NovaGold, Teck Cominco to Partner on 2 Billion dollars Galore Creek Project Development

摘要

NovaGold Resources Inc. and Teck Cominco Limited announced the formation of a partnership that will invest 2 billion dollars to build the Galore Creek copper-gold mine in northwestern British Columbia (See E&MJ, April 2007, p. 8, "Galore Creek Receives Environmental Certificate.") On closing of the transaction, NovaGold and Teck Cominco will each hold a 50 percent interest in the partnership. To earn its 50 percent interest in the Galore Creek partnership, Teck Cominco will fund approximately 478 million dollars in construction costs, with each company responsible for its pro rata share of funding thereafter. In addition, NovaGold will receive up to 50 million dollars of preferential distributions once Galore Creek is fully operational, if the project exceeds certain agreed-upon minimum revenues in the first year of commercial production.