Teck Resources announced that the previously-announced sale of a gold production interest from the Andacollo mine to Royal Gold, Inc. has closed. Compaņia Minera Teck Carmen de Andacollo has received US$218 million in cash and approximately 1.2 million common shares of Royal Gold in connection with the sale.
Teck Resources announced that challenges to the previously granted permits for the water supply arrangements for its Andacollo copper hypogene project may result in delays to the start-up of the project.
During the quarter reported copper production of 5,300 tonnes in the first quarter was similar to the same period last year, and sales volumes were the same as last year, also at 5,300 tonnes. The development of Andacollos concentrate project is progressing according to plan with production start up scheduled for 2010. The development consists of the construction of a 55,000 tonne per day concentrator
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