The Canadian Press, On Thursday September 1, 2011, 9:51 pm EDT
By The Canadian Press
VANCOUVER - Teck Resources Ltd. (TSX:TCK.B) and Ridley Terminals have reached a 10-year agreement for the shipment of steelmaking coal from Teck’s mines in British Columbia.
The new agreement contemplates Teck shipping 2.5 million tonnes of coal per year throughout the contract period, which will run from Jan. 1, 2015 to Dec. 31, 2024. Teck has the option to increase the term by two years.
The two companies’ current agreement allows Teck to ship up to 1.2 million tonnes in 2011 and 2012 and up to 4.2 million tonnes in 2013 and 2014.
Commercial terms of the contracts weren’t released.
Ridley Terminals in Prince Rupert, B.C., is a federal Crown corporation.
Vancouver-based Teck is Canada’s largest publicly traded mining company.