NorthAmOil: Teck to sell share of Fort Hills oilsands project to Suncor for $737mn

Canadian miner Teck Resources will sell its stake in the Fort Hills oil sands project to Suncor Energy for CAD1bn ($737mn).
Teck said it is shifting its focus to copper in an effort to reduce its involvement in carbon. The mining and processing of oilsands crude is especially carbon-intensive, as well as pricey.
"This transaction advances our strategy of pursuing industry-leading copper growth and rebalancing our portfolio of high-quality assets to low-carbon metals," noted Teck’s CEO, Jonathan Price, in a third-quarter earnings call with analysts on October 26 .
Teck reported a loss in third-quarter of CAD195mn ($143mn), or CAD0.37 ($0.27) per share, in a one-time charge related to the sale of the troubled oil sands mine.
The Vancouver-based company said that as a result of the deal for Fort Hills, it also had an after-tax, non-cash impairment charge of CAD952mn ($699mn) in the third quarter of 2022.
Teck has had a 21.3% stake in Fort Hills, in northern Alberta. The sale increases Suncor's interest in the project to 75.4%. The remaining 24.6% is owned by French super-major TotalEnergies. Canada-based Suncor is the operator.
In its general financial results, Tech reported that it had lost CAD195mn or CAD0.37 per diluted share in the third quarter, which ended on September 30 . This compared with a profit of CAD816mn ($599mn), or CAD1.51 ($1.11) per diluted share in the same quarter in 2021. Revenue in the third quarter totalled CAD4.7bn ($3.5bn), compared with CAD4.0bn ($2.9bn) a year earlier.