Canadian miner Teck Resources has announced a 50:50 joint venture agreement with PolyMet Mining to advance the NorthMet Project and Teck’s Mesaba mineral deposit. The NewRange Copper Nickel joint venture, with a new leadership and management team in place, is focused on advancing permitting and development of NorthMet to deliver critical minerals in support of the global low-carbon energy transition.The NewRange Copper Nickel joint venture brings together two large, well defined mineral resources in the established Iron Range mining region of Minnesota. NewRange Copper Nickel is a joint venture between Teck and PolyMet and consists of the NorthMet and Mesaba deposits located in northeastern Minnesota, which are part of the Duluth Complex. The Joint Venture creates a path to develop a new domestic supply of critical minerals for the low-carbon transition through responsible mining.The NorthMet Project is located near both existing and closed iron ore mines and utilizes existing brownfield tailings storage and plant locations to minimize environmental impact. NorthMet is expected to produce 29,000 tonnes of ore per day over a 20-year permitted mine life, with first production targeted for 2026. Over its first full five years of operations, NorthMet is expected to deliver annual payable production of 30,000 tonnes of copper, 3,600 tonnes of nickel, 58,000 ounces of palladium, and 12,000 ounces of platinum.The Mesaba mineral deposit, located in the Duluth Complex near the NorthMet Project, contains one of the world’s largest undeveloped copper-nickel resources. While further studies and community consultations are required to fully define the long-term development potential, Mesaba represents a strategic metal resource for North America.Morgan Stanley acted as a financial advisor to Teck on the NewRange Copper Nickel joint venture.
Canadian miner Teck Resources has announced a 50:50 joint venture agreement with PolyMet Mining to advance the NorthMet Project and Teck’s Mesaba mineral deposit. The NewRange Copper Nickel joint venture, with a new leadership and management team in place, is focused on advancing permitting and development of NorthMet to deliver critical minerals in support of the global low-carbon energy transition.The NewRange Copper Nickel joint venture brings together two large, well defined mineral resources in the established Iron Range mining region of Minnesota. NewRange Copper Nickel is a joint venture between Teck and PolyMet and consists of the NorthMet and Mesaba deposits located in northeastern Minnesota, which are part of the Duluth Complex. The Joint Venture creates a path to develop a new domestic supply of critical minerals for the low-carbon transition through responsible mining.The NorthMet Project is located near both existing and closed iron ore mines and utilizes existing brownfield tailings storage and plant locations to minimize environmental impact. NorthMet is expected to produce 29,000 tonnes of ore per day over a 20-year permitted mine life, with first production targeted for 2026. Over its first full five years of operations, NorthMet is expected to deliver annual payable production of 30,000 tonnes of copper, 3,600 tonnes of nickel, 58,000 ounces of palladium, and 12,000 ounces of platinum.The Mesaba mineral deposit, located in the Duluth Complex near the NorthMet Project, contains one of the world’s largest undeveloped copper-nickel resources. While further studies and community consultations are required to fully define the long-term development potential, Mesaba represents a strategic metal resource for North America.Morgan Stanley acted as a financial advisor to Teck on the NewRange Copper Nickel joint venture.
