In August 2015, Teck and Newmont Corporation 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.
The combined project is a 50/50 joint venture named NuevaUnión.
Project NuevaUnión is one of the largest undeveloped copper-gold-molybdenum projects in the Americas. Based on the results of a Preliminary Economic Assessment (PEA), initial stage development of Project NuevaUnión contemplates a conveyor to transport ore from the El Morro site to a single line mill and concentrator facility at the Relincho site with an initial capacity in the range of 90,000 - 110,000 tonnes per day to produce an average of approximately 190,000 tonnes of copper and 315,000 ounces of gold per year over the first 10 years. The phased development approach contemplated in the PEA will allow for future expansions to be funded from project cash flows, thus significantly reducing the initial funding requirement.
This approach will provide a number of key benefits, including reduced environmental footprint; lower cost and improved capital efficiency; optimized mine plan; enhanced community benefits and greater returns over either standalone project.
In 2019, our NuevaUnión joint venture continued to advance its feasibility study, which will be completed during the first quarter of 2020. The partners agreed to defer submission of the Environmental Impact Assessment (EIA) from the previously announced fourth quarter of 2019 time frame. Work in 2020 will focus on a review of study results and assessment of optimization opportunities.
Please visit www.nuevaunion.cl for more information.