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2017 Annual Report Highlights

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 12 operating mines, one large metallurgical complex, an oil sands mining and processing operation, 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, 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.

2017 Highlights

Safety

  • Achieved Teck’s best safety performance to date
  • Realized year-over-year reductions in Total Recordable Injury Frequency of 12%, Lost-Time Disabling Injury Frequency and High-Potential Incident Frequency of 14%, and we had no fatalities

Financial

  • Record revenues of $12.0 billion and cash flow from operations of $5.1 billion
  • EBITDA of $5.6 billion, and gross profit before depreciation and amortization of $6.1 billion
  • Reduced our outstanding debt by $2.0 billion
  • Extended the maturity dates on our US$3.0 billion and US$1.2 billion revolving credit facilities to October 2022 and October 2020, respectively
  • Ended the year with $1.0 billion of cash and $4.7 billion of liquidity

Operating and Development

  • Produced first oil at Fort Hills on January 27, 2018; Fort Hills remains on track to reach 90% of nameplate capacity by the end of 2018

Sustainability

  • Named to Dow Jones Sustainability World Index (DJSI) for the eighth consecutive year, named to Canada’s Top 100 Employers by Mediacorp. for the first time, and ranked as one of the Best 50 Corporate Citizens in Canada by media and investment research firm Corporate Knights
  • On track towards meeting our sustainability strategy short-term goals out to 2020, and long-term goals stretching out to 2030

 

Teck Logo

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