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Tuesday, March 8, 2011

Teck sells stake in Australian deposit for $134 mln

Canada's Teck Resources said it would sell its 34 percent stake in the Carrapateena deposit, one of Australia's largest undeveloped copper and gold projects, to an affiliate of OZ Minerals Ltd for about $134 million. Australia's RMG Services, which owns a 58 percent stake in the project, and Teck Australia, a unit of Canada's Teck Resources, were seeking buyers for a potential sale of the Carrapateena deposit, for almost a year. . Carrapateena is a part of the same geological structure as BHP Billiton's huge Olympic Dam mine and OZ Minerals' Prominent Hill copper-gold mine.