VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2008) - Global Copper Corp. (TSX:GLQ) and Teck Cominco Limited (TSX:TCK.A and TCK.B, NYSE:TCK) announced today that the previously announced plan of arrangement has closed, and Teck has acquired all of the shares of Global. Global's principal asset is the Relincho project in Chile. Substantially all of Global's other assets, including Global's interest in the Taca Taca and San Jorge properties in Argentina, a specified amount in cash and a 1.5% net smelter return royalty in respect of the Relincho project have been transferred to Lumina Copper Corp. pursuant to the plan of arrangement. Shares of Lumina were also distributed to the former shareholders of Global pursuant to the plan of arrangement. Lumina was listed on Tier-1 of the TSX Venture Exchange as of market close on August 1, 2008.
Based on the adjustment to the consideration based on the volume weighted average price of Teck Class B subordinate voting shares for the ten trading day period ending on the third business day prior to closing (which was $40.36) and the pro ration contemplated by the arrangement agreement, shareholders of Global who elected to receive Teck Class B subordinate voting shares will receive 0.2973 of a Teck Class B subordinate voting share and $0.0001 in cash per Global share tendered. Shareholders who elected cash consideration will receive $8.84 and 0.0782 of a Teck Class B subordinate voting share. Pursuant to the arrangement, Teck was required to revise the consideration to be received by shareholders of Global. Teck elected to do so by increasing the cash portion of the consideration.
Teck is a diversified mining company, headquartered in Vancouver, Canada. Shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. Teck is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold and specialty metals. Further information can be found at www.teckcominco.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Teck Cominco Limited
Vice President, Investor Relations & Strategic Analysis
Lumina Copper Corp.
President & CEO