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Teck seeks regulatory approval for 2nd phase of Quebrada Blanca mine in Chile

Toronto Stock Exchange-listed Teck Resources Ltd. said Sept. 26 that it submitted the Social and Environmental Impact Assessment for the second phase of its Quebrada Blanca copper-molybdenum mine in Chile.

Phase-two operations at the site are expected to have the annual capacity to produce over 250,000 tonnes of copper and 8,000 tonnes of molybdenum in concentrate for the first 10 years of the mine's life.

The proposed plan will extend the life of the existing mine as a large-scale concentrate production operation, for which an updated feasibility study is expected to be completed in the first quarter of 2017.

Teck noted that a decision to proceed with the development would be tied to regulatory approvals and market conditions, among other factors. The decision is not expected until mid-2018 given the time required for the regulatory process.

Optimization work underway on the property targets CapEx of US$4.5 billion to US$5 billion with an initial 25-year mine life, a decrease as compared to US$5.6 billion in CapEx estimated in a 2012 feasibility study.

The new cost estimate includes a 140,000-tonnes-per-day concentrator, a new port facility and desalination plant, and related pipelines.