Teck and Polymet announce joint venture to advance the NorthMet Project
Teck and Polymet have announced a 50/50 joint venture to advance the NorthMet Project in the Iron Range mining region of Minnesota. The NewRange Copper Nickel joint venture is focused on advancing permitting and development of NorthMet to deliver critical minerals in support of the global low-carbon energy transition. The project brings together two large, well defined mineral resources in this established Iron Range.
The announcement is the first of several advances Teck expects to deliver in 2023 across its copper growth portfolio.
In addition to forming the NewRange Copper Nickel joint venture, Teck anticipates completing the proposed San Nicolás copper-zinc joint venture in Mexico with Agnico Eagle Mines Limited and the submission of the San Nicolás permitting application. The company also expects to receive the SEIA permit on the Zafranal copper-gold project.
In the second half of 2023 Teck is targeting the completion of feasibility studies for HVC 2040 and the Quebrada Blanca Mill Expansion (QBME) and the prefeasibility study for Galore Creek as well as the submission of the permit application for HVC 2040, each of which are significant milestones in Teck's Copper Growth portfolio.
About NewRange Copper Nickel
NewRange Copper Nickel is a joint venture between Teck and PolyMet and consists of the NorthMet and Mesaba deposits located in northeastern Minnesota, which are part of the Duluth Complex. The Joint Venture creates a path to develop a new domestic supply of critical minerals for the low-carbon transition through responsible mining.
The NorthMet Project is located near both existing and closed iron ore mines and utilizes existing brownfield tailings storage and plant locations to minimize environmental impact. NorthMet is expected to produce 29,000 tonnes of ore per day over a 20-year permitted mine life, with first production targeted for 2026. Over its first full five years of operations, NorthMet is expected to deliver annual payable production of 30,000 tonnes of copper, 3,600 tonnes of nickel, 58,000 ounces of palladium, and 12,000 ounces of platinum.
The Mesaba mineral deposit, located in the Duluth Complex near the NorthMet Project, contains one of the world’s largest undeveloped copper-nickel resources. While further studies and community consultations are required to fully define the long-term development potential, Mesaba represents a strategic metal resource for North America.
You can read more about the announcement here
Image courtesy of Teck.