TECK RESOURCES LTD. $9.15 - Toronto symbol TCK.B

TECK RESOURCES LTD. $9.15 (Toronto symbol TCK.B; Conservative Growth Portfolio, Resources sector; Shares outstanding: 576.2 million; Market cap: $5.3 billion; Price-to-sales ratio: 0.6; Dividend yield: 3.3%; TSINetwork Rating: Average; www.teck.com) and Goldcorp Inc. (Toronto symbol G) have agreed to merge their copper projects in Chile into a new 50/50 joint venture by the end of 2015.

The new venture will hold Teck’s proposed Relincho mine and Goldcorp’s El Morro project. The two properties are just 40 kilometres apart, so there are plenty of opportunities to cut overlapping costs. For example, the partners plan to transport ore from El Morro to Relincho for processing.

It would cost $3.5 billion U.S. to build these mines and related infrastructure (Teck’s share is $1.75 billion U.S.). However, their combined reserves would last 32 years.

Teck is still a buy for long-term gains.

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