$120M Quintette mine sale official

TUMBLER RIDGE, B.C. — The sale of the Quintette steelmaking coal mine near Tumbler Ridge to Conuma Resources is official.

Teck Resources Limited will receive $120 million in cash and an ongoing 25 per cent net profits after Conuma reopens the mine.

According to Tumbler RidgeLines, the mine will “hopefully” reopen later this year.

The mine is located near Tumbler Ridge and was in operation for 18 years before Teck closed the operation in 2000. Teck has been running care and maintenance operations since.

Teck was looking at reopening the mine years ago and got a permit in 2013 to do so, which will now transfer to Conuma, according to Tumbler RidgeLines.

Conuma will need to complete a mine plan and work to get the plant running again, as well as work with CN to ensure the rail to the mine is fit for transport.

“There’s a modest amount of rail rehabilitation that needs to be done,” Conuma Chief Executive officer Brian Sullivan told Tumbler RidgeLines. 

“The track is in good shape between Wolverine and the old Peace River Coal loadout.”

The mine has 42 million tonnes of known reserves and 200 million tonnes of estimated reserves.

Conuma Resources is a steelmaking coal producer based in northeast B.C., currently operating three mines close to Chetwynd and Tumbler.

“The acquisition of Quintette strengthens Conuma’s position as a global supplier of steelmaking coal, provide long-term opportunities for our employees and continue to provide benefits in northeast British Columbia,” said Conuma in a release.

The agreement was initially executed in December 2022.

With files from the Candian Press.