Teck Resources announced in late July the sale of its two-thirds interest in the Waneta Dam in British Columbia, Canada, to BC Hydro for $1.2 billion cash. The dam is located south of Teck’s Trail, British Columbia operations and has supplied power to the operations since it was constructed in 1954. BC Hydro acquired an initial one-third interest in 2010. Teck’s sale of its two-thirds interest in the dam has received necessary regulatory approvals and consents, including approval by the BC Utilities Commission. Teck will record an after-tax gain of approximately $820 million as a result of the sale, with no cash tax payable on the proceeds.
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