Company News

Canadian miner Teck hires Barclays to sell Peru mine stake-sources

Nov 20 (Reuters) - Canada’s Teck Resources Ltd has hired Barclays to sell its entire 80% stake in its Zafranal copper asset in Peru, as the diversified miner accelerates efforts to exit advanced projects and focus on its massive Chilean expansion, two banking sources told Reuters on Wednesday.

Teck is likely to sell or seek a partner for Zafranal, Chief Executive Officer Don Lindsay has said.

The company and its advisors are sounding out interest from mining firms already operating in Peru for the copper-gold project that could fetch up to $500 million, one of the sources said.

A representative for Teck said the company does not comment on speculation. A Barclays representative was not immediately available for comment. Japan’s Mitsubishi Materials Corp owns the remaining 20% of Zafranal.

Sources declined to be identified as the information on bank hiring is not public. (Reporting by Clara Denina in London; Writing by Jeff Lewis; Editing by Sandra Maler)