“This transaction advances our strategy of pursuing industry leading copper growth and rebalancing our portfolio of high-quality assets to low carbon metals,” chief executive officer Jonathan Price, who assumed the top job at Teck earlier this month, said in the statement.
Fort Hills is an open-pit truck and shovel mine located 90 km north of Fort McMurray, in northern Alberta, where raw oilsands bitumen is extracted and then upgraded. Suncor Energy is the majority-owner and operator of the mine, which started producing in 2018.
The operation has faced challenges in recent years, including missed production targets, safety issues and increasing costs, which prompted Suncor to launch an ongoing in-depth review of the asset.
The Calgary-based energy giant said in a separate statement it had begun a multi-year improvement initiative to optimize production. Over the next three years, Suncor expects 5% lower gross production and…
