Compañía Minera Teck Quebrada Blanca S.A. $2.5 Billion Project Financing

Sullivan & Cromwell, Carey, Milbank and Philippi Prietocarrizosa Ferrero DU & Uría advised on the transaction

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) signed a US$2.5 billion limited recourse project financing facility to fund the development of the Quebrada Blanca Phase 2 (“QB2”) project.

Compañia Minera Teck Quebrada Blanca S.A. (“QBSA”), which holds the QB2 project and will be the borrower under the financing, is indirectly owned 60% by Teck, 25% by Sumitomo Metal Mining Co., Ltd. (“SMM”), 5% by Sumitomo Corporation (“SC”), and 10% by Empresa Nacional de Mineria.

The US$2.5 billion project finance loans will be provided directly, or guaranteed, by the Japan Bank for International Cooperation, Export Development Canada, Export-Import Bank of Korea, German Government for the Untied Loan Guarantee Program (“UFK”), KFW IPEX-Bank GMBH, Bank of Montreal, BNP Paribas S.A., ING Bank N.V., Mizuho Bank, Ltd., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation.

Teck, SMM, and SC will guarantee QBSA’s obligations under the 12-year facility on a several basis until project construction is complete. The financing is anticipated to close before the end of the third quarter and first borrowing under the facility is not expected to be required until late 2019.

Rothschild & Co Canada Inc. acted as financial adviser to QBSA.

In US, Sullivan & Cromwell advised Teck Resources Limited with Christopher L. Mann and Werner Federico Ahlers.

In Chile, Carey advised Teck Resources Limited with Rafael Vergara (Picture), Felipe Moro, Francisco Corona, Fernando Noriega, Loreto Ribera, Elvira Vial, Kriss Andía and Nadia Jara Astudillo.

Milbank advised Export Development Canada, Japan Bank for International Cooperation, Bank of Exports and Imports of Korea, KFW IPEX-Bank, Bank of Montreal, BNP Paribas, S.A., ING Bank, N.V., Mizuho Bank, Ltd., MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation with Alexander Borisoff, Fernando Capellão, Hannah Schechter and Genevieve Fox.

In Chile, Philippi Prietocarrizosa Ferrero DU & Uría advised the banks with Marcela Silva González, Marcelo Armas, Nicolás Santana, Natalia Czwiklitzer, Macarena Valenzuela, Francisca Rebolledo and Santiago Mesías.

Involved fees earner: Kriss Andía – Carey; Francisco Corona – Carey; Felipe Moro – Carey; Fernando Noriega – Carey; Loreto Ribera – Carey; Rafael Vergara – Carey; Elvira Vial – Carey; Alexander Borisoff – Milbank; Fernando Capellão – Milbank; Genevieve Fox – Milbank; Hannah Schechter – Milbank; Marcelo Armas Mac Donald – Philippi Prietocarrizosa Ferrero DU & Uría; Natalia Czwiklitzer Sumar – Philippi Prietocarrizosa Ferrero DU & Uría; Santiago Mesías – Philippi Prietocarrizosa Ferrero DU & Uría; Francisca Rebolledo – Philippi Prietocarrizosa Ferrero DU & Uría; Nicolás Santana – Philippi Prietocarrizosa Ferrero DU & Uría; Marcela Silva Gonzalez – Philippi Prietocarrizosa Ferrero DU & Uría; Macarena Valenzuela Sepúlveda – Philippi Prietocarrizosa Ferrero DU & Uría; Werner Ahlers – Sullivan & Cromwell; Christopher Mann – Sullivan & Cromwell;

Law Firms: Carey; Milbank; Philippi Prietocarrizosa Ferrero DU & Uría; Sullivan & Cromwell;

Clients: Bank of Montreal; BNP Paribas; Export Development Canada; Export-Import Bank of Korea; ING Bank; Japan Bank for International Cooperation – JBIC; KfW IPEX-Bank GmbH; Mizuho Bank; MUFG Bank, Ltd.; Sumitomo Mitsui Banking Corporation; Teck Resources Limited;