Business
Teck Cominco announces Nautilus transaction
Teck Cominco announces Nautilus transaction.
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\n\n\n\nVANCOUVER, Dec. 7 /CNW/ - Teck Cominco Limited announced today that it\nhas agreed with Nautilus Minerals Inc. to subscribe for US$25,000,000 in\nNautilus common shares. Nautilus is the first company to commercially explore\nthe ocean floor for gold, copper, zinc and silver seafloor massive sulphide\ndeposits. Teck Cominco will hold an initial 8.08% interest in Nautilus on\nclosing. In addition, Teck Cominco has agreed to fund US$12 million in\nresearch and development related to sub sea exploration and exploration and\ntenure acquisition costs in an area of interest consisting of seven country\nareas in the South Pacific ocean.\n\n\nTeck Cominco will have the option to subscribe for an additional\n$15 million in equity of Nautilus before June 1, 2008 in order to acquire the\nright to form joint ventures with Nautilus in selected areas within the area\nof interest by incurring $25 million in exploration expenditures in each\nselected area within two years of the selection date to acquire an initial 40%\nor 50% interest, depending on the country selected. By incurring additional\nexpenditures, Teck Cominco may earn a 50.1% or 60% interest in specific\nprojects, depending on the country selected.\n\n\nTeck Cominco is a diversified mining company, headquartered in Vancouver,\nCanada. Its shares are listed on the Toronto Stock Exchange under the symbols\nTCK.A and TCK.B and on the New York Stock Exchange under the symbol TCK. The\ncompany is a world leader in the production of zinc and metallurgical coal and\nis also a significant producer of copper, gold, indium and other specialty\nmetals. Further information can be found at www.teckcominco.com.\n\n\n","length":1716,"tagName":"div"}]