https://www.miningweekly.com
Copper|Gold|Mining|PROJECT|Projects|Resources
Copper|Gold|Mining|PROJECT|Projects|Resources
copper|gold|mining|project|projects|resources

Canadian miner Teck hires Barclays to sell Peru mine stake sources

Teck CEO Don Lindsay

Teck CEO Don Lindsay

21st November 2019

By: Reuters

  

Font size: - +

Canada's Teck Resources has hired Barclays to sell all of its 80% stake in its Zafranal copper asset in Peru, as the diversified miner accelerates efforts to exit advanced projects and focus on its massive Chilean expansion, two banking sources told Reuters on Wednesday.

Teck is likely to sell or seek a partner for Zafranal, CEO Don Lindsay has said.

The company and its advisors are sounding out interest from mining firms already operating in Peru for the copper/gold project that could fetch up to $500-million, one of the sources said.

However, the project would need a further injection of more than $1-billion before it can start production, the source said.

A representative for Teck company declined to comment on the report, citing company policy not to comment on speculation. A Barclays representative was not immediately available for comment.

Japan's Mitsubishi Materials, which owns the remaining 20% of Zafranal, was also not immediately available to comment.

The sources declined to be identified as the information on bank hiring is not public.

Vancouver-based Teck last year said it would move forward with its $4.7-billion Quebrada Blanca phase two copper project in Chile.

First production is targeted for 2021 and forecast to reach 316 000 t of copper equivalent per year for the first five full years of mine life.

The company last month said it would cut staff and defer some planned capital projects to cope with economic uncertainty that has weighed on commodity prices.

Edited by Reuters

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.122 0.157s - 113pq - 2rq
Subscribe Now