Sandra Ulbrich

Main Menu

  • Palladium
  • US Steel Prices
  • Iron Prices
  • Copper Prices
  • Saving Investment

Sandra Ulbrich

Header Banner

Sandra Ulbrich

  • Palladium
  • US Steel Prices
  • Iron Prices
  • Copper Prices
  • Saving Investment
Copper Prices
Home›Copper Prices›Canada’s Teck says its copper projects are immune to potential tax hike in Chile

Canada’s Teck says its copper projects are immune to potential tax hike in Chile

By Brian D. Smith
May 18, 2021
0
0



TORONTO (Reuters) – Teck Resources in Canada sees little risk of tax hikes at Chile’s copper power plant due to a stability deal that protects the massive Quebrada Blanca Phase 2 copper project from the company against higher levies for 15 years, CEO Don Lindsay said Tuesday.

Chile’s lower house this month approved a bill that would sharply increase taxes on copper mining to pay for social programs.

“We trust Chilean institutions,” Lindsay said at the Bank of America Securities Global Metals, Mining & Steel conference on Tuesday,

“The stability agreements have been offered on a transparent and uniform basis under Chilean law and are therefore theoretically not negotiable,” he added.

Teck spokesman Chris Stannell said on Wednesday Lindsay was only referring to tax deals related to Teck’s operations in Chile, rather than the broader sector.

Separately, Vancouver-based Teck has yet to decide whether to restart a sale process for its 80% stake in the Zafranal copper mine in Peru and may seek a partner to build it, Lindsay said.

A similar approach could work in his San Nicolas project in Mexico, he said.

Teak and other miners have benefited from a surge in copper prices due to growing demand in China, which has made these assets more valuable, Lindsay said.

“These projects are now more valuable today than they were before COVID,” he said.

Toronto-listed Teck shares fell as much as 8% on Wednesday, as red metal prices edged down amid inflation fears and the prospect of higher supply.

Reporting by Jeff Lewis Editing by Chris Reese, Bill Berkrot and Cynthia Osterman



Related posts:

  1. How tightening supplies to copper mines are pushing prices to record highs
  2. Copper prices fall – Markets
  3. Excelsior Mining: the stock underperformed despite strong copper prices
  4. Cochilco in Chile raises copper price forecast for 2021

Recent Posts

  • Price hike affecting fireworks | News, Sports, Jobs
  • Sensex and Nifty drop more than 1% after pullback rally fails
  • The return of Mars Volta with a new song “Blacklight Shine”
  • Inflation holds back new infrastructure projects | News, Sports, Jobs
  • European banks rally, iron ore drops 8%, RBA minutes, Graincorp, BHP, Zip Co on watch: ASX higher

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • March 2021

Categories

  • Copper Prices
  • Iron Prices
  • Palladium
  • Saving Investment
  • US Steel Prices
  • Terms and Conditions
  • Privacy Policy