Teck Resources Ltd. TECK-A-T says it has completed the sale of its 21.3 per cent stake in the Fort Hills oilsands mine to Suncor Energy Inc. SU-T and TotalEnergies EP Canada Ltd TTE-N.
The Vancouver-based mining company announced last year that it would sell its stake in Fort Hills to Suncor, one of two other partners in the project, for about $1-billion.
But in January, third partner TotalEnergies announced it would exercise its contractual right of first refusal to acquire an additional 6.65 per cent in the project from Teck for $312-million.
With the closing of the sale, TotalEnergies will own 31.23 per cent of Fort Hills, and Suncor will own the rest.
Suncor, which is the operator of the project, paid $688-million to acquire its additional 14.65 per cent interest from Teck, which now no longer owns a stake in the oilsands.
The Fort Hills oilsands mine is located in northern Alberta, about 90 kilometres north of Fort McMurray.