Teck Resources temporarily withdraws Quebrada Blanca Phase 2 application

VANCOUVER – Teck Resources Ltd. (TSX:TCK.B) said Monday it has temporarily withdrawn its social and environmental impact assessment application for the Quebrada Blanca Phase 2 copper project in Chile.

“Teck is in the process of reviewing comments by the regulators, after which the application will be resubmitted,” the Vancouver-based miner said in a brief statement.

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Teck president and chief executive Don Lindsay had touted the initiative as one of the largest copper projects in the world.

Construction of the project is expected to cost about US$5.6 billion, with Teck’s share totalling about US$4.75 billion. First production is expected in 2016.

The Quebrada Blanca open pit mine is in northern Chile.

Teck owns a 76.5 per cent stake in the mine, Inversiones Mineras S.A. owns 13.5 per cent and Empresa Nacional de Minera owns 10 per cent.

Its shares declined 79 cents to C$31.13 on the Toronto Stock Exchange.