LOGAN LAKE, British Columbia TECK COMINCO intends to buy out RIO ALGOM’s 33.57% interest in the Highland Valley Copper partnership for US$73 million in cash. The move will leave Teck Cominco with a 97.5% direct and indirect interest in the two open pit mines and mill. It will also increase Teck Cominco’s total 2004 predicted copper production by 28%.
Highland Valley Copper is forecast to produce 174,000 tonnes of copper in concentrate annually for the next five-and-a-half years, at which time reserves will be exhausted. Latest figures put reserves at 296 million tonnes grading 0.42% Cu.