Teck Cominco will sell a stake in the gold produced from the Andacollo mine in Chile to Royal Gold for proceeds of $270 million, Reuters reports. Teck owns a 90% stake in the copper/gold mine while a Chilean state-owned entity holds the rest 10%.
Teck and Chile’s ENAMI will retain their ownership stakes of 90% and 10% respectively. Royal Gold will pay $100 million in cash and around 4.45 million common shares valued at $200 million.
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