Teck Announces Silver Streaming Agreement with Franco-Nevada
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/07/15 -- Teck Resources Limited ("Teck") (TSX: TCK.A and TCK.B, NYSE: TCK) announced today that it and a subsidiary have entered into a long-term streaming agreement with a subsidiary of Franco-Nevada Corporation ("Franco-Nevada") (TSX: FNV)(NYSE: FNV) linked to production at the Antamina mine. Teck holds a 22.5% interest in Compania Minera Antamina S.A. ("CMA") which owns and operates Antamina.
Franco-Nevada will make an upfront payment of US$610 million to Teck and will pay 5% of the spot price at the time of delivery for each ounce of silver delivered under the agreement. Teck will deliver silver to Franco-Nevada equivalent to 22.5% of payable silver sold by CMA, using a silver payability factor of 90%. After 86 million ounces of silver have been delivered under the agreement, the stream will be reduced by one third. Closing of the transaction is subject to completion of certain corporate matters and customary conditions and is expected to take place in the first half of October.
CMA is not a party to the agreement with Franco Nevada and Teck's rights as a shareholder of CMA are unaffected by the agreement.
Scotia Capital Inc. is acting as financial advisor to Teck.
About Antamina
Antamina is a large copper and zinc mine located 270 kilometres north of Lima, Peru. In 2014, Antamina produced 344,900 tonnes of copper, 211,000 tonnes of zinc, 3.1 million pounds of molybdenum and 12 million ounces of silver.
The shareholders of CMA are BHP Billiton Plc (33.75%), Glencore plc (33.75%), Teck (22.5%) and Mitsubishi Corporation (10%).
About Teck
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. Learn more about Teck at or follow (at)TeckResources.
Cautionary Statement on Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). The forward-looking statements in this news release are based on certain assumptions, including that conditions of closing of the streaming transaction will be satisfied in a timely manner. Forward-looking information is subject to known and unknown risks and uncertainties and other factors which may cause actual results and achievements to differ materially from those expressed or implied in such forward-looking information. Risks relating to the business and operations of Teck are set forth in the company's continuous disclosure documents filed under Teck's profile on SEDAR at .
Contacts:
Investor Contact:
Greg Waller
Vice President, Investor Relations and Strategic Analysis
604.699.4014
Media Contact:
Chris Stannell
Senior Communications Specialist
604.699.4368
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 07.10.2015 - 10:00 Uhr
Sprache: Deutsch
News-ID 425258
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 186 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Teck Announces Silver Streaming Agreement with Franco-Nevada"
steht unter der journalistisch-redaktionellen Verantwortung von
Teck Resources Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
