Teck and Agnico Eagle Announce Completion of the San Nicolás Copper-Zinc Project Joint Venture
April 06 2023 - 9:20AM
Agnico Eagle Mines Limited (TSX and NYSE: AEM) (“Agnico Eagle”) and
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK)
(“Teck”) announced today that the previously announced joint
venture transaction between Teck and Agnico Eagle to advance the
San Nicolás copper-zinc development project has closed. Teck and
Agnico Eagle have entered into a joint venture shareholders
agreement whereby Agnico Eagle, through a wholly-owned Mexican
subsidiary, has agreed to subscribe for a 50% interest in Minas de
San Nicolás, S.A.P.I. de C.V. (“MSN”) for US$580 million, to be
contributed as study and development costs are incurred by MSN. For
governance purposes, Agnico Eagle is deemed to be a 50% shareholder
of MSN from closing, regardless of the number of shares that have
been issued to Agnico Eagle or its subsidiary.
Teck and Agnico Eagle are now 50/50 joint venture partners at
San Nicolás, working together to advance permitting and development
of the high-quality copper-zinc San Nicolás project located in
Zacatecas, Mexico. The joint venture partners are planning to
submit an Environmental Impact Assessment and Permit application
for San Nicolás in the first half of 2023 and are targeting
completion of a feasibility study in early 2024. Concluding the San
Nicolás joint venture, initiating permitting, and completing the
next stage of technical studies, is another positive step in Teck’s
strategy to advance its industry leading Copper Growth portfolio in
a timely and prudent manner and for Agnico Eagle in leveraging its
Mexican operating experience and know-how to pursue growth in a
high-quality, copper-zinc mineral deposit located in a premier
mining jurisdiction in Mexico.
Forward Looking Statements
This press release contains certain
forward-looking statements within the meaning of the Unites States
Private Securities Litigation Reform Act of 1995 and
forward-looking information as defined in the Securities Act
(Ontario). Forward-looking statements and information are
statements other than historical fact and can be identified by
statements that certain actions, events or results “may”, “could”,
“should”, “would”, “might” or “will” be taken, occur or achieved.
Forward-looking statements and information involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Forward-looking statements in this
release include statements concerning: the expectations regarding
the timeline for initiating permitting and development of San
Nicolás and the timing of completion of any technical studies.
Forward-looking statements and information are
made based upon certain assumptions, including but not limited to,
assumptions that San Nicolás can and will be developed in
accordance with MSN’s current plans. Factors that could cause
actual results, performance or achievements to differ materially
from those in the forward-looking statements include, among others,
MSN’s ability to advance permitting and development of San Nicolás,
including challenges to our permits, risks related to mineral
reserves and resources estimation and metallurgical recoveries,
development risks, regulatory restrictions (including environmental
regulatory restrictions and liability), and activities by
governmental authorities.
The foregoing list of important factors and
assumptions is not exhaustive. Other events or circumstances could
cause actual results to differ materially from those estimated or
implied by our forward-looking statements and information. Certain
of these risks are described in more detail in each of Agnico’s and
Teck’s 2022 Annual Information Form and Form 40-F and in subsequent
public filings by Agnico and/or Teck with Canadian securities
administrators and the US Securities and Exchange Commission. None
of Agnico, Teck or MSN assume any obligation to revise or update
these forward-looking statements and information after the date of
this document or to revise them to reflect the occurrence of future
unanticipated events, except as required under applicable
securities laws.
About TeckAs one of Canada’s
leading mining companies, Teck is committed to responsible mining
and mineral development with major business units focused on
copper, zinc, and steelmaking coal. Copper, zinc, and high-quality
steelmaking coal are required for the transition to a low-carbon
world. Headquartered in Vancouver, Canada, Teck’s shares are listed
on the Toronto Stock Exchange under the symbols TECK.A and TECK.B
and the New York Stock Exchange under the symbol TECK. Learn more
about Teck at www.teck.com or
follow @TeckResources.
About Agnico EagleAgnico Eagle
is a senior Canadian gold mining company, producing precious metals
from operations in Canada, Australia, Finland and Mexico. It has a
pipeline of high-quality exploration and development projects in
these countries as well as in the United States. Agnico Eagle is a
partner of choice within the mining industry, recognized globally
for its leading environmental, social and governance practices.
Agnico Eagle was founded in 1957 and has consistently created value
for its shareholders, declaring a cash dividend every year since
1983.
Teck Media Contact:Chris
StannellPublic Relations
Manager604.699.4368chris.stannell@teck.com
Teck Investor Contact:Fraser
PhillipsSenior Vice President, Investor Relations & Strategic
Analysis604.699.4621fraser.phillips@teck.com
Agnico Eagle Investor
Contact:Jean-Marie ClouetCorporate Director, Investor
Relations416.457.9464jeanmarie.clouet@agnicoeagle.com
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