Agnico Eagle Mines (AEM) and Teck Resources (TECK) are partnering on the development of a
copper and zinc mine in Mexico.
Agnico Eagle is purchasing $580 million U.S. worth of shares of a wholly owned subsidiary of
Teck Resources, enabling the two companies to jointly develop the San Nicolás copper-zinc
project in Mexico.
Agnico Eagle said in a written statement that the deal allows it to increase its exposure to base
metals in a friendly mining jurisdiction.
Agnico Eagle added that its project development, permitting and construction experience in
Mexico will work well with Teck Resources’ base metals expertise and operating excellence.
Agnico’s investment will cover the first $580 million U.S. in mine development costs. The open-
pint copper-zinc mine is expected to enter production in 2026 and have a mine life of 15 years.
Overall development costs are expected to be $1 billion U.S.
Agnico Eagle’s stock is down 18% this year at $55.33 a share. Teck Resources’ stock is up
15% year-to-date and trading at $42.57 per share.
