On August 27, 2015, Teck and Goldcorp announced an agreement to combine their respective Relincho and El Morro projects, located approximately 40 kilometres apart in the Huasco Province in the Atacama region of Chile, into a single project.
Teck and Goldcorp will contribute their respective project interests into a 50/50 joint venture. The combined project will have the interim name of Project Corridor.
Based on the results of a Preliminary Economic Assessment (“PEA”), Project Corridor contemplates a conveyor to transport ore from the El Morro site to a single line mill at the Relincho site. This approach will provide a number of key benefits, including reduced environmental footprint; lower cost and improved capital efficiency; optimized mine plan; and enhanced community benefits.
Based on the December 31, 2014 mineral reserve figures reported by Goldcorp in respect of El Morro and Teck in respect of Relincho, the proven and probable reserves of Project Corridor would contain approximately 16.6 billion pounds of copper, 8.9 million ounces of gold, and 464 million pounds of molybdenum.
In combination with community consultation, a Pre-Feasibility Study is expected to commence in early 2016.
Please visit www.proyectocorredor.cl for more information.