BRITISH COLUMBIA

Westshore Terminals, Teck Resources extend coal- shipping contract

09/19/2012 08:11 EDT | Updated 11/19/2012 05:12 EST
VANCOUVER - Coal port operator Westshore Terminals Investment Corp. (TSX: WTE.UN) says it has reached an agreement with one of Canada's largest miners to extend their shipping agreement.

The Vancouver-based company said late Wednesday it has a deal with Teck Resources (TSX:TCK.B) to extend their agreement for an additional five-year term. It will now expire in April 2021.

The contract will require Teck to ship coal volumes from its mines, of no fewer than 16 million tonnes and up to 19 million tonnes per coal contract year, all at fixed rates through Westshore.

"This agreement underscores the importance of the long term Teck-Westshore relationship and marks another important and positive step between the two organizations for future," said Denis Horgan, general manager of Westshore Terminals Limited Partnership.

Westshore is the operator of the largest coal-handling terminal on the west coast of the Americas.