Michael Sprung discusses Teck Resources
Teck Resources Limited says it has reached a deal to sell its closed Quintette steelmaking coal mine in northeast British Columbia to Conuma Resources Ltd.
Teck says Conuma Resources will pay $120 million in cash for the mine, plus an ongoing 25 per cent net profits interest royalty payable after Conuma recovers its investment in Quintette.
The Quintette mine is located near Tumbler Ridge, B.C. and was in operation for 18 years, until Teck closed the mine in 2000.
Teck has been managing the mine in a care and maintenance phase since then.
Conuma Resources is a steelmaking coal producer based in northeast B.C. It currently has three mines in operation close to Chetwynd, B.C. and Tumbler Ridge.
The sale is subject to regulatory approval is and is expected to close in the first quarter of 2023.