Teck Announces Sale Of Quintette Assets

Apr 17, 2023 - 3 years ago

Teck to sell closed Quintette mine to Conuma Resources for $120M, plus royalties.

Teck Announces Sale Of Quintette Assets — *Credit: Teck Resources*

Teck Resources Limited has announced that it has agreed to sell to a subsidiary of Conuma Resources Limited (“Conuma”) all the assets and liabilities of the Quintette steelmaking coal mine in north-eastern British Columbia. Conuma will pay Teck $120 million in cash in staged payments over the next 36 months, and an ongoing 25% net profits interest royalty, first payable after Conuma recovers its investment in Quintette.

Closing of the transaction, expected to occur in the first quarter of 2023, is subject to receipt of regulatory approvals and other customary conditions.

Quintette has been on care and maintenance since 2000.

Source: Teck Resources