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TORONTO, Aug 27 (Reuters) - Goldcorp Inc, the world's most valuable gold miner, and diversified miner Teck Resources Ltd said on Thursday that they have agreed to form a joint venture to combine and develop neighboring projects in Chile.
In a move that will cut development costs as metal prices languish at multi-year lows, Goldcorp will combine its El Morro project with Teck's Relincho project.
A preliminary economic assessment plans a conveyor to transport ore from the El Morro to a single line mill at Relincho. An initial capital cost target of $3.5 billion to bring the two projects into production compares to previous estimates of $3.9 billion for El Morro and $4.5 billion for Relincho. (Reporting by Susan Taylor)