August 28, 2018 / 5:46 PM / 3 months ago

Canada's Teck declines to confirm Quebrada Blanca mine upgrade timetable

FILE PHOTO: Teck Resources sign is on display during the company's annual general meeting in Vancouver, British Columbia, Canada, April 22, 2010. REUTERS/Lyle Stafford/File Photo

SANTIAGO (Reuters) - Canadian miner Teck Resources Ltd TCKb.TO declined to fix a start date for an ambitious $4.8 billion upgrade to its Quebrada Blanca copper mine in northern Chile on Tuesday, pending fresh investment from a development partner.

Chile’s Mining Minister Baldo Prokurica said earlier on Tuesday that Teck would later this year begin work on the project, which aims to extend the life of the aging deposit by 25 years and substantially boost production to 300,000 tons of copper annually.

“Quebrada Blanca will start moving in November,” Prokurica told journalists at a meeting in Santiago.

But when asked to confirm the start date, Teck reiterated that it would first seek a development partner to invest $2 billion for a 30 percent to 40 percent share in the project.

“We continue to progress engineering work on the Quebrada Blanca Phase 2 project in anticipation of a development decision in the fourth quarter,” it said. “A decision to proceed with development will be contingent upon regulatory approvals and market conditions, among other considerations.”

Teck received environmental approval for the plan earlier this month.

It includes the first large-scale use of desalinated seawater for mining in Chile’s arid Tarapaca region as well as a 140,000-tons-per-day concentrator.

Quebrada Blanca produced 23,400 tons of copper in 2017.

Reporting by Fabian Cambero; writing by Aislinn Laing; editing by Rosalba O'Brien and G Crosse

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