Under the arrangement, Global shareholders will receive C$12 or 0.26667 of a Teck Class B share per Global common share, subject to pro-ration, and one share of a new company to be named Lumina Copper Corp. Lumina Copper will hold all assets of Global other than the Relincho project, including Global’s interest in the Taca Taca and San Jorge properties in Argentina, $10 million in cash and a 1.5% net smelter return royalty in respect of the Relincho project, payable commencing in the fifth year after the start of commercial production. The transaction effectively values the Relincho project at a minimum of $415 million.

“We are very pleased to be able to make this substantial addition to our Chilean copper portfolio, which already includes two operating mines with excellent nearterm potential for further development and the largest foreign-owned portfolio of exploration lands in the country,” said Don Lindsay, president and CEO of Teck. “Based on Global’s published resource estimate for Relincho, this acquisition will increase Teck Cominco’s measured and indicated copper resources by approximately 25% on a contained copper basis.” The transaction is expected to close on or before September 30, 2008.