regarding Teck’s
expectations regarding closing of the proposed sale of the
Quintette mine and payment of a net profits interest
royalty.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of Teck to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Factors that may cause actual results to vary include, but are
not limited to, failure to receive necessary consents and approvals
or otherwise to fulfill closing conditions, failure of Teck’s
counterparty to perform, natural disaster, changes in general
economic conditions or conditions in the markets for metallurgical
coal, and other risk factors as detailed from time to time in
Teck’s reports filed with Canadian securities administrators and
the U.S. Securities and Exchange Commission.
Certain of these risks are described in more detail in the
annual information form of Teck and in its public filings with
Canadian securities administrators and the U.S. 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 may be 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. 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.
Investor Contact:Fraser PhillipsSenior Vice
President, Investor Relations and Strategic Analysis
604.699.4621fraser.phillips@teck.com
Media Contact:Chris StannellPublic Relations
Manager604.699.4368chris.stannell@teck.com
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