Teck to Form Joint Venture with PolyMet to Develop Copper, Nickel and Platinum Group Metals Projects in Minnesota
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(Kitco News) – Teck Resources (TSX: TECK.A and TECK.B) today announced an agreement with PolyMet Mining (TSX: POM) to form an equal joint venture to advance PolyMet Mining’s NorthMet Project and Teck’s Mesaba mineral deposit, both located in Minnesota, USA.
The company said the joint venture will be called NewRange Copper Nickel LLC, adding that Glencore will retain its majority stake in PolyMet and provide financial support for its share of the joint venture’s funding commitment.
“The NewRange Copper Nickel Joint Venture brings together two large, well-defined mineral resources in Minnesota’s established Iron Range mining region,” said Don Lindsay, President and Chief Executive Officer. “This agreement will help unlock a new domestic supply of critical metals for the low-carbon transition through responsible mining.”
The NorthMet Project is expected to produce 29,000 tonnes of ore per day over an authorized life of 20 years, with first production scheduled for 2026. Over its first five full years of operation, NorthMet is expected to deliver annual payable production of 30,000 tons of copper, 3,600 tons of nickel, 58,000 ounces of palladium and 12,000 ounces of platinum.
The Mesaba Mineral Deposit, located in the Duluth Complex near the NorthMet Project, contains one of the largest undeveloped copper-nickel resources in the world. Although further study and community consultation are needed to fully define the long-term development potential, Mesaba represents a strategic metal resource for North America, Teck said.
According to the company’s press release, the closing of the transaction will be subject to customary closing conditions, including the receipt of all required regulatory approvals.
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