Teck said Conuma Resources, a Canadian a steelmaking coal producer, will also pay an ongoing 25% net profits interest royalty once it recovers its investment in Quintette.
The Vancouver-based miner is using strong cash flows from its coal business to expand its copper development, including the Quebrada Blanca Phase 2 (Q2) expansion project in Chile.
Once in operation, Q2 would double Teck’s copper production, extending Quebrada Blanca’s life by 28 years and boosting production to 300,000 tonnes of copper a year from 287,000 tonnes in 2017.
Major steelmakers are starting to move away from coking coal used in blast furnaces and switching to greener alternatives, such as hydrogen.
The International Energy Agency published a report in November that shows “hydrogen-based steelmaking has picked up significant momentum”. According to the agency, the number of steelmakers’ announcements to use such technology tripled…
