Teck Resources (TECK-B.TO) said Thursday it agreed to invest US$40 million in Bunker Hill Mining (BNKR.V), allowing Teck to secure zinc and lead concentrate for its Trail, British Columbia, operations.
Teck said the investment will support the development of the nearby Bunker Hill mine in Idaho, which is expected to begin operating in the second half of 2025.
According to Teck, zinc and lead concentrate produced by the mine will go to Trail under an existing offtake agreement. It will supplement existing feed from Teck's Red Dog Operations and from other sources.
Teck said high-quality and cost-competitive feed from Bunker Hill will provide additional optionality and is expected to enhance Trail's annual EBITDA.
The investment is subject to various closing conditions, including completion of certain restructuring transactions and a marketed private placement by Bunker Hill and receipt of all necessary approvals, Teck said.
Bunker Hill said that along with the Teck investment, it plans a concurrent private placement of share units to raise an additional US$20 million. The company is offering units priced at US$0.105 and made up of a share and one half of a 12-month warrant to buy a second share for C$0.25.
Teck's Class B shares were last seen up $0.49 to $60.10 on the Toronto Stock Exchange, while Bunker Hill was down $0.05 to $0.15 on the TSX Venture Exchange.
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