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Market: TSX, NYSE
Sector: General Mining
EPIC: TCK.B
Latest Price: 41.60  (-2.12% Descending)
52-week High: 63.22
52-week Low: 28.69
Market Cap: 24,189.70M
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Teck Resources
www.teck.com

Teck Resources is Canada’s largest diversified mining, mineral processing and metallurgical company. The company produces significant quantities of copper, metallurgical coal and zinc, and is a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets.

 

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Royal Gold pays US$300 mln for gold from Teck Cominco's Andacollo mine in Chile

6th Apr 2009, 12:44 pm
Royal Gold pays US$300 mln for gold from Teck Cominco's Andacollo mine in Chile

Precious metals royalty company Royal Gold Inc (TSX: RGL) is paying a Chilean unit of Teck Cominco Ltd (TSX: TCK) US$300 million in cash and shares to receive the bulk of the gold production from the Andacollo mine in Chile.

Under the definitive agreement with Compania Minera Carmen de Andacollo, which controls 90 percent of the mine, Royal Gold will receive 75 percent of the gold produced from the sulfide portion of the Andacollo deposit until 910,000 payable ounces of gold have been sold, after which Royal Gold will receive 50 percent of all future payable gold production from the property.

Royal Gold is paying US$100 million in cash and approximately 4.5 million common shares, which are currently valued at around 200 million.

The Andacollo mine has been in production since 1996, producing copper cathodes from the oxide portion of the deposit. A mill and flotation circuit to produce copper and gold from the sulfide portion of the deposit, known as the Hypogene project, is currently under construction.

Teck expects the Hypogene project to begin initial gold production in late calendar 2009 and reach commercial production in the first half of calendar 2010.

Over the first 10 years of the mine life, Teck expects production will average 53,000 ounces of gold and 76,000 tonnes of copper in concentrate annually.

ENAMI, a Chilean state owned entity dedicated to the promotion and development of small and medium sized mining in Chile holds the remaining 10 percent interest in Andacollo.

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