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Teck Resources sells Fort Hills interest to Suncor for C$1 billion

Kitco Media
By Michael McCrae
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Teck Resources (TSX: TECK.A) announced today it has agreed to sell its 21.3% interest in the Fort Hills Energy to Suncor Energy for gross proceeds of approximately C$1 billion (US$739 million) in cash.

“This transaction advances our strategy of pursuing industry leading copper growth and rebalancing our portfolio of high-quality assets to low carbon metals,” said Jonathan Price, CEO. “We will review the use of proceeds in accordance with our capital allocation framework early in 2023.”

The Fort Hills oil sands mine is located in northern Alberta. Total E&P Canada and Suncor Energy held the remaining interest in the company.

A year ago Teck announced its intention to sell its interest in Fort Hills.

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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