Teck announces $285US Q1 coal benchmark—new collective agreements at Elkview & Fording River

Teck expects to incur a one-time, after-tax charge to profit in the fourth quarter of approximately $35 million.

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. — Photo: Teck

Teck Resources Limited has announced that it has settled with major customers a benchmark price for the first quarter of 2017 for its highest quality coals of USD$285 per tonne. First quarter realized prices will reflect a combination of sales at the quarterly contract price and spot sales.

Teck has also announced that unionized employees at its Fording River and Elkview steelmaking coal mines in British Columbia have ratified new five year collective agreements expiring April 30, 2021 and October 31, 2020, respectively, replacing agreements that expired on April 30, 2016 and October 31, 2015. As a result of the new collective agreements, Teck expects to incur a one-time, after-tax charge to profit in the fourth quarter of approximately $35 million.

Teck's stock has been rallying and now sits at over $33.60 a share—a major turn around from when the stock hovered below $5 not that long ago.

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.