Each change strengthened our company and helped shape the Teck we are today. We are now embarking on a new phase of growth and transformation, one that will define our company for years to come. The theme for this issue of Connect is transformation and “What’s Next?” for Teck, and in it you will learn more about how our company continues to transform and adapt in an ever-changing world.
Because continuing to evolve is essential to our continued success. As we know, some years have been more difficult than others. It’s simply the nature of working in a cyclical industry and in a environment where commodity markets can, and do, change quickly. Many of the factors at play are beyond our control – ongoing trade disputes and the effect these are having on prices chief among them. Which makes it critically important that we stay focused on the factors we can control, those being safety, sustainability, productivity and innovation. And controlling costs.
“Controlling the controllable” was a term introduced at Teck a few years ago, and it’s as applicable today as it was then. It’s a guiding principle that helps ensure we can successfully navigate challenges we may face while also remaining positioned to grow and transform our company.
One of our most significant transformations is taking place within our copper business through the development of the world-class Quebrada Blanca deposit.
Once completed, QB2 will be a top 20 global copper producer, with the potential to increase to top five or better as we further leverage the vast orebody. This will not only grow our copper business, it will rebalance our portfolio in a way that will fundamentally change Teck. And, in doing so, will change how people view us. We’ll no longer be a steelmaking coal and zinc company with a modest copper business. We’ll be a major global copper player.
And, QB2 itself will be unlike any other operation. Because we’re not just building a mine—we’re building the mine of the future. From safety to sustainability to productivity, with QB2 we’re rethinking what mining can be. An update on construction progress, including a key milestone recently achieved and an animated flyover of the port-to-mine operation, can be found here.
Staying with copper, in “Connecting the Dots”, we look at the global trend of decarbonization, the shift from a carbon economy to a copper economy, and what this could mean for copper demand.
We can’t talk about transformation at Teck without talking about Innovation and Technology and how, across our company, our people are bringing forward some truly incredible and innovative ideas that have the potential to transform how we work. In “Ingenuity, Innovation and the Ideas at Work Fund” we take a look at just two of the dozens of submissions that have been made to this $25 million fund and how these Ideas at Work are being put into action.
Innovation and Technology are also the driving force behind RACE21™, our innovation-driven efficiency program. RACE21™ is about taking a company-wide approach to renewing technology infrastructure, looking at opportunities for automation and robotics, connecting data systems to enable the broad application of advanced analytics and artificial intelligence, and empowering our employees. The program aims to make real progress between now and 2021, with a target of generating an initial $150 million in annualized operating improvements by the 2019. In RACE21™, we take a quick look at the ‘how and why’ analytics, automation and digital tools are fundamental to the transformation underway across the mining industry.
QB2. Ideas at Work. RACE21™. And so much more. There’s tremendous energy and momentum sweeping across our company—it’s an exciting time to be one of the nearly 11,000 talented women and men at Teck right now. Because together, we’re building a company that is Canadian based, but truly global in scale and vision. A company that is trusted by our communities, our people and our shareholders. A company that leads the way in safe, responsible resource development and sets goals that drive us even further. A company that can rise to any challenge and be ready for what's next.