Statement from Dr. Norman Keevil
April 16 2023 - 8:39PM
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK)
(“Teck”) today issued a statement on behalf of Teck Chairman
Emeritus Dr. Norman B. Keevil:
“As there has been much media commentary regarding my views on
the future of Teck, I would like to provide a clear statement of my
perspective.
My colleagues and I are proud of what we achieved through 30
years of building Teck, growing the company 500-fold from a $25
million market cap to $12.6 billion, with double-digit compounded
growth in shareholder value, and continuing growth in recent years
to $25 billion today.
I am confident that Jonathan Price and his team have every
chance of duplicating that strong growth phase again, perhaps doing
even better. Teck today has the producing assets, a series of good
potential development projects in copper and other important
metals, the people, the financial strength, and the focus to do
it.
There are numerous mining industry parties who have their eyes
on Teck and would be interested in partnering or investing in Teck
Metals after it separates its base metals and steelmaking coal
businesses.
I would support a transaction – whether it be an operating
partnership, merger, acquisition, or sale – with the right partner,
on the right terms for Teck Metals after separation. Based on my
decades of experience building a successful mining company, I
believe that pursuing a sale or merger transaction now would rob
our shareholders of significant post-separation value.
Glencore's proposal is the wrong one, as well as at the wrong
time. Ivan Glasenberg is an interesting guy and a smart man, and
his timing is certainly good for them, but not for Teck or our
shareholders. I fully agree with Teck’s Board that there is no deal
to be done pre-separation with Glencore or any other party.
For more background on the Teck story, I refer to my 2017 book
Never Rest on Your Ores - Building a Mining Company, One Stone at a
Time. The publisher, McGill Queens University Press, has just
released an updated, second edition yesterday, April 15, as part of
its long-planned Spring Collection. Available from MQUP or on
Kindle from Amazon.ca.
Shareholders and proxy advisers interested in how the company
was built may enjoy reading some of it. The new chapters 42 and 43
update some of the industry and Teck stories respectively, during
the China super-cycle, and through to the worldwide disruption of
the Covid-19 pandemic. The chart on page 434 tells the rest,
showing Teck's steady growth upwards in spite of the inevitable
commodity price cycles. The underlying reason - building or
acquiring 17 new mines over 30 years and doing it well.
The title and subtitles tell much. A mining company without ore
reserves is an oxymoron, and our previous best growth years
resulted from a steady process of adding reserves over many years,
one new mine at a time. That describes the exciting future that
Jonathan, his team, and I see for Teck as it goes forward.”
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.
Forward-Looking StatementsThis news release
contains certain information which constitutes ‘forward-looking
statements’ and ‘forward-looking information’ within the meaning of
applicable Canadian securities laws. Any statements that are
contained in this news release that are not statements of
historical fact may be deemed to be forward-looking statements.
Forward-looking statements are often identified by terms such as
“may”, “should”, “anticipate”, “expect”, “potential”, “believe”,
“intend” or the negative of these terms and similar expressions.
Forward-looking statements in this news release include: statements
regarding Teck’s planned separation transaction, including the
timing thereof, and expectations regarding the impacts of any
such transaction in terms of creating value for shareholders;
statements related to anticipated risks of Glencore’s proposal,
including with respect to execution and timing; and Teck’s
assessment thereof as compared to its own planned separation
transaction; statements related to the opportunity for future
transactions involving Teck Metals; and statements with respect to
Teck’s business and assets and its strategy going forward. The
forward-looking statements in this press release are based on
assumptions regarding our business and general economic conditions,
among other matters. Readers are cautioned not to place undue
reliance on forward-looking statements. Forward-looking statements
involve known and unknown risks and uncertainties, most of which
are beyond the Company’s control. Additional risks and
uncertainties can be found in our Annual Information Form dated
February 21, 2023 under “Risk Factors” and our management
information circular in respect of our annual and special meeting
of shareholders on April 26, 2023, each filed under our profile on
SEDAR (www.sedar.com) and on EDGAR (www.sec.gov), and on Teck’s
website (www.teck.com). Should one or more of the risks or
uncertainties underlying these forward-looking statements
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements.
The forward-looking statements contained herein are made as of
the date of this release and, other than as required by applicable
securities laws, the Company does not assume any obligation to
update or revise them to reflect new events or circumstances. The
forward-looking statements contained in this release are expressly
qualified by this cautionary statement.
Investor Contact:Fraser PhillipsSenior Vice
President, Investor Relations & Strategic
Analysis604.699.4621fraser.phillips@teck.com
Media Contact:Dale SteevesDirector, Stakeholder
Engagement604.699.4514dale.steeves@teck.com
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