Teck Provides Update on Galore Creek Project
Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) announced today (July 26) that its partner in the Galore Creek joint venture project, NOVAGOLD Resources (TSX:NG) has entered into an agreement to sell its 50 percent project interest to Newmont Mining Corporation (NYSE:NEM) for US$275 million in staged and contingent payments. As quoted in the press release: Teck and Newmont have agreed to a work plan at Galore Creek with the objective of completing an updated pre-feasibility study over the next three-to-four years to improve overall project understanding and economics. Teck will invest approximately C$12-20 million (US$10-15 million) annually to complete this work. Teck and Newmont [...]