Goldcorp and Teck move ahead with $3.5bn mine in Chile

Goldcorp and Teck move ahead with $3.5bn mine in Chile

Canadian mining companies Goldcorp (TSX:G) and Teck Resources (TSX:TCK) are moving forward with their new US$3.5 billion mine in the Atacama region of Chile.

A pre-feasibility study is anticipated to be ready by the second half of 2017.

The joint venture is expected to be one of the biggest copper-gold-molybdenum mines ever developed in Latin America and will now be known as NuevaUnion (New Union). The new name symbolises the merger of their two projects in the area: El Morro and Relincho.

The companies are currently working on various development plans to complete a pre-feasibility study and plan to start working on the environmental and social aspects of the project at the end o this year.

NuevaUnion is anticipated to provide both companies with a number of vital benefits including a reduced environmental footprint, an upgraded mine plan, improved community benefits and larger returns over either standalone project.

The project will have a 32-year lifespan and generate an average of 190,000 tonnes of copper and 315,000 ounces of gold a year for the first decade.