Canadian companies Agnico Eagle Mines Limited and Teck Resource reached an agreement to jointly develop the San Nicolás Mine (MSN) project, located in Zacatecas.
Under the disclosed terms of the transaction, Agnico Eagle will invest $580 million in equity, giving it 50% of the said copper and zinc mine.
In a joint statement, the companies say that Agnico Eagle’s project development, permitting and construction experience in Mexico, combined with Teck’s operational capabilities and marketing leadership, will complement each other in contributing to the timely and successful development and operation of San Nicolás. businesses.
Teck Chairman and CEO Don Lindsay stated that San Nicolás is a high quality project: “Located in a leading mining area, with high grades and highly competitive capital potential (…) the ability to add Agnico Eagle’s development and operational experience should bring substantial benefits to the project.”
Ammar Al-Joundi, President and CEO of Agnico Eagle, noted that they will pursue new projects with their new partner:
“This is a unique opportunity to establish a long-term partnership between two high-performance mining companies working to reduce risk and optimize a world-class VMS deposit.”
Teck estimated that on December 31, 2021 San Nicolás contained 105.2 million tons of proven and probable mineral reserves with average grades of 1.12% copper; 1.48% zinc, 0.4 g/t gold and 22 g/t silver.
Agnico Eagle is a Canadian gold producer with operations in Canada, Finland and Mexico. and exploration projects in each of these countries, as well as in Sweden and the United States.