Canada’s biggest diversified miner, Teck Resources, on Wednesday announced the sale of its 21.3% interest in the Fort Hills Energy partnership to Suncor Energy for C$1-billion in cash.
Forts Hills, located in Athabasca near Fort McMurray, is an openpit truck and shovel mine, where raw oil sands bitumen is extracted and upgraded. The project has struggled with operational issues and Teck previously indicated that it wanted to sell its interest. In the next 36 months, Suncor expects lower gross production and increased operating costs a barrel, each impacted by about 5% when compared with its most recent corporate guidance for 2022, owing to physical mine constraints, as well as accelerated development of further mine pits for increased sustained long-term production.
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