Canadian National Rail enters deal with Teck Resources to ship steelmaking coal
Dec 4 (Reuters) - Canadian National Railway Co CNR.TO, CNI.N said on Wednesday it has entered a long-term deal to ship steelmaking coal from some of Teck Resources Ltd's TECKb.TO operations in British Columbia.
Under the terms of deal, CNR will ship steelmaking coal from four of Teck's operations in the province, between Kamloops and Neptune terminals, and other west coast ports.
CNR, the country's largest railroad said it would also invest more than C$125 million ($93.98 million) to improve rail infrastructure and support increased shipment volumes to the Neptune facility.
"This agreement and the associated infrastructure investment will provide us with rail capacity to match the major upgrades underway now at Neptune Terminals," said Don Lindsay, president and chief executive officer of Teck Resources.
The deal will begin from April 2021 and runs through December 2026.
($1 = 1.3301 Canadian dollars)
(Reporting by Arunima Kumar in Bengaluru; Editing by Shounak Dasgupta)
((Arunima.Kumar@thomsonreuters.com; within U.S. +1 646 223 8780 (Extn 1760), outside U.S. +91 80 6749 1760))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.