2018 Annual Reporting Highlights
2018 Highlights
Safety
- Reduced High-Potential Incident Frequency by 28%
- Reduced Lost-Time Injury Frequency by 21%
- Completed implementation of Courageous Safety Leadership, in which 97% of employees participated
Financial
- Record revenues of $12.6 billion
- Record gross profit before depreciation and amortization1,2
- Cash flow from operations of $4.4 billion
- Reduced our outstanding debt by $1.4 billion
- Completed the sale of our two-thirds interest in the Waneta Dam for proceeds of $1.2 billion
- Acquired an additional 13.5% indirect interest in the subsidiary that owns the Quebrada Blanca Phase 2 project, and subsequently announced that Sumitomo Metal Mining Co., Ltd. and Sumitomo Corporation will subscribe for a 30% indirect interest in the subsidiary that owns the Quebrada Blanca Phase 2 project by contributing US$1.2 billion to the project
- Increased our main revolving credit facility by US$1.0 billion to US$4.0 billion and extended the maturity date to November 2023
- Returned $172 million in cash to shareholders through dividends and completed $189 million in share buybacks
- Ended the year with $1.7 billion of cash and $7.2 billion of liquidity
1Non-GAAP Financial Measure. See “Use of Non-GAAP Financial Measures” section for further information.
2See “Use of Non-GAAP Financial Measures” section for reconciliation.
3Certain 2017 comparatives have been restated, while 2016 and prior years have not been restated.
Operating and Development
- Our Board approved the construction of the Quebrada Blanca Phase 2 project, with first production targeted for the second half of 2021
- Our steelmaking coal operations achieved an all-time quarterly production record of 7.3 million tonnes in the fourth quarter and set an annual record for total material moved in 2018
- Antamina achieved record annual combined copper and zinc concentrate production of 2.4 million tonnes in 2018
Sustainability
- Named to Dow Jones Sustainability World Index (DJSI) for the ninth consecutive year, named to Canada’s Top 100 Employers by Mediacorp., and recognized as one of the Global 100 Most Sustainable Corporations and one of the Best 50 Corporate Citizens in Canada by media and investment company Corporate Knights
- On track towards meeting our sustainability strategy short-term goals to 2020, and long-term goals stretching out to 2030
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 13 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 establish safe workplaces for our people and collaborative relationships with communities.
Investor Relations
Toll-free in Canada and the U.S.: 1.877.759.6226
Outside Canada and the U.S.: 604.699.4257
f: 604.699.4718
investors@teck.com
Investor Relations
Toll-free in Canada and the U.S.: 1.877.759.6226
Outside Canada and the U.S.: 604.699.4257
f: 604.699.4718
investors@teck.com
Teck is a diversified resource company committed to responsible mining and mineral development with business units focused on copper, zinc, steelmaking coal and energy.