Teck Resources
Teck Resources (formerly Teck Cominco) 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.
The Company owns, or has interests in, 16 operating mines in Canada, the USA, Chile and Peru, as well as one metallurgical complex in Canada. The Company is actively exploring in over 15 countries throughout the Americas, Asia Pacific, Europe and Africa.
Teck options Stratex International's Hasancelebi Gold Project in Turkey
Hanson Westhouse issued a note on Stratex International PLC (AIM: STI), following this week’s news of an option/joint venture agreement with Teck Resources Ltd’s (TSX, NYSE: TCK) Turkish unit to advance the Hasancelebi gold project.
The broker said this move, despite Teck selling assets elsewhere to reduce its debt, including a number of projects in Turkey, provides a clear indication of Teck’s strong belief in Hasançelebi.
Stratex is now very well positioned with several projects in development at minimal cost to itself, a strong cash balance and a memorandum of understanding with Turkish joint venture partner NTF Insaat Ticaret aiming to produce gold from the Inlice and Altintepe projects within the next 18 months, it said.
“Based on this and our revised valuation of 8.5p, which represents a substantial premium to the current share price, we maintain our BUY recommendation on Stratex,” the broker added.
Other Teck Resources articles
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09/02/10 Is Teck Resources seriously undervalued?
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06/07/09 China Investment Corporation to acquire 17.5% of Teck Cominco Class B subordinate voting shares
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20/11/08 Teck Cominco to suspend dividend and sell Lobo-Marte interest
Other Teck Resources news
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09/02/10 Teck Resources roars back to life with $1.8 billion net earnings in 2009
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05/01/10 Teck Resources says CMA will expand operations at Antamina copper-zinc mine in Peru
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23/07/09 Teck Resources cuts debt pile by $4.6 billion, $8.9 billion remaining
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06/07/09 Teck Resources secures reduction in rail costs
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03/07/09 Teck Resources raises C$1.74 bln in private placement to China’s CIC
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22/06/09 Teck reverses planned coal production shutdowns as Chinese demand picks up
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21/04/09 Teck Cominco first quarter revenues climb 11% to C$1.7 billion
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06/04/09 Royal Gold pays US$300 mln for gold from Teck Cominco's Andacollo mine in Chile
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08/01/09 Teck Cominco to slash 13% of global workforce
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15/12/08 Teck Cominco temporarily closes Pend Oreille Zinc Mine
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