Agnico Eagle Mines Limited (TSX: AEM) and Teck Resources Limited (TSX: TECK.A) (TSX: TECK.B) have closed their previously announced joint venture transaction to advance the San Nicolás copper-zinc development project in Mexico.
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 Nicolás, S.A.P.I. de C.V. (MSN) for US$580M, 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 Nicolás, working together to advance permitting and development of the high-quality copper-zinc San Nicolás project located in Zacatecas, Mexico.
The joint venture partners are planning to submit an Environmental Impact Assessment and Permit application for San Nicolás in the first half of 2023 and are targeting completion of a feasibility study in early 2024.
Concluding the San Nicolás 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.
For further information please visit: https://www.agnicoeagle.com
