Teck Responds to Market Rumours
February 16 2023 - 10:23AM
At the request of the Investment Industry Regulatory Organization
of Canada and the New York Stock Exchange, Teck Resources Limited
(TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today confirmed that
it is evaluating alternatives for its steelmaking coal business,
including the possible spin-out of an interest in that business to
its shareholders. Any transaction would be expected to create value
for Teck’s shareholders and support continued benefits for
communities and Indigenous Peoples in the areas where Teck
operates.
No decision has been reached to proceed with a
transaction and there can be no assurances that any transaction
will eventuate. Teck does not intend to make any additional
comments regarding this matter unless and until a formal decision
has been reached.
Forward-Looking StatementsThis
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 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 concerning Teck’s intention
to make purchases of Class B subordinated voting shares, and Teck’s
expectations regarding the impacts of any transaction to spin out
its steelmaking coal business in terms of creating value for
shareholders and benefits for communities and Indigenous
Peoples.
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, operational issues affecting the
coal business, changes in general economic or market conditions,
and other risk factors impacting Teck’s business as detailed in
Teck’s annual information form and in its public filings with
Canadian securities administrators and the U.S. Securities and
Exchange Commission. Declaration of dividends is at the discretion
of the Board and dividends, as well as share repurchases, are
subject to conditions under corporate law. Any of the foregoing may
have the result of restricting future dividends or share
repurchases. Teck does not assume the obligation to revise or
update these forward-looking statements after the date of this
document, except as may be required under applicable securities
laws.
About TeckAs one of Canada’s
leading mining companies, Teck is committed to responsible mining
and mineral development with major business units focused on
copper, zinc, and steelmaking coal. Copper, zinc and high-quality
steelmaking coal are required for the transition to a low-carbon
world. Headquartered in Vancouver, Canada, Teck’s 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.
Teck Media Contact Chris Stannell
Public Relations Manager 604.699.4368 chris.stannell@teck.com
Teck Investor Contact Fraser
Phillips Senior Vice President, Investor Relations and Strategic
Analysis 604.699.4621 fraser.phillips@teck.com
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