Teck remains committed to Fort Hills and has no plans to sell out to Suncor
During an interview at the PDAC Convention, CEO Don Lindsay said low oil prices are good for the mining company in the short term but sees prices rebounding by the time Fort Hills is operational in 2018.
Lindsay claims there has never been any discussion around selling their 20% stake to Suncor, who owns 51% of the project. The CEO notes that Fort Hills has a 50 year life and is well positioned to ride out low oil prices in the short term.
Teck will have to dish out US$950 million in 2016 and US$390 million next year to bring the mega oil sands mining project to completion.