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2019 Annual Reporting Highlights Banner

2019 Annual Reporting Highlights

2019 Highlights

Safety

  • Reduced High-Potential Incident Frequency by 16% 
  • Reduced Lost-Time Disabling Injury Frequency by 18%

Financial

  • Revenues of $11.9 billion and cash flow from operations of $3.5 billion
  • Gross profit before depreciation and amortization1, 2 of $5.0 billion
  • Adjusted EBITDA1, 2 of $4.3 billion and adjusted profit attributable to shareholders 1, 2 of $1.6 billion 
  • Reduced our outstanding term notes by US$600 million
  • Upgraded to investment grade credit ratings by four rating agencies, eliminating $1.1 billion in letter of credit requirements 
  • Returned $111 million in cash to shareholders through dividends and announced $600 million in share buybacks, of which approximately $393 million were completed in 2019, with the balance of approximately $207 million expected to be completed in 2020
  • Ended the year with $1.0 billion of cash and $6.2 billion of liquidity
1 Non-GAAP Financial Measure. See “Use of Non-GAAP Financial Measures” section for further information.
2 See “Use of Non-GAAP Financial Measures” section for reconciliation. 

Non-GAAP Financial Measure. See “Use of Non-GAAP Financial Measures” section for further information.
See “Use of Non-GAAP Financial Measures” section for reconciliation.
Certain 2017 comparatives have been restated, while 2016 and prior years have not been restated.

Operating and Development

  • Commenced construction of the Quebrada Blanca Phase 2 (QB2) project, with first production targeted for the fourth quarter of 2021
  • Our RACE21TM innovation-driven business transformation program has implemented initiatives aimed at achieving $160 million in annualized EBITDA1 improvements as of the end of 2019, based on commodity prices at December 31, 20193, exceeding our initial announced target of $150 million 
3 At prices in effect when the program was implemented on May 31, 2019, the annualized EBITDA improvements associated with these initiatives would have been $184 million, in consideration of commodity prices of US$204 per tonne for steelmaking coal, US$2.62 per pound for copper, US$1.22 per pound for zinc and a US/CDN exchange rate of 1.35. Based on December 31, 2019 commodity prices of US$136.50 per tonne for steelmaking coal, US$2.79 per pound for copper, US$1.04 per pound for zinc and a US/CDN exchange rate of 1.30, the equivalent annualized EBITDA improvement is $160 million.

Sustainability

  • Named to Dow Jones Sustainability World Index for the tenth consecutive year, and recognized as the top-ranked mining company in the world on both the World and North American Index. Included on the MSCI World ESG Leaders Index, and as the top-ranked mining company on the Sustainalytics ESG index. 
  • On track towards meeting our existing sustainability strategy short-term goals in 2020, and launched a new long-term sustainability strategy in 2020, including an objective to be carbon neutral across all operations and activities by 2050

About Teck

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 (B.C.), Canada, we own or have interests in 11 operating mines, a large metallurgical complex, and several major development projects in the Americas. We have expertise across a wide range of activities related to exploration, development, mining and minerals processing, including smelting and refining, health and safety, environmental protection, materials stewardship, recycling and research.

Our corporate strategy is focused on exploring for, developing, acquiring and operating world-class, long-life assets in stable jurisdictions that operate through multiple price cycles. We maximize productivity and efficiency at our existing operations, maintain a strong balance sheet, and are nimble in recognizing and acting on opportunities. The pursuit of sustainability guides our approach to business, and we recognize that our success depends on our ability to ensure safe workplaces, collaborative community relationships, and a healthy environment


Teck

Teck is a diversified resource company committed to responsible mining and mineral development with business units focused on copper, zinc, steelmaking coal and energy.