In the pages that follow, you will find stories and updates about the important work underway across Teck that is shaping the future of our company and its people.
Chief among these is our Quebrada Blanca Phase 2 Project in Chile, which is a key component of our future growth. Construction is now well advanced, and we have more than 5,000 people actively working across six major construction areas on the project. We take a closer look at some of the progress being driven through QB2’s one-project, one-team approach to building Teck’s mine of the future in "QB2: Project Update".
We can’t talk about Teck’s future without also talking about the incredible transformation happening across our business through RACE21™. Numerous RACE21™ initiatives are underway now across Teck that will change how we do business for the better. We’ve set an initial target of $150 million in annualized EBITDA improvements by the end of 2019 to be achieved under this initiative, but we know the ultimate value of this business transformation will be much, much greater.
In “RACE21™—The Big Picture of Business Transformation”, Chief Transformation Officer Andrew Milner talks about the program, the business improvements it’s driving, and why people are so important to its success.
In “RACE21™ Explained”, we take a closer look at the program and why now is the right time for digital innovation at Teck. In “Connecting the Dots”, we get a sneak peek at three RACE21™ initiatives being implemented at sites across Teck and meet the people making them possible.
People are central to everything we do at Teck, and there are numerous examples across our company of inspiring individuals and teams working together to accomplish incredible things.
We highlight another “Idea at Work”, this one coming from the Elk Valley where a team, comprised of Teck employees, a local vendor and a service provider, worked together to achieve the ‘impossible’ and, in doing so, are helping deliver on our commitment to improving water quality in the region.
Shining a light on the spirit of excellence at Teck rounds out this issue as ‘People and Places’ takes a look back at some of our previous Excellence Award winners and their reflections on the experience of participating in the Excellence Awards program. Recognizing and rewarding excellence and the efforts of our employees is tremendously important, particularly during challenging times, and this year’s Excellence Award program is well underway, with a record number of nominations being received. Thank you to everyone who took the time to nominate a co-worker and celebrate their hard work and commitment to excellence. I look forward to announcing the winners early next year.
As we work through the remainder of 2019 and prepare for 2020, we remain focused on what’s most important for our people and for our business: safety, sustainability and productivity. We’ll also continue to advance four key priorities. We’ll develop QB2 to grow Teck for the future and advance the RACE21™ program to improve efficiency and productivity and transform our business. We’ll apply cost discipline to every aspect of our work to achieve the targets set out under our Cost Reduction Program. And we’ll execute our priority project at Neptune Terminals to secure a long-term, low-cost and reliable supply chain for our steelmaking coal.
I would like to thank all employees for their hard work and commitment to Teck as we navigate challenging market conditions while taking advantage of opportunities to transform our company and stay strong for the future.
President and CEO