Teck Resources and PolyMet Mining have agreed to form a 50/50 joint venture named NewRange Copper Nickel to advance PolyMet’s NorthMet project and Teck’s Mesaba mineral deposit.
“The NewRange Copper Nickel joint venture brings together two large, well defined mineral resources in the established Iron Range mining region of Minnesota,” said Don Lindsay, Teck president and CEO.
“This agreement will help unlock a new domestic supply of critical metals for the low-carbon transition through responsible mining.”
Teck said Glencore will retain its majority equity interest in PolyMet and will provide financial support for its share of the funding commitment to the joint venture. Closing of the transaction will be subject to customary closing conditions.
The NorthMet project is expected to produce 29,000 tonnes of ore per day over a 20-year permitted mine life, with first production targeted for 2026. Meanwhile, the Mesaba mineral deposit contains one of the world’s largest undeveloped copper-nickel resources.
Source: Teck Resources