VANCOUVER (miningweekly.com) – Canadian diversified miner Teck Resources has agreed to buy Goldcorp’s 21% interest in the San Nicolás copper/zinc project, in Mexico’s Zacatecas state, for $50-million.
The transaction will fully consolidate Teck’s ownership of the project and is part of Goldcorp’s ongoing strategy to pare noncore assets in pursuit of portfolio optimisation and debt repayment.
The transaction is subject to customary closing conditions and is expected to close in the third quarter of this year.
Teck in March launched its ‘Project Satellite’ initiative, the focus of which is to surface value from five substantial base metals assets – Zafranal (Peru), San Nicolás, Galore Creek, Schaft Creek (both in British Columbia) and Mesaba (in Northern Minnesota).
The miner said its approach is to work with existing and potentially new partners on “appropriate” and “prudently funded” work to advance engineering and design, as well as social and environmental activities. It suggested that value capture could be achieved through various commercial or development options, including full divestment, further investment by Teck, partnering, vend-in or public offering.