VANCOUVER, British Columbia, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced the appointment of Emma Chapman as Vice President, Investor Relations, effective December 1, 2024. Ms. Chapman succeeds Fraser Phillips, who will retire in early 2025. “Emma’s extensive experience in the mining sector and in investor relations, investment banking and corporate finance make her ideally suited to lead our work to engage with investors around the w ...

VANCOUVER, British Columbia, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) has released its 2024 Climate Change and Nature Report, which for the first time combines the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) to deliver an integrated report covering both climate and nature-related aspects of our business. “This report detai ...

VANCOUVER, British Columbia, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) will present its strategy for generating value for shareholders and stakeholders and lay out the company’s disciplined investment pathway to grow copper production to 800,000 tonnes per year before the end of the decade, at Teck’s 2024 Strategy Day on November 5, 2024. “Teck is uniquely positioned in our industry, with the ability to deliver transformative near-term copper grow ...

VANCOUVER, British Columbia, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) President and Chief Executive Officer, Jonathan Price and members of Teck’s executive management team will be presenting on Tuesday, November 5, 2024 from 4:00 p.m. to 8:00 p.m. Eastern / 1:00 p.m. to 5:00 p.m. Pacific time at Teck’s Strategy Day. A webcast to view the event will be held as follows: Date:  Tuesday, November 5, 2024Time:  1:00 p.m. PT / 4:00 p.m. ETListen-Only W ...

VANCOUVER, British Columbia, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) has been named to the Forbes list of the World’s Top Companies for Women 2024, an employee-driven ranking of multinational corporations from 37 countries around the world. “Being named one of the World’s Top Companies for Women by Forbes reflects our commitment to fostering a workplace that is safe, inclusive and respectful and supports women in building rewarding careers,” sai ...

[Q3 2024 Earnings Release Overview](index=1&type=section&id=Q3%202024%20Earnings%20Release%20Overview) Teck's Q3 2024 results highlight its successful transition to an energy transition metals company, marked by record copper production, substantial shareholder returns, and debt reduction [Highlights](index=1&type=section&id=Highlights) Teck Resources Limited successfully transitioned into a pure-play energy transition metals company in Q3 2024, driven by sustained copper production growth, over $1.3 billion in shareholder returns, and significant debt reduction, achieving an adjusted EBITDA of $986 million - Teck successfully transitioned into a pure-play energy transition metals company, focusing on copper business growth[2](index=2&type=chunk) - Over **$1.3 billion** has been returned to shareholders this year, with **$1.5 billion** in debt reduced through bond tenders and short-term loan repayments[2](index=2&type=chunk)[5](index=5&type=chunk) - Q3 copper production reached **114,500 tonnes**, a new consecutive quarterly high, with Quebrada Blanca (QB) contributing **52,500 tonnes**[5](index=5&type=chunk) - Red Dog zinc production increased **14% year-over-year** to **142,500 tonnes**, with improved zinc net cash unit costs[5](index=5&type=chunk) - Completed the sale of the remaining **77%** of the steelmaking coal business, generating **$7.3 billion** in cash proceeds, which are being deployed for shareholder returns and debt reduction[5](index=5&type=chunk) Key Financial Metrics for Q3 2024 | Financial Metrics (CAD$ in millions, except per share data) | Q3 2024 | Q3 2023 | | :------------------------------------------------------- | :------ | :------ | | Revenue | $ 2,858 | $ 1,989 | | Gross profit | $ 478 | $ 261 | | Adjusted EBITDA | $ 986 | $ 417 | | Loss from continuing operations attributable to shareholders | $ (748) | $ (48) | | Adjusted profit from continuing operations attributable to shareholders | $ 314 | $ 85 | | Basic loss per share from continuing operations | $ (1.45) | $ (0.09) | | Adjusted basic earnings per share from continuing operations | $ 0.61 | $ 0.16 | [Key Strategic and Operational Updates](index=2&type=section&id=Key%20Strategic%20and%20Operational%20Updates) This section details Teck's ongoing copper growth strategy, the new business structure following the steelmaking coal sale, and its commitment to safety and sustainability [Copper Growth Strategy Execution](index=2&type=section&id=Copper%20Growth%20Strategy%20Execution) The company continued advancing its copper growth strategy in Q3, with Quebrada Blanca (QB) production increasing and several copper projects progressing towards potential 2025 approval - QB copper production reached **52,500 tonnes** in Q3, showing continuous sequential growth, and is expected to achieve design mill throughput by year-end 2024[8](index=8&type=chunk) - The 2024 annual guidance for QB copper production was updated to **200,000 to 210,000 tonnes**, and molybdenum production guidance to **0.8 to 1.2 thousand tonnes**[8](index=8&type=chunk) - The 2025 annual guidance for QB copper production was updated to **240,000 to 280,000 tonnes**, and molybdenum production to **4.0 to 5.5 thousand tonnes**, reflecting ongoing copper recovery and equipment reliability improvements[8](index=8&type=chunk) - The company does not anticipate approving any growth projects in 2024, focusing on advancing near-term projects for potential approval in 2025[9](index=9&type=chunk) [New Business Structure and Steelmaking Coal Sale Proceeds Deployment](index=3&type=section&id=New%20Business%20Structure%20and%20Steelmaking%20Coal%20Sale%20Proceeds%20Deployment) Teck completed the sale of its steelmaking coal business, transitioned to a pure-play energy transition metals company, and began deploying the $7.3 billion proceeds for shareholder returns and debt reduction - The company completed the sale of its remaining **77%** steelmaking coal business, receiving **$7.3 billion** in cash proceeds, with results classified as discontinued operations[12](index=12&type=chunk) - The new business structure is organized around two regional business units, North America and Latin America, and a dedicated projects group to support the copper growth strategy[12](index=12&type=chunk) - The deployment plan for the sale proceeds includes repurchasing up to **$2.75 billion** of Class B subordinate voting shares, a one-time special dividend of **$0.50 per share**, a debt reduction program of up to **$2.75 billion**, and funding for copper growth projects[12](index=12&type=chunk) - In Q3, **$720 million** was returned to shareholders (**$398 million** for share repurchases and **$322 million** for dividends), and **$1.5 billion** in debt was reduced[12](index=12&type=chunk) [Safety and Sustainability Leadership](index=4&type=section&id=Safety%20and%20Sustainability%20Leadership) Despite a fatal incident in Q3, the company reported a 33% year-over-year decrease in high-potential incidents and was recognized as a top global employer for its health and safety efforts - The high-potential incident (HPI) frequency rate remained at **0.10** in Q3, a **33% decrease year-over-year**[16](index=16&type=chunk) - Teck was recognized by Forbes as one of the World's Best Employers 2024 on October 9, 2024[16](index=16&type=chunk) [Guidance Updates](index=4&type=section&id=Guidance%20Updates) This section provides updated 2024 guidance for zinc unit costs, copper, molybdenum, and refined zinc production, reflecting operational performance and specific challenges [2024 Guidance – Summary](index=4&type=section&id=2024%20Guidance%20%E2%80%93%20Summary) The company updated its 2024 guidance for zinc net cash unit costs, copper, molybdenum, and refined zinc production, reflecting strong Red Dog performance and production adjustments - The 2024 annual zinc net cash unit cost is expected to be **$0.45 to $0.55 per pound**, lower than the previous guidance of **$0.55 to $0.65 per pound**[16](index=16&type=chunk) - The 2024 annual copper production guidance was updated to **420,000 to 455,000 tonnes**, lower than the previous guidance of **435,000 to 500,000 tonnes**, primarily due to reduced output from Highland Valley Copper and QB[16](index=16&type=chunk) - 2024 molybdenum production decreased by **1.3 to 1.5 thousand tonnes** to **3.0 to 4.0 thousand tonnes**, impacted by Highland Valley Copper and QB production[16](index=16&type=chunk) - 2024 Trail Operations refined zinc production decreased to **240,000 to 250,000 tonnes** due to an electrolyzer fire[16](index=16&type=chunk) 2024 Guidance – Summary | 2024 Guidance – Summary | Current | | :---------------------- | :------ | | Production Guidance | | | Copper (000's tonnes) | 420 - 455 | | Zinc (000's tonnes) | 565 - 630 | | Refined zinc (000's tonnes) | 240 - 250 | | Sales Guidance – Q4 2024 | | | Red Dog zinc in concentrate sales (000's tonnes) | 155 - 185 | | Unit Cost Guidance | | | Copper net cash unit costs (US$/lb.) | 1.90 - 2.30 | | Zinc net cash unit costs (US$/lb.) | 0.45 - 0.55 | [Management's Discussion and Analysis (MD&A)](index=5&type=section&id=Management%27s%20Discussion%20and%20Analysis%20%28MD%26A%29) This section provides a comprehensive review of Teck's Q3 2024 financial and operational performance, including profitability, segment results, and the impact of the steelmaking coal sale [Overview](index=5&type=section&id=Overview) Q3 saw significant performance improvement driven by increased QB copper production and higher copper and zinc prices, though partially offset by an impairment at Trail Operations - Q3 copper production was **114,500 tonnes**, an increase of **42,600 tonnes year-over-year**, primarily driven by the ongoing ramp-up of QB[20](index=20&type=chunk) - The average LME copper price in Q3 was **$4.18 per pound**, and the LME zinc price was **$1.26 per pound**, representing **10%** and **15% year-over-year increases**, respectively[21](index=21&type=chunk) - Q3 adjusted EBITDA was **$986 million**, compared to **$417 million** in the prior year period[21](index=21&type=chunk) - Q3 loss from continuing operations attributable to shareholders was **$748 million**, primarily due to an **$828 million after-tax impairment charge** at Trail Operations[21](index=21&type=chunk) - The sale of the remaining **77%** of the steelmaking coal business was completed, generating **$7.3 billion** in cash proceeds, which are now being deployed for shareholder returns and debt reduction[23](index=23&type=chunk) [Profitability Analysis](index=7&type=section&id=Profitability%20Analysis) The company reported a $748 million loss from continuing operations attributable to shareholders in Q3, primarily due to an asset impairment at Trail Operations, while adjusted profit significantly increased - Q3 loss from continuing operations attributable to shareholders was **$748 million** (**$1.45 per share**), compared to **$48 million** (**$0.09 per share**) in the prior year, mainly due to the impairment charge at Trail Operations[24](index=24&type=chunk) - Adjusted profit from continuing operations attributable to shareholders was **$314 million** (**$0.61 per share**), compared to **$85 million** (**$0.16 per share**) in the prior year[25](index=25&type=chunk) - Key adjustments included an **$828 million after-tax asset impairment** at Trail Operations and **$203 million** in income tax expense related to the recognition of deferred tax assets[25](index=25&type=chunk) Profit (loss) from continuing operations attributable to shareholders and Adjusted Profit (CAD$ in millions) | (CAD$ in millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------------------------------- | :------ | :------ | :------- | :------- | | Profit (loss) from continuing operations attributable to shareholders | $ (748) | $ (48) | $ (852) | $ 49 | | Add (deduct) on an after-tax basis: | | | | | | Asset impairment | 828 | — | 828 | — | | Tax items | 203 | 69 | 229 | 69 | | Adjusted profit from continuing operations attributable to shareholders | $ 314 | $ 85 | $ 373 | $ 266 | [Consolidated Financial Overview](index=8&type=section&id=Consolidated%20Financial%20Overview) Q3 revenue and gross profit significantly increased, but a pre-tax loss from continuing operations expanded due to the Trail Operations impairment, while adjusted EBITDA substantially improved Consolidated Financial Overview (CAD$ in millions, except per share data) | FINANCIAL OVERVIEW (CAD$ in millions, except per share data) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------------------------------- | :------ | :------ | :------- | :------- | | Revenue | $ 2,858 | $ 1,989 | $ 6,279 | $ 4,633 | | Gross profit | $ 478 | $ 261 | $ 1,065 | $ 960 | | Profit (loss) from continuing operations before taxes | $ (759) | $ 48 | $ (974) | $ 249 | | Adjusted EBITDA | $ 986 | $ 417 | $ 2,098 | $ 1,115 | | Cash flow from operations | $ 134 | $ 736 | $ 1,502 | $ 2,958 | | Copper Production (000's tonnes) | 115 | 72 | 324 | 193 | | Zinc in concentrate Production (000's tonnes) | 158 | 153 | 470 | 462 | | Copper (LME cash – US$/pound) | $ 4.18 | $ 3.79 | $ 4.14 | $ 3.89 | | Zinc (LME cash – US$/pound) | $ 1.26 | $ 1.10 | $ 1.22 | $ 1.22 | [Segmented Results](index=9&type=section&id=Segmented%20Results) Both copper and zinc segments reported increased revenue and gross profit in Q3, driven by higher production and prices, though the zinc segment was impacted by the Trail Operations impairment Segment Revenue and Gross Profit (CAD$ in millions) | (CAD$ in millions) | 2024 Q3 Revenue | 2023 Q3 Revenue | 2024 Q3 Gross Profit | 2023 Q3 Gross Profit | | :----------------- | :-------------- | :-------------- | :------------------- | :------------------- | | Copper | $ 1,421 | $ 787 | $ 243 | $ 165 | | Zinc | $ 1,437 | $ 1,202 | $ 235 | $ 96 | | Total | $ 2,858 | $ 1,989 | $ 478 | $ 261 | [Copper Segment Performance](index=10&type=section&id=Copper%20Segment%20Performance) The copper segment's gross profit rose to $243 million in Q3, driven by higher copper prices and sales volumes, with QB's ramp-up contributing to record quarterly production - Copper business gross profit increased to **$243 million** from **$165 million** in the prior year period[37](index=37&type=chunk) - Q3 copper production reached **114,500 tonnes**, a **59% year-over-year increase** and a new quarterly high, with QB contributing **52,500 tonnes**[38](index=38&type=chunk) Copper Segment Key Data (CAD$ in millions) | (CAD$ in millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :--------------------------------------- | :------ | :------ | :------- | :------- | | Copper price (realized – US$/pound) | $ 4.21 | $ 3.77 | $ 4.18 | $ 3.87 | | Production (000's tonnes) | 115 | 72 | 324 | 193 | | Sales (000's tonnes) | 111 | 69 | 310 | 190 | | Gross profit | $ 243 | $ 165 | $ 746 | $ 631 | | Property, plant and equipment expenditures | $ 461 | $ 818 | $ 1,607 | $ 2,934 | [Copper Market Conditions](index=11&type=section&id=Copper%20Market%20Conditions) Copper prices rebounded by quarter-end, averaging $4.18/pound in Q3, with market concerns offset by long-term demand growth and a tight concentrate market - Q3 copper prices averaged **$4.18 per pound**, a **6% decrease** from the previous quarter, but rebounded to **$4.43 per pound** by quarter-end[42](index=42&type=chunk) - The copper concentrate market remains tight, with spot treatment and refining charges near historical lows and expected to persist into 2025[43](index=43&type=chunk) - Global copper demand for 2024 is slightly downgraded to **2.5%-2.9%**, but the 2025 outlook is upgraded to **2.9%-3.5%**[42](index=42&type=chunk) [Quebrada Blanca (QB) Operations](index=11&type=section&id=Quebrada%20Blanca%20%28QB%29%20Operations) QB copper production continued to increase in Q3, reaching 52,500 tonnes, with mill throughput rising and expected to reach design capacity by year-end - QB's Q3 copper production was **52,500 tonnes**, higher than Q2's **51,300 tonnes**, indicating continued ramp-up[46](index=46&type=chunk) - Mill throughput increased sequentially, confirming robust plant design, and is expected to reach design throughput by year-end 2024[46](index=46&type=chunk) - Local geotechnical issues identified in Q2 have been stabilized with control measures, and the mine plan is progressing, with higher grades expected in Q4[46](index=46&type=chunk) [Highland Valley Copper (HVC) Operations](index=12&type=section&id=Highland%20Valley%20Copper%20%28HVC%29%20Operations) HVC's Q3 copper production of 25,400 tonnes, though higher year-over-year, fell short of expectations due to mining delays at the Lornex pit, which are now largely resolved - HVC's Q3 copper production was **25,400 tonnes**, an increase of **4,900 tonnes year-over-year**, but below expectations due to mining delays at the Lornex pit[47](index=47&type=chunk) - Mining delays were attributed to labor shortages and issues with a new haul truck autonomous system, which are now largely resolved, with more Lornex ore expected to be processed in Q4[47](index=47&type=chunk) - Q3 operating costs were **$214 million**, while capitalized stripping costs decreased to **$11 million** from **$49 million** in the prior year period[48](index=48&type=chunk) [Antamina Operations](index=12&type=section&id=Antamina%20Operations) Antamina's Q3 copper production (100% basis) increased to 111,500 tonnes due to processing more copper-only ore and higher mill recoveries, while zinc production decreased - Antamina's Q3 copper production (100% basis) was **111,500 tonnes**, an increase of **11,600 tonnes year-over-year**, primarily due to processing more copper-only ore[49](index=49&type=chunk) - In Q3, **73%** of mill feed was copper-only ore and **27%** was copper-zinc ore, compared to **50%** for both in the prior year period[49](index=49&type=chunk) - Zinc production (100% basis) decreased to **67,800 tonnes** from **125,400 tonnes** in the prior year period[49](index=49&type=chunk) - Operating costs (22.5% share) were **$91 million**, a **$4 million year-over-year decrease**, mainly due to lower diesel consumption and prices[50](index=50&type=chunk) [Carmen de Andacollo Operations](index=12&type=section&id=Carmen%20de%20Andacollo%20Operations) Carmen de Andacollo's Q3 copper production increased to 11,500 tonnes, driven by higher recoveries, increased mill throughput, and improved water availability, with operating costs decreasing - Carmen de Andacollo's Q3 copper production was **11,500 tonnes**, an increase of **2,200 tonnes year-over-year**, driven by higher recoveries and mill throughput[51](index=51&type=chunk) - Operating costs (excluding inventory changes) were **$51 million**, a **$5 million year-over-year decrease**, primarily due to ongoing cost reduction efforts and lower maintenance costs[54](index=54&type=chunk) [Copper Segment Cost of Sales](index=13&type=section&id=Copper%20Segment%20Cost%20of%20Sales) Q3 copper segment cost of sales increased to $1.2 billion, with $442 million related to QB's ramp-up and a significant rise in depreciation due to QB's asset depreciation - Q3 cost of sales was **$1.2 billion**, compared to **$622 million** in the prior year, with **$442 million** of the increase related to QB's operational ramp-up[55](index=55&type=chunk) - Depreciation and amortization expense in Q3 was **$195 million**, compared to **$14 million** in the prior year, as QB operating assets began depreciating in early 2024[55](index=55&type=chunk) - Excluding QB, Q3 total cash unit costs were **$2.33 per pound**, compared to **$2.24 per pound** in the prior year, primarily due to reduced capitalized stripping costs at Highland Valley Copper[56](index=56&type=chunk) - Excluding QB, Q3 net cash unit costs were **$1.87 per pound**, consistent with the prior year period[57](index=57&type=chunk) Copper Unit Costs (US$ per pound) | (amounts reported in US$ per pound) | 2024 Q3 | 2023 Q3² | 2024 YTD | 2023 YTD² | | :---------------------------------- | :------ | :------- | :------- | :-------- | | Adjusted cash cost of sales | $ 2.39 | $ 1.99 | $ 2.33 | $ 2.06 | | Smelter processing charges | 0.21 | 0.25 | 0.21 | 0.23 | | Total cash unit costs | $ 2.60 | $ 2.24 | $ 2.54 | $ 2.29 | | Cash margin for by-products | (0.35) | (0.37) | (0.29) | (0.42) | | Net cash unit costs | $ 2.25 | $ 1.87 | $ 2.25 | $ 1.87 | [Copper Segment Outlook](index=13&type=section&id=Copper%20Segment%20Outlook) The company updated its 2024 annual production guidance for copper and molybdenum due to lower output from Highland Valley Copper and QB, with QB's 2025 guidance also adjusted for recovery improvements - The 2024 annual copper production guidance was updated to **420,000 to 455,000 tonnes**, a reduction of **15,000 to 45,000 tonnes** from previous guidance, primarily due to lower output from Highland Valley Copper and QB[60](index=60&type=chunk) - The 2024 annual molybdenum production is expected to be **3.0 to 4.0 thousand tonnes**, lower than the previous guidance of **4.3 to 5.5 thousand tonnes**[61](index=61&type=chunk) - The 2024 annual QB net cash unit cost is expected to remain at **$2.25 to $2.55 per pound**[63](index=63&type=chunk) - The 2025 annual QB copper production guidance was updated to **240,000 to 280,000 tonnes**, and molybdenum production to **4.0 to 5.5 thousand tonnes**, reflecting ongoing copper recovery and equipment reliability improvements[64](index=64&type=chunk) [Copper Growth Projects](index=14&type=section&id=Copper%20Growth%20Projects) The company is actively advancing several copper growth projects, including QB debottlenecking, HVC mine life extension, Zafranal, and San Nicolás, focusing on feasibility studies and permitting for potential 2025 approvals - Copper growth capital is primarily allocated to advancing copper projects such as HVC mine life extension, Zafranal, and San Nicolás, with potential approval decisions planned for 2025[65](index=65&type=chunk)[9](index=9&type=chunk) - The QB debottlenecking project aims to finalize its plan by the end of 2024[68](index=68&type=chunk) - The HVC mine life extension project has submitted revised environmental assessment and permitting applications, with an approval decision potentially ready by the end of Q2 2025[68](index=68&type=chunk) - The San Nicolás project is expected to have an approval decision in the second half of 2025, following completion of the feasibility study and necessary permitting[68](index=68&type=chunk) - The Zafranal project is expected to have an approval decision in the second half of 2025, after construction permits and detailed engineering are obtained, with early works potentially starting in Q1 2025[71](index=71&type=chunk) [Zinc Segment Performance](index=16&type=section&id=Zinc%20Segment%20Performance) The zinc segment's gross profit increased to $235 million in Q3, driven by improved zinc prices, lower treatment charges, and higher byproduct revenue, despite challenges at Trail Operations - Zinc business gross profit increased to **$235 million** from **$96 million** in the prior year period[75](index=75&type=chunk) - Red Dog zinc production increased **14% year-over-year** to **142,500 tonnes**, and lead production increased **38% year-over-year** to **29,500 tonnes**[76](index=76&type=chunk) - Trail Operations' refined zinc production was impacted by an electrolyzer fire and acid inventory management[76](index=76&type=chunk) Zinc Segment Key Data (CAD$ in millions) | (CAD$ in millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :--------------------------------------- | :------ | :------ | :------- | :------- | | Zinc price (realized – US$/pound) | $ 1.25 | $ 1.10 | $ 1.23 | $ 1.18 | | Refined zinc Production (000's tonnes) | 66 | 67 | 194 | 197 | | Zinc in concentrate Production (000's tonnes) | 142 | 125 | 427 | 385 | | Gross profit | $ 235 | $ 96 | $ 319 | $ 329 | | Property, plant and equipment expenditures | $ 77 | $ 71 | $ 218 | $ 162 | [Zinc Market Conditions](index=17&type=section&id=Zinc%20Market%20Conditions) The refined zinc market improved in Q3, with prices rising 5% by quarter-end and averaging 15% higher year-over-year, while the concentrate market remained tight with low treatment charges - The refined zinc market improved in Q3, with prices rising **5%** by quarter-end to **$1.40 per pound** and averaging **15% higher year-over-year**[80](index=80&type=chunk) - LME zinc inventories decreased, but total global exchange inventories remain well below historical levels, representing **8.3 days** of global consumption at quarter-end[81](index=81&type=chunk) - The zinc concentrate market remains tight, with spot treatment and refining charges falling to historical lows[83](index=83&type=chunk) [Red Dog Operations](index=18&type=section&id=Red%20Dog%20Operations) Red Dog's Q3 zinc production increased to 142,500 tonnes and lead production to 29,500 tonnes, driven by higher mill throughput and operational focus, with sales aligning with guidance - Red Dog's Q3 zinc production increased to **142,500 tonnes**, and lead production to **29,500 tonnes**, primarily driven by higher mill throughput[84](index=84&type=chunk) - Zinc sales were **252,300 tonnes**, within guidance, but decreased **6% year-over-year** due to weather impacts[85](index=85&type=chunk) - Operating costs were **$127 million**, a **$5 million year-over-year decrease**, mainly due to reduced unplanned maintenance expenditures[86](index=86&type=chunk) [Trail Operations](index=18&type=section&id=Trail%20Operations) Trail Operations' Q3 refined zinc production decreased to 65,500 tonnes due to acid inventory management and an electrolyzer fire, leading to an $1.1 billion pre-tax asset impairment - Trail Operations' Q3 refined zinc production was **65,500 tonnes**, a **1,700 tonne year-over-year decrease**, primarily due to acid inventory management during a rail labor dispute and an electrolyzer fire[87](index=87&type=chunk) - An **$1.1 billion pre-tax asset impairment charge** (**$828 million after-tax**) was recorded for Trail Operations in Q3, driven by zinc concentrate shortages, ongoing operating losses, and the fire's impact[90](index=90&type=chunk) [Zinc Segment Cost of Sales](index=19&type=section&id=Zinc%20Segment%20Cost%20of%20Sales) Q3 zinc segment cost of sales increased to $1.2 billion, primarily due to higher consumable costs and a weaker Canadian dollar, while Red Dog's net cash unit costs decreased significantly - Q3 cost of sales was **$1.2 billion**, compared to **$1.1 billion** in the prior year, primarily due to higher consumable costs and a weaker Canadian dollar[92](index=92&type=chunk) - Red Dog's Q3 total cash unit costs were **$0.63 per pound**, a **$0.04 per pound year-over-year decrease**[93](index=93&type=chunk) - Red Dog's Q3 net cash unit costs were **$0.25 per pound**, a **$0.18 per pound year-over-year decrease**, primarily due to significantly higher silver and lead byproduct revenues[93](index=93&type=chunk) Zinc Unit Costs (US$ per pound) | (amounts reported in US$ per pound) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :---------------------------------- | :------ | :------ | :------- | :------- | | Adjusted cash cost of sales | $ 0.47 | $ 0.41 | $ 0.45 | $ 0.41 | | Smelter processing charges | 0.16 | 0.26 | 0.21 | 0.26 | | Total cash unit costs | $ 0.63 | $ 0.67 | $ 0.66 | $ 0.67 | | Cash margin for by-products | (0.38) | (0.24) | (0.26) | (0.15) | | Net cash unit costs | $ 0.25 | $ 0.43 | $ 0.40 | $ 0.52 | [Zinc Segment Outlook](index=19&type=section&id=Zinc%20Segment%20Outlook) The company updated its 2024 annual guidance for zinc net and total cash unit costs, reflecting strong Red Dog performance, while refined zinc production guidance was lowered due to the Trail Operations fire - The 2024 annual zinc net cash unit cost is expected to be **$0.45 to $0.55 per pound**, lower than the previous guidance of **$0.55 to $0.65 per pound**[96](index=96&type=chunk) - The 2024 annual zinc total cash unit cost is expected to be **$0.65 to $0.75 per pound**, lower than the previous guidance of **$0.70 to $0.80 per pound**[96](index=96&type=chunk) - The 2024 annual refined zinc production is expected to be **240,000 to 250,000 tonnes**, lower than the previous guidance of **275,000 to 290,000 tonnes**, primarily due to the Trail Operations electrolyzer fire[97](index=97&type=chunk) - Red Dog's Q4 zinc in concentrate sales are expected to be between **155,000 and 185,000 tonnes**, consistent with seasonal patterns[98](index=98&type=chunk) [Other Operating Income and Expenses](index=20&type=section&id=Other%20Operating%20Income%20and%20Expenses) Q3 net other operating income was $49 million, a significant improvement from a $142 million expense in the prior year, primarily due to positive settlement pricing adjustments - Q3 net other operating income was **$49 million**, compared to a **$142 million expense** in the prior year, primarily due to **$103 million** in positive settlement pricing adjustments[100](index=100&type=chunk) - Q3 finance income was **$93 million**, compared to **$32 million** in the prior year, mainly due to increased cash balances from the EVR sale proceeds[102](index=102&type=chunk) - Q3 finance expense significantly increased to **$246 million**, compared to **$42 million** in the prior year, primarily due to reduced capitalization of interest for the QB2 project[103](index=103&type=chunk) [Income Taxes](index=20&type=section&id=Income%20Taxes) Q3 income tax provision for continuing operations was $87 million, with an effective tax rate of 11%, significantly influenced by the reclassification of steelmaking coal and the Trail Operations impairment - Q3 income tax provision for continuing operations was **$87 million**, representing an effective tax rate of **11%** of profit before taxes[105](index=105&type=chunk) - The effective tax rate was significantly impacted by the reclassification of the steelmaking coal business, the Trail Operations impairment, and the recognition of deferred tax assets[106](index=106&type=chunk) - The full-year 2024 effective tax rate is expected to be significantly impacted by the same factors[106](index=106&type=chunk) - Beyond 2024, the average long-term effective tax rate is expected to be between **42% and 44%**[107](index=107&type=chunk) [Discontinued Operations](index=21&type=section&id=Discontinued%20Operations) The company completed the sale of its remaining 77% steelmaking coal business on July 11, 2024, generating $7.3 billion in cash proceeds, with its results now classified as discontinued operations - The sale of the remaining **77%** of the steelmaking coal business was completed on July 11, 2024, generating **$7.3 billion** in cash proceeds[109](index=109&type=chunk) - The results of the steelmaking coal business have been classified as discontinued operations starting from Q3 2024[109](index=109&type=chunk) - Q3 profit from discontinued operations was **$54 million**, including an **$36 million after-tax gain** on the sale of EVR[110](index=110&type=chunk) [Financial Position and Liquidity](index=22&type=section&id=Financial%20Position%20and%20Liquidity) The company's financial position and liquidity significantly strengthened due to the steelmaking coal business sale, transitioning from a net debt position to $1.821 billion net cash by September 30, 2024 - As of October 23, 2024, the company's liquidity was **$11.9 billion**, including **$7.8 billion** in cash[114](index=114&type=chunk) - As of September 30, 2024, the net cash position was **$1.821 billion**, compared to a net debt of **$6.851 billion** as of December 31, 2023[113](index=113&type=chunk) - In Q3, debt was reduced by **$1.5 billion** through bond tenders and repayment of short-term loans[118](index=118&type=chunk) - In Q3, **$720 million** was returned to shareholders, including **$398 million** for Class B subordinate voting share repurchases and **$322 million** for dividends[117](index=117&type=chunk) Debt and Liquidity Overview (CAD$ in millions) | (CAD$ in millions) | Sep 30, 2024 | Dec 31, 2023 | | :--------------------------------------- | :----------- | :----------- | | Debt and lease liabilities (Canadian $ equivalent) | $ 5,409 | $ 7,595 | | Less cash and cash equivalents | (7,230) | (744) | | Net debt (cash) | $ (1,821) | $ 6,851 | | Net debt to adjusted EBITDA ratio | (0.5)x | 1.1x | [Operating Cash Flow](index=23&type=section&id=Operating%20Cash%20Flow) Q3 operating cash flow from continuing operations was $162 million, a significant improvement from a cash outflow in the prior year, driven by higher copper and zinc prices and increased sales volumes - Q3 operating cash flow from continuing operations was **$162 million**, compared to a **$82 million cash outflow** in the prior year period[123](index=123&type=chunk) - Changes in working capital resulted in a **$468 million cash use**, primarily due to increased trade receivables and higher metal prices[124](index=124&type=chunk) [Investing Activities](index=23&type=section&id=Investing%20Activities) The company received $7.3 billion in cash proceeds from the steelmaking coal business sale in early July, with Q3 property, plant, and equipment expenditures totaling $543 million, including $225 million for QB2 development - **$7.3 billion** in cash proceeds from the steelmaking coal business sale were received in early July[125](index=125&type=chunk) - Q3 property, plant, and equipment expenditures were **$543 million**, including **$225 million** for QB2 project development[125](index=125&type=chunk) - QB2 project demobilization is complete, capital contracts are largely settled, and the total project cost remains within the **$8.6 billion to $8.8 billion** guidance range[127](index=127&type=chunk) 2024 Year-to-Date Capital Expenditure Summary (CAD$ in millions) | ($ in millions) | Sustaining | Growth | QB2 Project Subtotal | Capitalized Stripping | Total | | :-------------- | :--------- | :----- | :------------------- | :-------------------- | :---- | | Copper | $ 436 | $ 235 | $ 936 | $ 229 | $ 1,836 | | Zinc | 151 | 67 | — | 62 | 280 | | Corporate | 15 | — | — | — | 15 | | Total | $ 602 | $ 302 | $ 936 | $ 291 | $ 2,131 | [Financing Activities](index=24&type=section&id=Financing%20Activities) In Q3, the company repurchased $1.4 billion of public notes through bond tenders, repaid $120 million in short-term loans for Carmen de Andacollo, and returned $720 million to shareholders through dividends and share repurchases - In Q3, **$1.4 billion** of public notes were repurchased through bond tenders, and **$120 million** in short-term loans for Carmen de Andacollo were repaid[131](index=131&type=chunk) - In Q3, **$322 million** in dividends were paid, including regular quarterly dividends and a **$0.50 per share** special dividend[132](index=132&type=chunk) - In Q3, **6.3 million Class B subordinate voting shares** were repurchased under a normal course issuer bid, costing **$398 million**[132](index=132&type=chunk) [Financial Risk Management](index=24&type=section&id=Financial%20Risk%20Management) The company faces financial risks from foreign exchange and commodity market fluctuations, with increased USD cash balances amplifying USD/CAD exchange rate exposure after the EVR sale - Foreign exchange fluctuations have a significant impact on operating profit, particularly for USD-denominated debt affected by the CAD/USD exchange rate[133](index=133&type=chunk)[134](index=134&type=chunk) - The significant increase in USD cash balances following the EVR sale has increased the company's USD/CAD exchange rate exposure[134](index=134&type=chunk) - Commodity markets are highly volatile, and global economic growth uncertainty, geopolitical risks, and monetary policies can impact commodity demand and prices[135](index=135&type=chunk)[136](index=136&type=chunk) [Commodity Prices and Sensitivities](index=25&type=section&id=Commodity%20Prices%20and%20Sensitivities) Commodity prices are key drivers of the company's profit and cash flow, with this section providing sensitivity analysis for adjusted profit and EBITDA to changes in exchange rates and commodity prices - Commodity prices are key drivers of the company's profit and cash flow, with supply-side factors influenced by reserve depletion, difficulty in new deposit discoveries, permitting processes, and cost inflation[138](index=138&type=chunk) 2024 Adjusted Profit and EBITDA Sensitivities | Change | On Adjusted Profit (Loss) from Continuing Operations Attributable Shareholders ($ in millions) | Effect on Adjusted EBITDA ($ in millions) | | :-------------- | :--------------------------------------------------------------------------------- | :---------------------------------------- | | US$ exchange CAD$0.01 | $ 18 | $ 38 | | Copper US$0.01/lb. | $ 6 | $ 12 | | Zinc US$0.01/lb. | $ 8 | $ 10 | [Financial Instruments and Derivatives](index=25&type=section&id=Financial%20Instruments%20and%20Derivatives) The company holds various financial instruments and derivatives, including marketable securities and metal-related forward contracts, measured at fair value with gains and losses recognized in other comprehensive income and profit - The company holds financial instruments and derivatives such as marketable securities and metal-related forward contracts, measured at fair value[141](index=141&type=chunk) - Gains and losses on metal-related financial instruments are impacted by smelter price participation and tax rates in different jurisdictions[141](index=141&type=chunk) [Detailed Guidance](index=26&type=section&id=Detailed%20Guidance) This section provides updated detailed guidance for 2024 production, sales, unit costs, and capital expenditures, reflecting recent operational performance and market conditions [Production Guidance](index=27&type=section&id=Production%20Guidance) The company updated its 2024 production guidance for copper, molybdenum, and refined zinc, with copper and molybdenum reduced due to output adjustments at Highland Valley Copper and QB, and refined zinc lowered due to the Trail Operations fire - The 2024 annual copper production guidance was updated to **420,000 to 455,000 tonnes**, a reduction of **15,000 to 45,000 tonnes** from previous guidance[144](index=144&type=chunk) - The 2024 molybdenum production decreased by **1.3 to 1.5 thousand tonnes** to **3.0 to 4.0 thousand tonnes**[144](index=144&type=chunk) - The 2024 refined zinc production decreased to **240,000 to 250,000 tonnes**[144](index=144&type=chunk) Major Product Production Guidance (000's tonnes) | Units in 000's tonnes | 2023 | Previous Guidance 2024 | Change | Guidance 2024 | Guidance 2025 | Guidance 2026 | Guidance 2027 | | :-------------------- | :--- | :--------------------- | :----- | :------------ | :------------ | :------------ | :------------ | | Copper | 296.5 | 435 - 500 | (15) - (45) | 420 - 455 | 510 - 590 | 550 - 620 | 530 - 600 | | Zinc | 644.0 | 565 - 630 | — | 565 - 630 | 555 - 615 | 465 - 525 | 400 - 445 | | Refined zinc | 266.6 | 275 - 290 | (35) - (40) | 240 - 250 | 270 - 300 | 270 - 300 | 270 - 300 | | Molybdenum | 1.4 | 4.3 - 5.5 | (1.3) - (1.5) | 3.0 - 4.0 | 6.5 - 8.8 | 9.4 - 11.4 | 10.6 - 12.4 | [Sales Guidance](index=28&type=section&id=Sales%20Guidance) Red Dog's zinc in concentrate sales are seasonal, with Q4 volumes expected to follow normal seasonal patterns Red Dog Zinc in Concentrate Sales Guidance (000's tonnes) | Zinc (000's tonnes) | Q3 2024 | Q4 2024 | | :------------------ | :------ | :------ | | Red Dog | 252 | 155 - 185 | [Unit Cost Guidance](index=28&type=section&id=Unit%20Cost%20Guidance) The company updated its 2024 zinc net and total cash unit cost guidance downwards, reflecting strong Red Dog performance and improved operating costs, while copper unit cost guidance remained unchanged - The 2024 annual zinc net cash unit cost is expected to be **$0.45 to $0.55 per pound**, lower than the previous guidance of **$0.55 to $0.65 per pound**[144](index=144&type=chunk) - The 2024 annual zinc total cash unit cost is expected to be **$0.65 to $0.75 per pound**, lower than the previous guidance of **$0.70 to $0.80 per pound**[144](index=144&type=chunk) Unit Cost Guidance (US$/lb.) | | 2023 | Previous Guidance 2024 | Change | Guidance 2024 | | :------------------------ | :--- | :--------------------- | :----- | :------------ | | Copper Total cash unit costs (US$/lb.) | 2.27 | 2.30 - 2.50 | — | 2.30 - 2.50 | | Copper Net cash unit costs (US$/lb.) | 1.87 | 1.90 - 2.30 | — | 1.90 - 2.30 | | Zinc Total cash unit costs (US$/lb.) | 0.68 | 0.70 - 0.80 | (0.05) - (0.05) | 0.65 - 0.75 | | Zinc Net cash unit costs (US$/lb.) | 0.55 | 0.55 - 0.65 | (0.10) - (0.10) | 0.45 - 0.55 | [Capital Expenditure Guidance](index=29&type=section&id=Capital%20Expenditure%20Guidance) The company's 2024 sustaining and growth capital expenditure guidance remains unchanged, with QB2 project capital expenditures and total capital expenditures also within previously disclosed ranges Capital Expenditure Guidance (Teck's share in CAD$ millions) | (Teck's share in CAD$ millions) | 2023 | Previous Guidance 2024 | Change | Guidance 2024 | | :------------------------------ | :--- | :--------------------- | :----- | :------------ | | Sustaining Copper | $ 448 | $ 495 - 550 | — | $ 495 - 550 | | Sustaining Zinc | 152 | 190 - 210 | — | 190 - 210 | | Growth Copper | 374 | 400 - 460 | — | 400 - 460 | | Growth Zinc | 70 | 100 - 130 | — | 100 - 130 | | QB2 Project capital expenditures | 2,152 | 700 - 900 | — | 700 - 900 | | Total, net of partner contributions and project financing | $ 2,785 | 1,645 - 1,950 | — | 1,645 - 1,950 | Capitalized Stripping Costs Guidance (Teck's share in CAD$ millions) | (Teck's share in CAD$ millions) | 2023 | Previous Guidance 2024 | Change | Guidance 2024 | | :------------------------------ | :--- | :--------------------- | :----- | :------------ | | Copper | $ 379 | $ 255 - 280 | — | $ 255 - 280 | | Zinc | 76 | 65 - 75 | — | 65 - 75 | | Total | $ 455 | $ 320 - 355 | — | $ 320 - 355 | [Quarterly Profit (Loss) and Cash Flow Trends](index=30&type=section&id=Quarterly%20Profit%20%28Loss%29%20and%20Cash%20Flow%20Trends) Q3 revenue and gross profit improved sequentially, but the loss attributable to shareholders expanded, and operating cash flow significantly decreased due to working capital changes and the prior year's steelmaking coal contribution Quarterly Profit (Loss) and Cash Flow (CAD$ in millions) | (in millions, except for share data) | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | | :----------------------------------- | :------ | :------ | :------ | :------ | :------ | :------ | :------ | :------ | :------ | | Revenue | $2,858 | $1,802 | $1,619 | $1,843 | $1,989 | $1,265 | $1,379 | $3,140 | $4,260 | | Gross profit | 478 | 418 | 169 | 152 | 261 | 310 | 389 | 1,154 | 1,797 | | Profit (loss) attributable to shareholders | (699) | 362 | 343 | 483 | 276 | 510 | 1,140 | 266 | (195) | | Cash flow from operations | $ 134 | $1,326 | $ 42 | $1,126 | $ 736 | $1,130 | $1,092 | $ 930 | $1,809 | [Areas of Judgment and Critical Accounting Estimates](index=30&type=section&id=Areas%20of%20Judgment%20and%20Critical%20Accounting%20Estimates) The company makes significant judgments and critical accounting estimates for financial reporting, including impairment indicators, asset availability dates, and the $1.1 billion pre-tax asset impairment at Trail Operations in Q3 - Areas of judgment include assessing impairment indicators, determining assets held for sale and discontinued operations, asset availability dates, joint venture arrangements, streaming transactions, and income tax accounting[163](index=163&type=chunk) - In Q3, the company performed an impairment test on Trail Operations due to zinc concentrate shortages, ongoing operating losses, and an electrolyzer fire[165](index=165&type=chunk) - The company recorded an **$1.1 billion non-cash pre-tax asset impairment** (**$828 million after-tax**) for the Trail Operations cash-generating unit[168](index=168&type=chunk) [Adoption of New Accounting Standards and Accounting Developments](index=32&type=section&id=Adoption%20of%20New%20Accounting%20Standards%20and%20Accounting%20Developments) The company is evaluating the impact of IASB's IFRS 9, IFRS 7, and IFRS 18 amendments on its financial statements, while IAS 1 revisions effective January 1, 2024, had no impact - The IASB issued amendments to IFRS 9 and IFRS 7, updating classification and measurement requirements for financial instruments, effective January 1, 2026[170](index=170&type=chunk) - The IASB issued IFRS 18, replacing IAS 1, which introduces a specific structure for the statement of profit or loss and disclosure requirements for management-defined performance measures, effective January 1, 2027[172](index=172&type=chunk) - Amendments to IAS 1, "Non-current Liabilities with Covenants," became effective on January 1, 2024, with no impact on the company's financial statements[173](index=173&type=chunk) [Outstanding Share Data](index=33&type=section&id=Outstanding%20Share%20Data) As of October 23, 2024, the company had 504.7 million Class B subordinate voting shares and 7.6 million Class A common shares outstanding, along with approximately 5.5 million stock options - As of October 23, 2024, **504.7 million Class B subordinate voting shares** and **7.6 million Class A common shares** were outstanding[175](index=175&type=chunk) - Approximately **5.5 million stock options** were outstanding, with exercise prices ranging from **$5.34 to $70.34**[175](index=175&type=chunk) [Internal Control Over Financial Reporting](index=33&type=section&id=Internal%20Control%20Over%20Financial%20Reporting) Management is responsible for establishing and maintaining adequate internal control over financial reporting, with no significant changes reported as of September 30, 2024 - Management is responsible for establishing and maintaining adequate internal control over financial reporting[176](index=176&type=chunk) - As of September 30, 2024, there were no significant changes to internal control over financial reporting[177](index=177&type=chunk) [Detailed Revenue and Gross Profit by Segment](index=34&type=section&id=Detailed%20Revenue%20and%20Gross%20Profit%20by%20Segment) In Q3, the company reported $1.421 billion in copper segment revenue and $1.437 billion in zinc segment revenue, totaling $2.858 billion, with corresponding gross profits of $243 million and $235 million Segment Revenue (Teck's share in CAD$ millions) | (Teck's share in CAD$ millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------ | :------ | :------ | :------- | :------- | | Copper | $ 1,421 | $ 787 | $ 3,868 | $ 2,283 | | Zinc | 1,437 | 1,202 | 2,411 | 2,350 | | TOTAL REVENUE | $ 2,858 | $ 1,989 | $ 6,279 | $ 4,633 | Segment Gross Profit (Teck's share in CAD$ millions) | (Teck's share in CAD$ millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------ | :------ | :------ | :------- | :------- | | Copper | $ 243 | $ 165 | $ 746 | $ 631 | | Zinc | 235 | 96 | 319 | 329 | | TOTAL GROSS PROFIT | $ 478 | $ 261 | $ 1,065 | $ 960 | [Detailed Cost of Sales Summary](index=35&type=section&id=Detailed%20Cost%20of%20Sales%20Summary) Q3 total operating costs were $1.206 billion and total transportation costs were $191 million, with copper segment operating costs and depreciation significantly increasing due to QB's ramp-up Operating Costs (Teck's share in CAD$ millions) | (Teck's share in CAD$ millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------ | :------ | :------ | :------- | :------- | | Copper | $ 752 | $ 470 | $ 2,032 | $ 1,206 | | Zinc | 454 | 467 | 877 | 919 | | Total operating costs | $ 1,206 | $ 937 | $ 2,909 | $ 2,125 | Transportation Costs (Teck's share in CAD$ millions) | (Teck's share in CAD$ millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------ | :------ | :------ | :------- | :------- | | Copper | $ 56 | $ 19 | $ 145 | $ 71 | | Zinc | 135 | 120 | 246 | 235 | | Total transportation costs | $ 191 | $ 139 | $ 391 | $ 306 | Royalty Costs (Teck's share in CAD$ millions) | (Teck's share in CAD$ millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------ | :------ | :------ | :------- | :------- | | Copper Antamina | $ 9 | $ 5 | $ 22 | $ 22 | | Zinc Red Dog | 312 | 234 | 280 | 231 | | Total royalty costs | $ 321 | $ 239 | $ 302 | $ 253 | Depreciation and Amortization (Teck's share in CAD$ millions) | (Teck's share in CAD$ millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------ | :------ | :------ | :------- | :------- | | Copper | $ 361 | $ 128 | $ 923 | $ 353 | | Zinc | 123 | 144 | 232 | 228 | | Total depreciation and amortization | $ 484 | $ 272 | $ 1,155 | $ 581 | [Capitalized Stripping Costs Details](index=37&type=section&id=Capitalized%20Stripping%20Costs%20Details) Total capitalized stripping costs in Q3 were $84 million, a decrease from $132 million in the prior year, primarily due to the nearing completion of waste stripping at Highland Valley Copper's Lornex pit Capitalized Stripping Costs (Teck's share in CAD$ millions) | (Teck's share in CAD$ millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------ | :------ | :------ | :------- | :------- | | Copper | $ 59 | $ 111 | $ 229 | $ 301 | | Zinc Red Dog | 25 | 21 | 62 | 54 | | Total | $ 84 | $ 132 | $ 291 | $ 355 | [Production and Sales Statistics by Operation](index=38&type=section&id=Production%20and%20Sales%20Statistics%20by%20Operation) This section provides detailed production and sales statistics for copper, zinc, molybdenum, lead, silver, and gold across key operations, including Quebrada Blanca, Highland Valley Copper, Antamina, and Red Dog Quebrada Blanca Production and Sales Statistics (000's tonnes) | Quebrada Blanca (000's tonnes) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :----------------------------- | :------ | :------ | :------- | :------- | | Copper Production | 52.5 | 18.3 | 147.1 | 21.2 | | Copper Sales | 48.5 | 14.3 | 129.3 | 14.4 | | Molybdenum Production | 0.2 | — | 0.2 | — | Highland Valley Copper Production and Sales Statistics (000's tonnes) | Highland Valley Copper (000's tonnes) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------------ | :------ | :------ | :------- | :------- | | Copper Production | 25.4 | 20.5 | 75.3 | 69.0 | | Copper Sales | 24.6 | 20.7 | 78.2 | 72.0 | | Molybdenum Production | 0.2 | — | 0.5 | 0.4 | Antamina Production and Sales Statistics (000's tonnes) | Antamina (000's tonnes) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :---------------------- | :------ | :------ | :------- | :------- | | Copper Production | 111.5 | 99.9 | 333.3 | 303.2 | | Zinc Production | 67.8 | 125.4 | 188.1 | 345.4 | | Molybdenum Production | 2.6 | 0.8 | 6.2 | 2.5 | Red Dog Production and Sales Statistics (000's tonnes) | Red Dog (000's tonnes) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :--------------------- | :------ | :------ | :------- | :------- | | Zinc Production | 142.5 | 124.6 | 427.2 | 384.5 | | Zinc Sales | 252.3 | 269.7 | 390.5 | 418.4 | | Lead Production | 29.5 | 21.4 | 83.8 | 68.0 | Trail Operations Production and Sales Statistics (000's tonnes) | Trail Operations (000's tonnes) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------ | :------ | :------ | :------- | :------- | | Zinc Production | 65.5 | 67.2 | 193.9 | 196.7 | | Lead Production | 18.2 | 17.2 | 40.2 | 49.4 | | Silver Production (million ounces) | 2.1 | 2.6 | 5.8 | 7.6 | [Use of Non-GAAP Financial Measures and Ratios](index=41&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures%20and%20Ratios) This section defines the company's non-GAAP financial measures and ratios, such as adjusted profit, EBITDA, and net cash unit costs, which are used to provide a clearer understanding of operational performance and financial position - Non-GAAP financial measures and ratios are not recognized under IFRS accounting standards, but the company believes they help readers understand operating results and financial position[192](index=192&type=chunk)[193](index=193&type=chunk) - Adjusted profit from continuing operations attributable to shareholders excludes the after-tax impact of certain non-operating activities or measurement changes[194](index=194&type=chunk) - Adjusted EBITDA excludes pre-tax adjustments from adjusted profit from continuing operations attributable to shareholders[195](index=195&type=chunk) - Net cash unit cost is a common industry metric used to assess the unit profitability of mines by deducting byproduct profits[202](index=202&type=chunk) [Adjusted Profit and EPS Reconciliations](index=43&type=section&id=Adjusted%20Profit%20and%20EPS%20Reconciliations) This section provides reconciliation tables for profit (loss) from continuing operations to adjusted profit, and basic/diluted EPS to adjusted basic/diluted EPS, detailing the impact of various adjustments Profit (loss) from continuing operations attributable to shareholders and Adjusted Profit Reconciliation (CAD$ in millions) | (CAD$ in millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------------------------------- | :------ | :------ | :------- | :------- | | Profit (loss) from continuing operations attributable to shareholders | $ (748) | $ (48) | $ (852) | $ 49 | | Add (deduct) on an after-tax basis: | | | | | | Asset impairment | 828 | — | 828 | — | | Tax items | 203 | 69 | 229 | 69 | | Adjusted profit from continuing operations attributable to shareholders | $ 314 | $ 85 | $ 373 | $ 266 | Basic EPS and Adjusted Basic EPS Reconciliation (Per share amounts) | (Per share amounts) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------------------------------- | :------ | :------ | :------- | :------- | | Basic earnings (loss) per share from continuing operations | $ (1.45) | $ (0.09) | $ (1.64) | $ 0.09 | | Add (deduct): Asset impairment | 1.60 | — | 1.60 | — | | Add (deduct): Tax items | 0.39 | 0.13 | 0.44 | 0.13 | | Adjusted basic earnings per share from continuing operations | $ 0.61 | $ 0.16 | $ 0.72 | $ 0.51 | Diluted EPS and Adjusted Diluted EPS Reconciliation (Per share amounts) | (Per share amounts) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------------------------------- | :------ | :------ | :------- | :------- | | Diluted earnings (loss) per share from continuing operations | $ (1.45) | $ (0.09) | $ (1.64) | $ 0.09 | | Add (deduct): Asset impairment | 1.59 | — | 1.58 | — | | Add (deduct): Tax items | 0.39 | 0.13 | 0.44 | 0.13 | | Adjusted diluted earnings per share from continuing operations | $ 0.60 | $ 0.16 | $ 0.71 | $ 0.51 | [EBITDA and Adjusted EBITDA Reconciliations](index=46&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliations) This section presents reconciliation tables for EBITDA and adjusted EBITDA, as well as the net debt to adjusted EBITDA ratio, illustrating the calculation from profit before taxes and the company's leverage Net Debt to Adjusted EBITDA Ratio Reconciliation (CAD$ in millions) | (CAD$ in millions) | 12 months ended Dec 31, 2023 (A) | 9 months ended Sep 30, 2023 (B) | 9 months ended Sep 30, 2024 (C) | 12 months ended Sep 30, 2024 (A-B+C) | | :------------------------------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | :----------------------------------- | | Profit (loss) from continuing operations before taxes as originally reported | $ 3,944 | $ 3,250 | $ (974) | $ (280) | | EBITDA | $ 6,037 | $ 4,741 | $ 807 | $ 2,103 | | Adjusted EBITDA | $ 6,367 (D) | $ 4,664 | $ 2,098 | $ 3,801 (E) | | Net debt | $ 6,851 (H) | | | $ (1,821) (I) | | Net Debt to adjusted EBITDA ratio | 1.1 (H/D) | | | (0.5) (I/E) | EBITDA and Adjusted EBITDA Reconciliation (CAD$ in millions) | (CAD$ in millions) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :------------------------------------------------------- | :------ | :------ | :------- | :------- | | Profit (loss) from continuing operations before taxes | $ (759) | $ 48 | $ (974) | $ 249 | | Finance expense net of finance income | 153 | 10 | 578 | 25 | | Depreciation and amortization | 498 | 290 | 1,203 | 633 | | EBITDA | $ (108) | $ 348 | $ 807 | $ 907 | | Add (deduct): Asset impairment | 1,053 | — | 1,053 | — | | Adjusted EBITDA | $ 986 | $ 417 | $ 2,098 | $ 1,115 | [Unit Cost Reconciliations](index=50&type=section&id=Unit%20Cost%20Reconciliations) This section provides detailed unit cost reconciliation tables for both copper and zinc segments, including adjusted cash cost of sales, smelting and refining charges, and net cash unit costs Copper Unit Cost Reconciliation (US$ per pound) | (amounts reported in US$ per pound) | 2024 Q3 | 2023 Q3¹ | 2024 YTD | 2023 YTD | | :---------------------------------- | :------ | :------- | :------- | :------- | | Adjusted cash cost of sales | $ 2.39 | $ 1.99 | $ 2.33 | $ 2.06 | | Smelter processing charges | 0.21 | 0.25 | 0.21 | 0.23 | | Total cash unit costs | $ 2.60 | $ 2.24 | $ 2.54 | $ 2.29 | | Net cash unit costs | $ 2.25 | $ 1.87 | $ 2.25 | $ 1.87 | Copper Unit Cost Reconciliation Excluding QB (US$ per pound) | (amounts reported in US$ per pound) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :---------------------------------- | :------ | :------ | :------- | :------- | | Adjusted cash cost of sales | $ 2.14 | $ 1.99 | $ 2.07 | $ 2.06 | | Smelter processing charges | 0.19 | 0.25 | 0.19 | 0.23 | | Total cash unit costs | $ 2.33 | $ 2.24 | $ 2.26 | $ 2.29 | | Net cash unit costs | $ 1.87 | $ 1.87 | $ 1.87 | $ 1.87 | Zinc Unit Cost Reconciliation (Mining Operations) (US$ per pound) | (amounts reported in US$ per pound) | 2024 Q3 | 2023 Q3 | 2024 YTD | 2023 YTD | | :---------------------------------- | :------ | :------ | :------- | :------- | | Adjusted cash cost of sales | $ 0.47 | $ 0.41 | $ 0.45 | $ 0.41 | | Smelter processing charges | 0.16 | 0.26 | 0.21 | 0.26 | | Total cash unit costs | $ 0.63 | $ 0.67 | $ 0.66 | $ 0.67 | | Net cash unit costs | $ 0.25 | $ 0.43 | $ 0.40 | $ 0.52 | [Discontinued Operations Profit and EBITDA Reconciliations](index=53&type=section&id=Discontinued%20Operations%20Profit%20and%20EBITDA%20Reconciliations) This section provides reconciliation tables for profit and EBITDA from discontinued operations to adjusted profit and adjusted EBITDA, reflecting the reclassification and adjustments related to the steelmaking coal business sale Discontinued Operations Profit and Adjusted Profit Reconciliation (CAD$ in millions) | (CAD$ in millions) | 2024 Q3 | | :------------------------------------------------------- | :------ | | Profit from discontinued operations attributable to shareholders | $ 49 | | Add (deduct) on an after-tax basis: Share-based compensation | 15 | | Add (deduct) on an after-tax basis: Gain on disposal or contribution of assets | (36) | | Adjusted profit from discontinued operations attributable to shareholders | $ 25 | Discontinued Operations EBITDA and Adjusted EBITDA Reconciliation (CAD$ in millions) | (CAD$ in millions) | 2024 Q3 | | :------------------------------------------------------- | :------ | | Profit from discontinued operations before taxes | $ 5 | | Finance expense net of finance income | 4 | | Depreciation and amortization | 34 | | EBITDA from discontinued operations | $ 43 | | Add (deduct): Share-based compensation | 19 | | Adjusted EBITDA from discontinued operations | $ 78 | [Cautionary Statement on Forward-Looking Statements](index=54&type=section&id=Cautionary%20Statement%20on%20Forward-Looking%20Statements) This section warns that the press release contains forward-looking information and statements regarding future events and performance, which are subject to risks and uncertainties that may cause actual results to differ materially - Forward-looking statements cover company strategy, commodity market outlook, project development, proceeds deployment, and production and cost guidance[231](index=231&type=chunk) - These statements are based on various assumptions and involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from expectations[230](index=230&type=chunk)[232](index=232&type=chunk)[235](index=235&type=chunk) - The company undertakes no obligation to update forward-looking statements, except as required by securities laws[237](index=237&type=chunk) [Webcast Information](index=56&type=section&id=Webcast%20Information) Teck will host an investor conference call on

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Financial Performance - Teck reported strong returns to shareholders, with $720 million in Q3 2024 and over $1.3 billion year-to-date to October 23rd[8, 16] - The company achieved a net cash position of $1.8 billion, supported by $1.5 billion of debt reduction in Q3 2024[8, 22, 31] - Adjusted EBITDA increased significantly to $986 million in Q3 2024, a 136% increase compared to $417 million in Q3 2023[16, 17] - Adjusted diluted earnings per share from continuing operations rose by 275% to $0.60 in Q3 2024[16] Production and Operations - Copper production saw a 60% increase in Q3 2024, driven by the ramp-up of QB[18] - Zinc in concentrate production at Red Dog increased, contributing to overall profitability[8, 20] - Refined zinc production guidance lowered to 240-250kt due to a fire at Trail's electrolytic plant, compared to the previous guidance of 275-290kt[12] - QB copper production guidance lowered to 200-210kt for 2024 and 240-280kt for 2025[12] Guidance and Strategy - Zinc net cash unit cost guidance improved by US$0.10/lb to US$0.45–0.55/lb due to strong operational performance at Red Dog[12] - Total copper production guidance narrowed to 420-455kt from 435-500kt, reflecting lower production at Highland Valley[12] - The company is focused on energy transition metals, with 75% of the portfolio in copper and 25% in zinc[7, 29]

Teck Resources Ltd (TECK) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 22.22%. A quarter ago, it was expected that this company would post earnings of $0.47 per share when it actually produced earnings of $0.58, delivering a surprise of 23.40%.Over the last four quarters, the compa ...

Core Viewpoint - Teck Resources Limited is set to release its third quarter 2024 earnings results on October 24, 2024, before market opening [1] Group 1: Earnings Release Details - The earnings results will be announced at 8:00 a.m. PT / 11:00 a.m. ET [2] - A listen-only webcast will be available for investors and analysts [2] - Dial-in options for Q&A are provided, with specific numbers for participation [2] Group 2: Company Overview - Teck is a leading Canadian resource company focused on providing essential metals for economic development and energy transition [4] - The company has a portfolio of world-class copper and zinc operations across North and South America [4] - Teck is committed to responsible growth and building resilience based on stakeholder trust [4]