Teck Cominco Limited

Teck Cominco Limited

December 07, 2006 11:01 ET

Teck Cominco Announces Nautilus Transaction

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 7, 2006) - Teck Cominco Limited (TSX:TCK.A)(TSX:TCK.B)(NYSE:TCK) announced today that it has agreed with Nautilus Minerals Inc. to subscribe for US$25,000,000 in Nautilus common shares. Nautilus is the first company to commercially explore the ocean floor for gold, copper, zinc and silver seafloor massive sulphide deposits. Teck Cominco will hold an initial 8.08% interest in Nautilus on closing. In addition, Teck Cominco has agreed to fund US$12 million in research and development related to sub sea exploration and exploration and tenure acquisition costs in an area of interest consisting of seven country areas in the South Pacific ocean.

Teck Cominco will have the option to subscribe for an additional $15 million in equity of Nautilus before June 1, 2008 in order to acquire the right to form joint ventures with Nautilus in selected areas within the area of interest by incurring $25 million in exploration expenditures in each selected area within two years of the selection date to acquire an initial 40% or 50% interest, depending on the country selected. By incurring additional expenditures, Teck Cominco may earn a 50.1% or 60% interest in specific projects, depending on the country selected.

Teck Cominco is a diversified mining company, headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and on the New York Stock Exchange under the symbol TCK. The company is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold, indium and other specialty metals. Further information can be found at www.teckcominco.com.

Contact Information

  • Teck Cominco Limited
    Greg Waller
    Vice President, Investor Relations and Strategic Analysis
    (604) 687-1117
    Website: www.teckcominco.com