Teck, a Canadian mining company, plans to sell its stake in a Peruvian copper mine


According to announced on November 20, banking sources said on Wednesday that Canada's Teck resources co., LTD. (Teck ResourcesLtd.) has hired Barclays (Barclays) help to sell its 80% stake in Peru Zafranal copper assets, the diversified mining company is accelerating out of part of the capital projects, and focus on business on the massive expansion of Chile. Teck could sell the Zafranal mine or find a partner for it, CEO DonLindsay said. The company and its advisers are testing interest in the copper-gold project from mining companies that already have operations in Peru and could fetch up to $500 million from the sale, one of the sources said. However, the source said the project would need more than $1 billion in further funding before it could go into production. A tektronix representative declined to comment. Teck, based in vancouver, said last year it would go ahead with a $4.7 billion QuebradaBlanca ii copper project in Chile. The initial production target is 2021, with copper production expected to reach 316,000 tonnes a year over the first five years of production. Last month, the company said it would lay off workers and postpone some planned capital projects in response to the economic uncertainty weighing on commodity prices. (From SMM)