TSX- and NYSE-listed Teck Resources will sell the assets and liabilities of the Quintette steelmaking coal mine, in north-eastern British Columbia, to a subsidiary of Conuma Resources for $120-million in cash.
The consideration will be paid in stages over the next 36 months and the transaction is expected to close in the first quarter of 2023.
Teck will also receive an ongoing 25% net profits interest royalty.
Quintette has been on care and maintenance since 2000.