Teck Cominco says to "take time" on more takeovers

By Cameron French

TORONTO (Reuters) - Teck Cominco's (TCKb.TO: Quote, Profile, Research, Stock Buzz) integration of its C$4.1 billion acquisition of Aur Resources is 95 percent complete, but the Canadian mining company will likely take its time on further takeovers, chief executive Don Lindsay said on Friday.

"We've done quite a bit this year," Lindsay told Reuters in an interview. "I think we have such a good platform now that we can really take our time and be very careful about any other moves."

Teck announced the completion of its friendly cash and stock takeover of Aur on Monday in a deal that should boost Teck's copper production by 43 percent. Teck is also the world's No. 2 zinc producer.

Teck's other moves this year included forming a partnership with Novagold (NG.TO: Quote, Profile, Research, Stock Buzz) to develop the Galore Creek gold project, and doubling its stake in Fording Canadian Coal Trust (FDG_u.TO: Quote, Profile, Research, Stock Buzz).

The company also agreed to raise its stake in the Fort Hills oil project in Alberta to 20 percent, part of a push to greatly increase its oil sands presence. Lindsay said the company's oil sands operations in eight to 10 years could be as big as the entire company is now.

However, he said a decision to significantly raise oil royalties in Alberta would prompt the company to rethink further oil sands investment beyond Fort Hills.

An Alberta government-appointed panel recommended last month that the province boost oil industry royalties and taxes.

Lindsay said the acquisition of Aur's assets in Chile made it practical for the Teck Cominco to begin taking a second look at nonoperational assets in the region, including the Lobo Marte gold site.