Teck Resources (TCK) Sells Stake in Carrapateena for $134 Million

Teck Resources (NYSE:TCK) announced it'll be selling its 34 percent stake the Carrapateena deposit, located in Australia, for $134 million. The stake is being acquired by an affiliate of OZ Minerals Ltd.

Carrapateena is among the largest undeveloped copper and gold deposits in Australia.

There is an estimated 4.4 million tons of copper, 6 million ounces of gold, and 225 million pounds of uranium, along with some rare earths and haematite iron ore in the resource.

BHP Billiton (NYSE:BHP) has its Dam mine in the same geological structure as Carrapateena is located in.

Australia's privately held RMG Services has a 58 percent stake in the project.

Teck could also receive up to $25 million in the deal based on certain production milestones. They've spend about $30.3 million exploring the site over the last six years.

The deal should close in the second quarter.

Teck Resources closed in New York Tuesday at $54.23, gaining $0.21, or 0.39 percent.