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2020 Annual Reporting Highlights

2020 Annual Reporting Highlights

2020 Highlights

Safety

  • All sites implemented comprehensive measures to manage through the global pandemic, protect the health and safety of employees and communities, and operate responsibly
  • Health and safety performance in 2020 was the best on record for Teck, with a 32% reduction in High-Potential Incident Frequency and a 23% reduction in Lost-Time Disabling Injury Frequency
  • Created a $20 million COVID-19 Response Fund to provide direct support to critical services in communities 

Financial

  • Revenues of $8.9 billion and cash flow from operations of $1.6 billion
  • Gross profit before depreciation and amortization of $2.8 billion
  • Liquidity remained strong at $6.5 billion, including $450 million of cash
  • Returned $106 million in cash to shareholders through dividends and completed $207 million of share buybacks in 2020
  • Exceeded our cost reduction target, realizing more than $1.0 billion in savings as of the end of 2020

Operating and Development

  • Achieved our target for our Quebrada Blanca Phase 2 project of 40% overall completion at the end of 2020, with the construction workforce ramped back up to pre-COVID-19 levels
  • Structurally shifted the cost base of our steelmaking coal business lower with the closure of our Cardinal River Operations, completion of the expansion of our Elkview Operations, planned decrease in strip ratios and value supported by RACE21™
  • Advanced measures to reduce costs and improve reliability of our steelmaking coal supply chain through new rail and terminal agreements and significant progress of the Neptune Bulk Terminals upgrade project

Sustainability

  • Launched an updated sustainability strategy with new goals, including becoming carbon neutral across all operations and activities by 2050 
  • Ranked as the top mining company for Environmental, Social, and Governance (ESG) performance by the S&P 2020 Dow Jones Sustainability World Index, Sustainalytics and FTSE4Good, and as the top company overall in North America by Vigeo Eiris; also ranked in the top tier of our industry by MSCI, ISS ESG and Refinitiv
  • Named to the Forbes World’s Best Employers 2020 list, Canada’s Top Employers for Young People 2021 and as one of Canada’s Top 100 Employers for the fourth consecutive year by Mediacorp Canada’s Top Employers program
  • Named to the 2021 Bloomberg Gender- Equality Index for the fourth straight year
Notes:
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.
3 Certain 2019 and 2018 comparatives have been restated, while 2017 and prior years have not been restated.
4 Certain 2017 comparatives have been restated, while 2016 and prior years have not been restated.

About 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. Headquartered in Vancouver, British Columbia (B.C.), Canada, we own or have interests in 10 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

As one of Canada’s leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets.