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Canadian miner Teck Resources has agreed to sell its 21.3% interest in the Fort Hills Energy LP and certain associated downstream assets to Suncor Energy for C$1 billion in cash. <\/p>\n\n\n\n
The Fort Hills Energy LP owns the Fort Hills oil sands mine in northern Alberta. The deal boosts Suncor\u2019s stake in the project to 75.4%. Total E&P Canada holds the remaining interest.<\/p>\n\n\n\n
\u201cThis transaction advances our strategy of pursuing industry leading copper growth and rebalancing our portfolio of high-quality assets to low carbon metals,\u201d said Jonathan Price, Teck CEO.\u00a0<\/p><\/blockquote>\n\n\n\n
\u201cWe will review the use of proceeds in accordance with our capital allocation framework early in 2023.\u201d<\/p>\n\n\n\n
Closing of the transaction is subject to customary conditions ,including receipt of relevant regulatory approvals, and is expected to occur in the first quarter of 2023.<\/p>\n\n\n\n
Fort Hills is an open-pit truck and shovel mine, which is capable of producing 14,500 tonnes of oil sand per hour.<\/p>\n\n\n\n
Sources: <\/em>Teck Resources<\/em><\/a> and <\/em>Suncor Energy<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Canadian miner Teck Resources has agreed to sell its 21.3% interest in the Fort Hills Energy LP and certain associated downstream assets to Suncor Energy for C$1 billion in cash. The Fort Hills Energy LP owns the Fort Hills oil sands mine in northern Alberta. The deal boosts Suncor\u2019s stake in the project to 75.4%. Total E&P Canada holds the…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[495,12],"tags":[1537,1536,244],"coauthors":[],"class_list":["post-3434","post","type-post","status-publish","format-standard","hentry","category-latest-news","category-the-headlines","tag-oil-sand","tag-suncor-energy","tag-teck-resources"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t