Teck to sell stake in troubled Fort Hills project to Suncor for about $737 mln

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Canadian miner Teck Resources Ltd said it has agreed to sell its 21.3% stake in the Fort Hills oil sands project to Suncor Energy Inc for about C$1 billion ($737.19 million) in cash, as it shifts focus to copper from carbon.

it plans to sell off its Canadian oil sands assets as they are not in line with its climate strategy.

Canadian energy major Suncor said over the next three years, it expects 5% lower gross production and higher operating costs per barrel at the project due its long-term improvement plans for the project.

 

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