2014 Annual Report

Teck is a diversified resource company committed to responsible mining and mineral development with business units focused on steelmaking coal, copper, zinc and energy. Headquartered in Vancouver, British Columbia, Canada, we own or have an interest in 12 mines, one large metallurgical complex, a wind power facility and several major development projects in Canada, the United States, Chile and Peru. We have expertise across a wide range of activities related to exploration, development, mining and minerals processing including smelting and refining, safety, environmental protection, materials stewardship, recycling and research.

Our strategic objective is to ensure Teck is the premier mining company in the business, in terms of building shareholder value, safety, sustainability, and fair and professional treatment of all of our partners and stakeholders.

2014 Highlights


  • Reduced High Potential Incident frequency rate by 22% compared to 2013.
  • Attained a 25% lower reportable injury frequency than 2013.


  • Revenue of $8.6 billion and gross profit before depreciation of $2.9 billion.
  • Cash flow from operations of $2.3 billion.
  • Profit attributable to shareholders of $362 million, or $0.63 per share. Adjusted profit of $452 million, or $0.78 per share.
  • Over $5.0 billion of liquidity at the end of 2014. Cash balance of $2.0 billion and a US$3.0 billion unused line of credit.
  • Declared dividends at an annualized rate of $0.90 per share.

Operating and Development

  • Cost reduction program continues to exceed initial goals, with approximately $640 million of annualized reductions realized to date.
  • Achieved record annual steelmaking coal production of 26.7 million tonnes.
  • Achieved record annual zinc production of 596,000 tonnes at Red Dog mine.
  • Completed the mill optimization project at Highland Valley Copper, with mill throughput averaging 140,000 tonnes per day for the last nine months of 2014, exceeding the design rate of 130,000 tonnes per day.
  • Restarted Pend Oreille zinc mine on time and under budget. Full production of 44,000 tonnes on an annualized basis expected in the second quarter of 2015.
  • Fort Hills oil sands project progressing on schedule and meeting all critical milestones.


  • Ranked as the top mining company worldwide on the Global 100 Most Sustainable Corporations list by media and investment research company Corporate Knights in January 2015, the third consecutive year we have been included.
  • Named to the Dow Jones Sustainability World Index (DJSI) for the fifth consecutive year. Our DJSI score placed our sustainability performance in the top 10% of the world’s 2,500 largest public companies.