Vancouver company pays $65 million cash for a 4% stream on El Morro deposit, half of NuevoUnion, its joint venture with Teck.
Teck Resources Mining News
Chile closes ports servicing some of the world's biggest copper mines due to rough seas while Escondida strike looms.
Move will give the Vancouver miner 80% ownership of Zafranal Peru copper mine project
The mining giant, North America's largest producer of steel-making coal, has raised its production forecast for the year.
Prices above $200 a tonne are suddenly making companies that mine the steel-making commodity more unattractive.
Systematic cost cutting has taken some strain off Teck's balance sheet over the last few years as metal prices have slumped.
Watchdog worried about sovereignty issues in the country’s resource sector.
The project, renamed NuevaUnion, would be one of the largest copper-gold-molybdenum mines ever-developed in Latin America.
Monday mayhem as metals rally evaporates and mining's top names are dumped – Anglo's losses since a week ago now 28%, Freeport has plunged 25%.
The company's shares have almost tripled this year, making it the best-performing global miner amid the rebound in commodity prices and a projected fivefold improvement in earnings.
Canada’s largest diversified miner logged a 38% increased in overall profit for the first quarter of the year.
The now contained spill, which happened at Teck's Trail smelting and refining plant in British Columbia, lasted for about 15-20 minutes.
Ceo Don Lindsay said the expenses being incurred on the project act as a tax shelter for the cash flow currently being generated by Teck’s coal and copper mines.
Across the board gains on hopes of renewed Chinese metals demand.
The loss includes a Cdn$598 million impairment charge on its Fort Hills oil sands project in Alberta.
The 50/50 joint venture, momentarily named Project Corridor, is expected to help slash development costs as metal prices have dropped to multiyear lows.
The ongoing slump in copper prices spells trouble for Chile's mining industry, where most medium-sized producers are already unable to make a profit.
Canada's dominant oil sands player, however, plans to spend about $900 million more next year.
With the announced cuts the diversified miner brings the total redundancies over the past 18 months to about 2,000.
The situation, says the ratings agency, won’t change over the next 12 to 18 months, and metal prices may fall even further.
Earnings, however, beat analysts’ estimates as Canada’s largest diversified miner cut costs to deal with weak commodity prices.
The company has entered into an agreement to acquire a portfolio held by Teck for C$28 million, with an additional C$2.5 million paid on confirmation of certain rights.
So far, copper prices have failed to react significantly to news of supply disruptions, remaining more responsive to news from China, the world’s largest consumer.
The project is expected to boost output in northern Alberta by 180,000 barrels a day, with production set to begin by the fourth quarter of 2017.
The miners expect significant savings and environmental advantages by combining the two neighbouring projects, which are only 40 kilometres apart.