Teck Resources, Agnico Eagle complete San Nicolas joint venture

Agnico Eagle Mines (AEM) and Teck Resources (TECK) announced that the previously announced joint venture transaction between Teck and Agnico Eagle to advance the San Nicolas copper-zinc development project has closed. Teck and Agnico Eagle have entered into a joint venture shareholders agreement whereby Agnico Eagle, through a wholly-owned Mexican subsidiary, has agreed to subscribe for a 50% interest in Minas de San Nicolas, S.A.P.I. de C.V. for $580 million, to be contributed as study and development costs are incurred by MSN. For governance purposes, Agnico Eagle is deemed to be a 50% shareholder of MSN from closing, regardless of the number of shares that have been issued to Agnico Eagle or its subsidiary. Teck and Agnico Eagle are now 50/50 joint venture partners at San Nicolas, working together to advance permitting and development of the high-quality copper-zinc San Nicolas project located in Zacatecas, Mexico. The joint venture partners are planning to submit an Environmental Impact Assessment and Permit application for San Nicolas in the first half of 2023 and are targeting completion of a feasibility study in early 2024. Concluding the San Nicolas joint venture, initiating permitting, and completing the next stage of technical studies, is another positive step in Teck’s strategy to advance its industry leading Copper Growth portfolio in a timely and prudent manner and for Agnico Eagle in leveraging its Mexican operating experience and know-how to pursue growth in a high-quality, copper-zinc mineral deposit located in a premier mining jurisdiction in Mexico.