Teck Notification of Technical and Supplemental Updates to the Separation Transaction Terms

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") today announced certain technical and supplemental updates to the terms of Teck's proposed reorganization to separate into Teck Metals Corp. ("Teck Metals") and Elk Valley Resources Ltd. ("EVR") to be voted on by shareholders on April 26, 2023.

As described in Teck's management proxy circular dated March 23, 2023, the separation provides Teck Metals with continued access to steelmaking coal cash flows for a transition period, through ownership of preferred shares in the capital of EVR and a royalty. The changes to the terms of the separation proposal include permitting the majority holders of the EVR royalty to require EVR to purchase the royalty upon a breach by EVR of the capital expenditure or indebtedness covenants under the Investment Covenant Agreement or upon failure to pay the EVR royalty, in each case that continues unremedied for 15 days.

In addition, the terms of the EVR preferred shares have been updated to (i) make housekeeping changes to address proposed amendments to the Income Tax Act (Canada) related to share buybacks and to the calculation of Free Cash Flow, and (ii) provide holders the right to retract EVR preferred shares upon a breach by EVR of the capital expenditure or indebtedness covenants under the Investment Covenant Agreement that continues unremedied for 15 days. A copy of the revised preferred share terms of EVR will be attached to an amendment to the arrangement agreement between Teck and EVR, which will be filed under Teck's profile on SEDAR ( www.sedar.com ) and on EDGAR ( www.sec.gov ), and on Teck's website ( www.teck.com ).

Advisors
Barclays Capital Canada Inc. and Ardea Partners LP are serving as financial advisors to Teck. Stikeman Elliott LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as legal advisors.

BMO Capital Markets, Goldman Sachs & Co. LLC, and Origin Merchant Partners are serving as financial advisors to the Special Committee and Blake, Cassels & Graydon LLP and Sullivan & Cromwell LLP are acting as legal advisors to the Special Committee.

About Teck
As 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 Statements
This 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 Teck's expectations regarding the impacts of any such transaction; and statements regarding updates to the terms of the royalty and preferred shares, including with respect to the anticipated effects thereof. 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, Teck 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 Phillips
Senior Vice President, Investor Relations & Strategic Analysis
604.699.4621
fraser.phillips@teck.com

Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
chris.stannell@teck.com


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

TECK.A:CA,TECK.B:CA,TECK
The Conversation (0)
Map of Argentina with the Chilean flag placed in central Argentina.

Codelco Seeks Partial Restart at El Teniente Mine After Fatal Collapse

Chile’s state-owned copper giant Codelco is seeking approval to restart parts of its flagship El Teniente mine less than a week after a deadly collapse killed six workers and forced a full suspension of operations, according to sources familiar with the matter.

The accident, triggered by a 4.2-magnitude seismic event last Thursday (July 31), halted production at the world’s largest underground copper mine.

Keep reading...Show less
Smartphone with Anglo American logo on screen in front of a laptop showing a stock chart.

Anglo American’s Losses Widen with Diamond Slump, Trade Tensions Mounting

Anglo American (LSE:AAL,OTC Pink:AAUKF) reported a sharp US$1.9 billion net loss for the first half of 2025, deepening from US$672 million a year earlier, as the global miner pushed forward with a sweeping corporate overhaul aimed at focusing on copper and iron ore.

The London-based group’s latest results saw revenue dropping by 7 percent year-on-year to US$8.95 billion, falling short of analyst expectations, while underlying EBITDA fell 20 percent to US$3 billion.

“By focusing on our exceptional copper, premium iron ore and crop nutrients resource endowments, each with significant value-accretive growth options, we are unlocking material value for our shareholders,” Chief Executive Duncan Wanblad assured in the company’s recent performance report.

Keep reading...Show less
Peter Grandich, gold bars.

Peter Grandich: Copper, Uranium in "Perfect Storm," My Strategy Now

Peter Grandich of Peter Grandich & Co. underscored the fundamentals of the uranium market and his expectations for equities.

"I don't think uranium has to go to US$200 in order to make money,” Grandich said. "I just think it needs to go back to where it was a couple years ago, a little above US$100, and these stocks will quadruple."

Keep reading...Show less
Spools of copper wire.

Top 5 Junior Copper Stocks on the TSXV in 2025

The copper price climbed to a record high of US$5.64 per pound on the COMEX during Q2.

The rise came on the back of escalating trade tensions and economic chaos caused by US tariffs.

While copper was initially spared from tariffs at the start of the year, US President Donald Trump announced the country would be imposing a 50 percent tariff on all copper products entering the US. The news sparked speculative buying by US metals traders, who sought to position themselves ahead of the yet-to-be-announced tariff deadline.

Keep reading...Show less
Pile of raw copper nuggets on a dark background.

Barrick Backs Hercules in Leviathan-Linked Copper Expansion

Hercules Metals (TSXV:BIG,OTCQB:BADEF) has entered into a transformative agreement with Barrick Mining (TSX:ABX,NYSE:B) to acquire a vast package of unpatented copper claims surrounding its Leviathan discovery in western Idaho.

Hercules will have the option to acquire a 100 percent interest in more than 74,000 acres of claims, collectively known as the Olympus belt, that flank both sides of the company’s existing Hercules property.

If exercised, the deal would expand Hercules’ total land position from 26,000 acres to over 100,000 acres, granting it control over a 73 kilometer stretch of highly prospective terrain.

The transaction is structured as an option agreement through Hercules’ US subsidiary, Anglo-Bomarc, with Barrick Gold Exploration, a wholly owned subsidiary of Barrick Mining.

Keep reading...Show less
Rows of fine copper bars with text that reads '5 Top Canadian Mining Stocks This Week.'

Top 5 Canadian Mining Stocks This Week: St. Augustine Gains 67 Percent

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Statistics Canada released its monthly mineral production report for May 2025 on Monday (July 21). The data shows that the production of both copper and silver increased from April.

Copper output rose to 36.3 million kilograms from 35.85 million in April, and silver increased to 26,502 kilograms from 25,412. Meanwhile, gold production decreased marginally to 16,518 kilograms from 16,640 the previous month.

Keep reading...Show less

Latest Press Releases

Related News

×