Company Summary
Vancouver, Canada-based Teck Resources Limited is a diversified resource company committed to mining and mineral development with business units focused on steelmaking coal, copper, zinc and energy.
The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates. It also produces molybdenum, gold, silver, germanium, indium, mercury, and cadmium, as well as chemicals, industrial products, and fertilizers. The company also holds interest in oil sands projects.
As of Dec 31, 2023, the company owned or had interests in nine operating mines, a large metallurgical complex, and several major development projects in the Americas. The company expertise includes a wide array of activities related to exploration, development, mining and minerals processing.
It operates through the following segments -
Steelmaking Coal (57% of 2023 revenues): The company is the world's second-largest seaborne exporter of steelmaking coal, with six operations in Western Canada that have significant high-quality steelmaking coal reserves. The operations are Cardinal River, Fording River, Greenhills, Line Creek, Elkview and Coal Mountains. The company recently announced that it has agreed to sell 77% of its stake in the steelmaking coal business to Glencore plc, 20% to Nippon Steel Corporation and 3% to Posco. Until the deal is closed, Teck will continue to operate the steelmaking coal business and will retain all cash flows, which are estimated to be around $1 billion.
Copper (23%): The company is a significant copper producer in the Americas, with four operating mines in Canada, Chile and Peru, and copper development projects in North and South America. Its main projects are Highland Valley Copper in Canada and Antamina, Quebrada Blanca and Carmen de Andacollo in South America.
Zinc (20%): Teck Resources is one of the world's largest producers of mined zinc, with three operating mines in the United States and Peru, and it owns one of the world's largest fully integrated zinc and lead smelting and refining facilities located in Canada. The main projects are Red Dog, Trail Operations and Pend Oreille.