Teck Updates Steelmaking Coal Guidance
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 6, 2017) - Teck Resources Ltd. (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") today provided guidance for expected realized steelmaking coal price and an update on estimated sales volumes for the third quarter of 2017.
The third quarter 2017 price index for steelmaking coal volumes sold under quarterly contract on the basis of the average of three assessments for the period June through August, is now established at US$170 per tonne. Teck expects to realize an average price, for all tonnes sold in the quarter, of approximately US$158 to $163 per tonne.
The differential between our expected average realized price and the quarterly index price reflects the historical relationship between realized and benchmark prices, which is a function of our consistent high quality coking coal products delivered to the market.
Steelmaking coal sales volumes for the third quarter of 2017 are now expected to be between 7.2 and 7.5 million tonnes, which is higher than previous guidance of at least 7.0 million tonnes, reflecting strong coal demand in the quarter. Final quarterly sales will depend on timing of shipments.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Unites 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 achieved. Forward-looking statements include statements regarding Teck's expectations regarding coal production and sales volumes and pricing.
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, unplanned disruptions in production or transportation, including due to weather or natural disaster, changes in general economic conditions or conditions in the markets for metallurgical coal, labour disruptions, 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.
About Teck
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.
Contact
Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations
and Strategic Analysis
604.699.4621
fraser.phillips@teck.com
Media Contact:
Chris Stannell
Senior Communications Specialist
604.699.4368
chris.stannell@teck.com
