On April 6, 2023, Teck Resources Limited (“Teck”) and Agnico Eagle Mines Limited (“Agnico Eagle”) announced the closing of the joint venture transaction to advance the San Nicolás copper-zinc development project.

Pursuant to the joint venture transaction, Teck and Agnico Eagle entered into a joint venture shareholders agreement whereby Agnico Eagle, through a wholly-owned Mexican subsidiary, agreed to subscribe for a 50 percent interest in Minas de San Nicolás, S.A.P.I. de C.V. (“MSN”) for US$580 million, to be contributed as study and development costs are incurred by MSN.

Torys LLP acted as counsel to Teck Resources with a team that included Michael Amm, Braden Jebson and Andrea Das-Wieczorek (corporate/M&A).

Davies, Ward Phillips and Vineberg acted as Canadian counsel to Agnico Eagle.

Rodriguez, Matus & Feregrino Y Asociados acted as Mexican counsel to Agnico Eagle.

Sanchez, Mejorada, Velasco y Ribe acted as Mexican counsel to Teck Resources.