Teck and Agnico Eagle Announce Completion of the San Nicolás Copper-Zinc Project Joint Venture
Teck Resources Limited
TSX: TECK.A, TECK.B
NYSE: TECK
www.teck.com
Agnico Eagle Mines Limited
TSX: AEM
NYSE: AEM
www.agnicoeagle.com
News Release
For Immediate Release
23-26-TR
Date: [April 6, 2023]
Teck and Agnico Eagle Announce Completion
of the San Nicolás Copper-Zinc Project Joint Venture
Vancouver, B.C. and Toronto, ON – Agnico Eagle Mines Limited (TSX and NYSE: AEM) (“Agnico Eagle”)
and Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) announced today that
the previously announced joint venture transaction between Teck and Agnico Eagle to advance the San
Nicolás copper -zinc development project has closed. Teck and Agnico Eagle have entered into a joint
venture shareholders agreement whereby Agnico Eagle, through a wholly -owned Mexican subsidiary, has
agreed to subscribe for a 50% interest in Minas de S an Nicolás, S.A.P.I. de C.V. (“MSN”) for US$580
million, to be contributed as study and development costs are incurred by MSN. For governance purposes,
Agnico Eagle is deemed to be a 50% shareholder of MSN from closing, regardless of the number of shares
that have been issued to Agnico Eagle or its subsidiary.
Teck and Agnico Eagle are now 50/50 joint venture partners at San Nicolás , working together to advance
permitting and development of the high- quality co pper-zinc San Nicolás project located in Zacatecas,
Mexico. The joint venture partners are planning to submit an Environmental Impact Assessment and Permit
application for San Nicolás in the first half of 2023 and are targeting completion of a feasibility study in early
2024. Concluding the San Nicolás joint venture, initiating permitting, and completing the next stage of
technical studies, is another positive step in Teck’s strategy to advance its industry leading Copper Growth
portfolio in a timely and prudent manner and for Agnico Eagle in lev eraging its Mexican operating
experience and know -how to pursue growth in a high- quality, copper -zinc mineral deposit located in a
premier mining jurisdiction in Mexico.
Forward Looking Statements
This press release contains certain forward- looking statements within the meaning of the Unites States
Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities
Act (Ontario). Forward-looking statements and information are statements other than historical fact and can
be identified by statements that certain actions, events or results “may”, “could”, “should”, “would”, “might”
or “will” be taken, occur or achieved. Forward- looking statements and information involve known and
unknown risks, uncertainties and other factors, which may cause the actual results to be materially different
from any future results, performance or achievements expressed or implied by the forward- looking
statements. Forward-looking statements in this release include statements concerning: t he expectations
regarding the timeline for initiating permitting and development of San Nicolás and the timing of completion
of any technical studies.
Forward-looking statements and information are made based upon certain assumptions, including but not
limited to, assumptions that San Nicolás can and will be developed in accordance with MSN’s current plans.
Factors that could cause actual results, performance or achievements to differ materially from those in the
forward-looking statements include, among others, MSN’s ability to advance permitting and development
2
of San Nicolás , including challenges to our permits, risks related to mineral reserves and resources
estimation and metallurgical recoveries, development risks, regulatory restrictions (including environmental
regulatory restrictions and liability), and activities by governmental authorities.
The foregoing list of important factors and assumptions is not exhaustive. Other events or circumstances
could cause actual results to differ materially from those estimated or implied by our forward- looking
statements and information. Certain of these risks are described in more detail in each of Agnico’s and
Teck’s 2022 Annual Information Form and F orm 40-F and in subsequent public filings by Agnico and/or
Teck with Canadian securities administrators and the US Securities and Exchange Commission. None of
Agnico, Teck or MSN assume any obligation to revise or update these forward- looking statements and
information after the date of this document or to revise them to reflect the occurrence of future unanticipated
events, except as required under applicable securities laws.
About Teck
As one of Canada’s leading mining companies, Teck is committed to responsible mining and mineral
development with major business units focused on copper, zinc, and steelmaking coal. Copper, zinc, and
high-quality steelmaking coal are required for the trans ition to a low -carbon world. Headquartered in
Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A
and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck
at www.teck.com or follow @TeckResources.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in
Canada, Australia, Finland and Mexico. It has a pipeline of high- quality exploration and development
projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the
mining industry, recognized globally for its leading environmental, social and governance practices. Agnico
Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash
dividend every year since 1983.
Teck Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
Teck Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations & Strategic Analysis
604.699.4621
Agnico Eagle Investor Contact:
Jean-Marie Clouet
Corporate Director, Investor Relations
416.457.9464