Goldcorp Inc. and Teck Resources Limited announced Friday an agreement to combine their respective El Morro and Relincho projects, located approximately 40 kilometers apart in the Huasco Province in the Atacama region of Chile, into a single project.
"The combination of El Morro and Relincho is consistent with our focus on maximizing value from our asset portfolio," Chuck Jeannes, president and CEO of Goldcorp, said. "We now have an improved development approach that we expect to significantly decrease initial capital requirements and increase financial returns, while ensuring the project is developed in partnership with our neighbors, creating lasting benefits for residents in the region and our shareholders."
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.
"Combining these two neighbouring assets is a common sense approach that allows us to consolidate infrastructure to reduce costs, reduce the environmental footprint and provide greater returns over either standalone project," Don Lindsay, president and CEO of Teck, said. "Through Project Corridor, we will work to establish meaningful relationships with the community, Indigenous Peoples and other stakeholders that will help guide the project's development and create greater value for all parties."
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