Teck completes sale of Fort Hills stake to project partners; exits oilsands

A processing unit at Suncor Fort Hills facility in Fort McMurray, Alta., on September 10, 2018. Elliott Investment Management is seeking changes to the board of directors at Suncor Energy Inc. and is calling for a review of the company's executive leadership. THE CANADIAN PRESS / Jason Franson

Teck Resources Ltd. says it has completed the sale of its 21.3 per cent stake in the Fort Hills oilsands mine to Suncor Energy Inc. and TotalEnergies EP Canada Ltd.

The Vancouver-based mining company announced last year that it would sell its stake in Fort Hills to Suncor, one of two other partners in the project, for about $1 billion.

But in January, third partner TotalEnergies announced it would exercise its contractual right of first refusal to acquire an additional 6.65 per cent in the project from Teck for $312 million.

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With the closing of the sale, TotalEnergies will own 31.23 per cent of Fort Hills, and Suncor will own the rest.

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Suncor, which is the operator of the project, paid $688 million to acquire its additional 14.65 per cent interest from Teck, which now no longer owns a stake in the oilsands.

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The Fort Hills oilsands mine is located in northern Alberta, about 90 kilometres north of Fort McMurray.

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