Teck Resources (TSX, NYSE: TECK) announced Wednesday an expanded commercial agreement with Ridley Terminals Inc. (RTI) for shipments of steelmaking coal from Teck’s British Columbia operations.
The agreement runs from January 2021 to December 2027 and increases the contracted capacity from 3 million tonnes per annum (Mtpa) to 6 Mtpa with an option for Teck to extend up to 9 Mtpa. This will enable Teck to increase its shipment volumes through the Ridley terminal to provide more flexibility and better performance within its overall steelmaking coal supply chain.
“This agreement with Ridley Terminals, in combination with upgrades underway at our Neptune Terminal and our recent agreement with CN,” said Don Lindsay, president and CEO of Teck.
“We are looking forward to building on our strong working relationship with RTI and new principal owners Riverstone-AMCI to safely and efficiently transport our product to customers.”
The terms of the agreement are confidential, the companies said in the media release.