VANCOUVER, BC and TORONTO, April 6,
2023 /PRNewswire/ - Agnico Eagle Mines Limited (TSX:
AEM) (NYSE: AEM) ("Agnico Eagle") and Teck Resources Limited (TSX:
TECK.A) (TSX: TECK.B) (NYSE: TECK) ("Teck") announced today that
the previously announced joint venture transaction between Teck and
Agnico Eagle to advance the San Nicolás 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 Nicolás, S.A.P.I. de C.V. ("MSN") for
US$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 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.
Forward Looking Statements
This press release contains
certain forward-looking statements within the meaning of the Unites
States Private Securities Litigation Reform Act of 1995 and
forward-looking information as defined in the Securities Act
(Ontario). Forward-looking
statements and information are statements other than historical
fact and can be identified by statements that certain actions,
events or results "may", "could", "should", "would", "might" or
"will" be taken, occur or achieved. Forward-looking statements and
information involve known and unknown risks, uncertainties and
other factors, which may cause the actual results to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements in this release include statements
concerning: the expectations regarding the timeline for initiating
permitting and development of San Nicolás and the timing of
completion of any technical studies.
Forward-looking statements and information are made based upon
certain assumptions, including but not limited to, assumptions that
San Nicolás can and will be developed in accordance with MSN's
current plans. Factors that could cause actual results, performance
or achievements to differ materially from those in the
forward-looking statements include, among others, MSN's ability to
advance permitting and development of San Nicolás, including
challenges to our permits, risks related to mineral reserves and
resources estimation and metallurgical recoveries, development
risks, regulatory restrictions (including environmental regulatory
restrictions and liability), and activities by governmental
authorities.
The foregoing list of important factors and assumptions is not
exhaustive. Other events or circumstances could cause actual
results to differ materially from those estimated or implied by our
forward-looking statements and information. Certain of these risks
are described in more detail in each of Agnico's and Teck's 2022
Annual Information Form and Form 40-F and in subsequent public
filings by Agnico and/or Teck with Canadian securities
administrators and the US Securities and Exchange Commission. None
of Agnico, Teck or MSN assume any obligation to revise or update
these forward-looking statements and information after the date of
this document or to revise them to reflect the occurrence of future
unanticipated events, except as required under applicable
securities laws.
About Teck
As one of Canada's leading mining companies, Teck is
committed to responsible mining and mineral development with major
business units focused on copper, zinc, and steelmaking coal.
Copper, zinc, and high-quality steelmaking coal are required for
the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on
the Toronto Stock Exchange under the symbols TECK.A and TECK.B and
the New York Stock Exchange under the symbol TECK. Learn more about
Teck at www.teck.com or follow @TeckResources.
About Agnico Eagle
Agnico Eagle is a senior Canadian
gold mining company, producing precious metals from operations in
Canada, Australia, Finland and Mexico. It has a pipeline of high-quality
exploration and development projects in these countries as well as
in the United States. Agnico Eagle
is a partner of choice within the mining industry, recognized
globally for its leading environmental, social and governance
practices. Agnico Eagle was founded in 1957 and has consistently
created value for its shareholders, declaring a cash dividend every
year since 1983.
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SOURCE Agnico Eagle Mines Limited