Canada’s largest diversified miner Teck Resources (TSX:TECK.A | TECK.B)(NYSE:TCK) is looking for a business partner before moving ahead with its Phase 2 at Quebrada Blanca copper mine in northern Chile.
The Vancouver-based company, which earlier this month received regulatory approval for a $4.8-billion mine extension, said that before kicking off work, it would have to secure a development partner able to invest $2billion for up to 30% to 40% stake in the project.
Earlier this year, Teck had said it was exploring various potential financing alternatives for the project. Chile’s Mining Minister Baldo Prokurica had said that Teck would begin the mine extension, aimed at extending Quebrada Blanca’s life by 25 years, in November, local paper El Mercurio reports.
Asked about it, the company told MINING.com “it continued to progress engineering work and execution readiness on the Quebrada Blanca Phase 2 project in anticipation of a development decision in the fourth quarter.”
It also said that a decision on whether to proceed or not would depend on market conditions, among “other considerations.”
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