The Prospector News

Teck Announces Silver Streaming Agreement with Franco-Nevada

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Teck Announces Silver Streaming Agreement with Franco-Nevada

 

 

 

 

 

Teck Resources Limited (TSX:TCK.A and TCK.B) (NYSE: TCK) announced today that it and a subsidiary have entered into a long-term streaming agreement with a subsidiary of Franco-Nevada Corporation (TSX:FNV) (NYSE:FNV) linked to production at the Antamina mine. Teck holds a 22.5% interest in Compania Minera Antamina S.A. which owns and operates Antamina.
 

Franco-Nevada will make an upfront payment of US$610 million to Teck and will pay 5% of the spot price at the time of delivery for each ounce of silver delivered under the agreement. Teck will deliver silver to Franco-Nevada equivalent to 22.5% of payable silver sold by CMA, using a silver payability factor of 90%. After 86 million ounces of silver have been delivered under the agreement, the stream will be reduced by one third. Closing of the transaction is subject to completion of certain corporate matters and customary conditions and is expected to take place in the first half of October.
 

CMA is not a party to the agreement with Franco Nevada and Teck’s rights as a shareholder of CMA are unaffected by the agreement.
 

Scotia Capital Inc. is acting as financial advisor to Teck.
 

About Antamina
 

Antamina is a large copper and zinc mine located 270 kilometres north of Lima, Peru. In 2014, Antamina produced 344,900 tonnes of copper, 211,000 tonnes of zinc, 3.1 million pounds of molybdenum and 12 million ounces of silver.
 

The shareholders of CMA are BHP Billiton Plc (33.75%), Glencore plc (33.75%), Teck (22.5%) and Mitsubishi Corporation (10%).
 

About Teck

 

Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada.

Posted October 7, 2015

Share this news article

MORE or "UNCATEGORIZED"


Uranium Royalty Corp. Closes $30 million Initial Public Offering and Announces Listing on the TSX Venture Exchange

Uranium Royalty Corp. (TSX-V: URC) is pleased to announce that it... READ MORE

December 6, 2019

Denison Completes CAD$4.7 Million Bought Deal Private Placement of Flow-Through Shares

Denison Mines Corp. (DML: TSX) (DNN: NYSE American) is plea... READ MORE

December 6, 2019

Scorpio Gold Reports Results of Drilling at the Keystone-Jumbo Area, Goldwedge Property, Nevada

Scorpio Gold Corporation (TSX-V:SGN) announces results of its fir... READ MORE

December 6, 2019

Nevada Exploration Closes Oversubscribed Financing

Nevada Exploration Inc. (TSX-V: NGE) (OTCQB: NVDEF) is pleased to... READ MORE

December 6, 2019

Ascot Exploration Drilling Intersects 17.29 g/t Gold Over 3.58 Metres in New Area West of Premier Portal

Ascot Resources Ltd (TSX: AOT) (OTCQX: AOTVF) is pleased to annou... READ MORE

December 6, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions