Teck Announces Completion of NewRange Copper Nickel Joint Venture Agreement with PolyMet
February 15 2023 - 8:00AM
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK)
(“Teck”) today announced that the 50:50 joint venture agreement
with PolyMet Mining Corp. (“PolyMet”) to advance the NorthMet
Project (“NorthMet”) and Teck’s Mesaba mineral deposit (“Mesaba”)
has closed. The NewRange Copper Nickel LLC (“NewRange Copper
Nickel”) joint venture, with a new leadership and management team
in place, is focused on advancing permitting and development of
NorthMet to deliver critical minerals in support of the global
low-carbon energy transition.
The NewRange Copper Nickel joint venture brings
together two large, well defined mineral resources in the
established Iron Range mining region of Minnesota.
Forming the NewRange Copper Nickel joint venture is
the first of several advances that we expect to deliver in 2023
across Teck’s industry leading Copper Growth portfolio. In addition
to forming the NewRange Copper Nickel joint venture, in the first
half of 2023 we anticipate completing the proposed San Nicolás
copper-zinc joint venture in Mexico with Agnico Eagle Mines Limited
and the submission of the San Nicolás permitting application, and
we expect to receive the SEIA permit on the Zafranal copper-gold
project. In the second half of 2023 we are targeting the completion
of feasibility studies for HVC 2040 and the Quebrada Blanca Mill
Expansion (QBME) and the prefeasibility study for Galore Creek as
well as the submission of the permit application for HVC 2040, each
of which are significant milestones in Teck's Copper Growth
portfolio.
About NewRange Copper
NickelNewRange Copper Nickel is a joint venture between
Teck and PolyMet and consists of the NorthMet and Mesaba deposits
located in northeastern Minnesota, which are part of the Duluth
Complex. The Joint Venture creates a path to develop a new domestic
supply of critical minerals for the low-carbon transition through
responsible mining.
About NorthMetThe NorthMet Project
is located near both existing and closed iron ore mines and
utilizes existing brownfield tailings storage and plant locations
to minimize environmental impact. NorthMet is expected to produce
29,000 tonnes of ore per day over a 20-year permitted mine life,
with first production targeted for 2026. Over its first full five
years of operations, NorthMet is expected to deliver annual payable
production of 30,000 tonnes of copper, 3,600 tonnes of nickel,
58,000 ounces of palladium, and 12,000 ounces of platinum.
About Mesaba The Mesaba mineral
deposit, located in the Duluth Complex near the NorthMet Project,
contains one of the world’s largest undeveloped copper-nickel
resources. While further studies and community consultations are
required to fully define the long-term development potential,
Mesaba represents a strategic metal resource for North America.
Morgan Stanley acted as a financial advisor to
Teck on the NewRange Copper Nickel joint venture.
Forward Looking Statements This
press release contains certain forward-looking statements within
the meaning of the Unites States Private Securities Litigation
Reform Act of 1995 and forward-looking information as defined in
the Securities Act (Ontario). Forward-looking statements
and information are statements other than historical fact and can
be identified by statements that certain actions, events or results
“may”, “could”, “should”, “would”, “might” or “will” be taken,
occur or achieved. Forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Forward-looking statements in this
release include statements concerning: the expectations regarding
the timeline for permitting and development NorthMet Project,
including production per day, mine life, timing of first production
and expected annual production over the first full five years of
operations, the closing of the transaction to form the joint
venture related to the San Nicolás project, the timing for
submission of the permit applications for San Nicolás and HVC 2040,
the timing for receipt of the SEIA permit for Zafranal, the timing
for completion of the feasibility and prefeasibility studies for
HVC 2040, QBME and Galore Creek, as applicable.
Forward-looking statements are made based upon
certain assumptions, including but not limited to, assumptions that
NorthMet Project can be developed in accordance with current plans,
that financing for development of NorthMet will be available,
expectations that we will be able to advance San Nicolás, HVC 2040,
Zafranal, QBME and Galore Creek in accordance with our current
plans, that conditions to closing the transaction to form the joint
venture related to the San Nicolás project will be satisfied or
waived in a timely manner.
Factors that could cause actual results,
performances or achievements to differ materially from those in the
forward-looking statements include, among others, our ability to
advance permitting and development of North Met, challenges to our
permits, the outcome of development of the NorthMet project; our
ability to satisfy the closing conditions of the transaction to
form the joint venture related to the San Nicolás project, risks
related to mineral reserves and resources and metallurgical
recoveries, development risks, regulatory restrictions (including
environmental regulatory restrictions and liability) and activities
by governmental authorities.
The foregoing list of important factors and
assumptions is not exhaustive. Other events or circumstances could
cause actual results to differ materially from those estimated or
implied by our forward-looking statements. Certain of these risks
are described in more detail in the 2021 Annual Information Form
and Form 40-F of Teck and in its subsequent public filings with
Canadian securities administrators and the US 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 maybe 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.
Teck Media ContactChris
StannellPublic Relations
Manager604.699.4368chris.stannell@teck.com
Teck Investor Contact:Fraser
PhillipsSenior Vice President, Investor Relations & Strategic
Analysis604.699.4621fraser.phillips@teck.com
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