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Teck closes sale of Waneta Dam interest to BC Hydro for C$1.2B

Teck Resources Ltd. said July 26 that it closed the sale of its two-thirds interest in the Waneta Dam in British Columbia to BC Hydro and Power Authority for C$1.2 billion cash.

Teck will record an after-tax gain of around C$820 million as a result of the sale, with no cash tax payable on the proceeds.

In addition, its Teck Metals Ltd. unit holds a 20-year lease to use the two-thirds interest in Waneta to produce power for its Trail zinc and lead smelting and refining operations for approximately C$75 million in annual payments, escalating at 2% per annum. Teck Metals may extend the lease for a further 10-year period at comparable rates.

Teck reported a rise in second-quarter earnings to C$634 million from C$580 million in the same quarter of 2017 as it enjoyed higher steelmaking coal, copper and zinc prices.