Teck to name partner in Chilean copper project in December
Teck Resources (TSX:TECK.A | TECK.B)(NYSE:TCK), Canada’s largest diversified miner, which company will be its development partner at the Quebrada Blanca copper mine in northern Chile.
In August, the Vancouver-based miner received regulatory approval for a $4.7 billion extension of the mine. Teck sees the Quebrada Blanca Phase 2 project as its most significant growth opportunity, with the potential to double its copper business.
A potential third expansion will make the Quebrada Blanca mine Chile’s second largest copper operation, after Escondida, and one of the world’s top five copper mines.
According to , Teck’s CEO Don Lindsay said the company was also studying a Phase 3 for the mine, which will double Quebrada Blanca’s capacity to 600,000 tonnes of copper a year from the 300,000 it’s expected to achieve once Phase 2 is completed.
That potential extension will make the mine Chile’s second largest copper operation, after Escondida, and situate it among the world’s top five copper mines.
In terms of costs, Phase 3 would need a $5 billion-investment, as it would have to include the installation of a new concentrator.
Last year, Quebrada Blanca produced 23,400 tonnes of copper, generating a $182 million revenue.
Teck is , with Rio Tinto, Mitsubishi, Sumitomo and Freeport-McMoRan rumoured to be the most likely bidders.
The company  and Chile’s national mining company ENAMI holds a 10% preference share interest in it, which does not require the state agency to fund capital spending.
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