Vancouver - Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) announced today new coal production guidance for 2010. Teck now expects coal production in 2010 to be 23.5 to 25 million tonnes and is actively planning for further production increases in 2011 and 2012. Teck President and CEO Don Lindsay said: "Our coal team is focused on near term expansion opportunities in light of the tight market that we expect for high quality hard coking coal. We are fortunate to be able to add production with relatively small incremental capital." While capital budgets are still under review, Teck expects its overall capital spending for all businesses in 2010 to be in line with total capital spending in 2009.
Teck is currently forecasting coal production of 20 million tonnes and sales of 19.5 to 20 million tonnes for 2009, at the lower end of Teck's current guidance as a result of shipping delays caused by high winds at the port in Vancouver. Weather permitting, missed shipments are expected to be made up in the first quarter of 2010.
This press release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur, or be achieved. Forward-looking statements include statements regarding Teck’s expectations regarding coal production volumes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Factors that may cause actual results to vary include, but are not limited to, changes in conditions in the steel market, changes in foreign exchange rates, unplanned disruptions in production or transportation, changes in general economic conditions or conditions in the markets for metallurgical coal, and other risk factors as detailed from time to time in Teck’s reports filed with Canadian securities administrators and the U.S. Securities and Exchange Commission.
Certain of these risks are described in more detail in the annual information form of Teck and in its public filings with Canadian securities administrators and the U.S. Securities and Exchange Commission. Teck does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. Further information about Teck can be found at www.teck.com.
Vice President, Investor Relations & Strategic Analysis
Teck Resources Limited