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Thursday, 24th May 2007 (3246 views)

Teck Cominco Limited, a Vancouver-based resource company, has built a new gold and copper project in British Colombia.

The Galore Creek project will start production in 2012 and it is expected to produce some 432 million pounds of copper and 341,000 ounces of gold. Some four million ounces of silver will also be produced annually for the first five years of the mine's life.

According to the firm, the mine will last for about 20 years because it has reserve estimates of 540 million tonnes and resource estimates of one billion tonnes.

Greg Waller, the vice president of investor relation at Teck Cominco, said: "We have talked about building our copper business. It is big and it is long-life, plus the gold and silver credits make it a low-cost asset."

The firm has a growing cash pile after failing in a hostile bid to buy another company last year so it is looking to play to its strategic interests and buy value.

British Colombia became a bit of a no-no province in terms of mining in the 1990s because it was a difficult place to do business and especially hard to get a permit.

 

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