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Teck Cominco to acquire additional Highland Valley Copper Interest

Teck Cominco

November 6,2004

Teck Cominco Limited to acquire
additional Highland Valley Copper interest
Vancouver, B.C. --

Teck Cominco Limited announced today that it has given notice to BHP Billiton subsidiary Rio Algom Limited that it intends to exercise its right of first refusal in respect of the sale of Rio Algom's 33.57% interest in the Highland Valley Copper partnership for US$73 million in cash.

Completion of the transaction is subject to negotiation and settlement of a definitive purchase agreement and certain other customary conditions. The effective date of the transaction will be January 3, 2004. On completion of the transaction, Teck Cominco will hold a direct and indirect 97.5% interest in Highland Valley Copper.

Highland Valley Copper operates a large open-pit copper mine in British Columbia, which is forecast to produce approximately 174,000 tonnes of copper in concentrate per year over the 5 ½ year balance of its mine life. The acquisition is expected to increase Teck Cominco's planned 2004 copper production by approximately 28%.

Teck Cominco Chief Executive Officer David Thompson said: "Increasing our interest in Highland Valley is a low risk opportunity for Teck Cominco to significantly increase its copper production at an ideal point in the copper price cycle."

Teck Cominco is a diversified mining company, headquartered in Vancouver, Canada with assets totalling approximately $5 billion. Shares are listed on The Toronto Stock Exchange under the symbols TEK.A and TEK.B. The company is a world leader in the production of zinc and metallurgical coal and is also a major producer of copper and gold. Further information can be found at