Fort Hills is an open-pit truck and shovel mine, where raw oil sands bitumen is extracted and then upgraded. Suncor Energy is the majority-owner and operator of the mine, which started producing in 2018.
Teck owns a 21.3% stake that produces around 20,000 barrels per day, however the project has struggled with operational issues and the company had previously said it may sell its interest.
“We have been clear that if we don’t see the value of the Fort Hills asset reflected in Teck’s share price, we will pursue other options, which could include spinoff or divestment,” spokesperson Chris Stannell said in an email.
“Teck’s board is currently assessing options to identify the path forward which will create the most value for our shareholders.”
Stannell did not comment on whether Teck would collaborate with TotalEnergies to create a spinoff.
(By Nia Williams; Editing by Bill Berkrot)
