Teck Cominco takes UTS lease stake
Canadian Oil sands developer UTS Energy said today that Teck Cominco, one of
its partners in the Fort Hills project, has agreed to take a 50% stake in
its oil sands Lease 14 for C$200 million ($177 million).
The money will be used to repay C$80 million UTS now owes Teck Cominco, with
the rest going to an exploration and reserve delineation program planned for
the lease area north of Fort McMurray, Alberta, Reuters reported.
UTS holds a 30% stake in the Fort Hills project being developed by
Petro-Canada. Teck Cominco, the world's No. 1 zinc miner, has a 15% share.
19 April 2007 22:33 GMT
| last updated:
19 April 2007 22:33 GMT
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