Teck Resources Limited (Teck) announced that it had reached a joint venture agreement with PolyMet Mining Corp. (PolyMet). The new joint venture will be named NewRange Copper Nickel LLC.

According to the agreement, the NorthMet and Mesaba deposits, which own high-demand copper, nickel, cobalt, and platinum group metals (PGM), will be under single management, with PolyMet and Teck each receiving a 50% interest.

The Measured and Indicated resources of NorthMet and Mesaba are 702 million tons and 2,207 million tons, respectively. The two deposits account for approximately one-half of the known 8-billion-ton Duluth Complex resource in northeastern Minnesota.