Canadian companies Agnico Eagle Mines Limited and Teck Resource have entered into an agreement to jointly develop the San Nicolás Mine (MSN) project, located in Zacatecas.

Under the disclosed terms of the transaction, Agnico Eagle will invest US$580 million in shares, which will give it 50% of the said copper and zinc mine.

In a joint statement, the companies say that Agnico Eagle’s experience in project development, permitting and construction in Mexico, combined with Teck’s operational capabilities and marketing leadership, will complement each other to contribute to the development and to the timely and successful operations of San Nicolás, underlined the companies.

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Teck Chairman and CEO Don Lindsay said that San Nicolás is a high quality project“Located in a leading mining jurisdiction, with high grades and extremely competitive capital potential (…) the opportunity to add the development and operating experience of Agnico Eagle should generate benefits substantial for the project.”

Ammar Al-Joundi, President and CEO of Agnico Eagle, indicated that they will pursue new projects with their new partner:

“This is a unique opportunity to create a long-term partnership between two high-quality mining companies working to reduce risk and optimize a world-class VMS deposit.”

As of December 31, 2021, Teck estimates that San Nicolás contained 105.2 million tonnes of proven and probable mineral reserves with average grades of 1.12% copper; 1.48% zinc, 0.4 g/t gold and 22 g/t silver.

Agnico Eagle is a Canadian gold producer with operations in Canada, Finland and Mexico. and exploration projects in each of these countries, as well as in Sweden and the United States.