Teck Resources Ltd.

Teck Resources Ltd. is a senior copper producer headquartered in Vancouver, Canada, operating primarily in Canada and South America. The company's portfolio consists of 11 projects, comprising 5 operating mines and 6 development projects. Key assets include Antamina, Quebrada Blanca, Red Dog, and Highland Valley. The company's business model is centered on an integrated value chain encompassing exploration, development, mining, minerals processing, smelting, and refining. This structure is complemented by in-house expertise in commodity sales, trading, and supply chain management. The organization is structured into regional business units and a dedicated projects group, a framework designed to streamline executive leadership and drive efficient operational performance. This model facilitates the responsible development of growth opportunities and aims to maximize value for shareholders. A core component of the business involves the production of various specialty metals, chemicals, and fertilizers as by-products of its primary operations. The enterprise also maintains a focus on research and recycling, leveraging its technical capabilities to support materials stewardship. This integrated approach, from resource discovery to final product sales, allows for significant operational control and the ability to capture value across the entire production lifecycle, positioning the entity to provide essential resources for global development.

Strategic direction is built upon 4 key pillars: core excellence, providing metals for the energy transition, value-driven growth, and resilience. The approach seeks to maximize productivity and efficiency at existing operations while maintaining a strong balance sheet and delivering commercial excellence. A core tenet is the disciplined advancement of a growth pipeline, with projects progressing through feasibility studies, detailed engineering, and permitting to de-risk investments prior to sanctioning. The capital allocation framework balances shareholder returns with strategic growth, supplementing a base dividend with additional returns from available cash flow after accounting for sustaining capital, committed growth projects, and balance sheet adjustments. This framework also provides for share repurchases and supplemental dividends, contingent on market conditions. The organization's long-term objective is to significantly grow its production of materials critical to the energy transition by the end of the decade, supported by a strong financial position to fund value-accretive projects.

Governance is overseen by a Board of Directors that welcomed 2 new members in 2024. The Board's oversight is structured through specialized committees, including an Audit Committee composed entirely of independent directors. Executive leadership is focused on driving value-accretive growth while maintaining a rigorous focus on operational excellence and safety. The management philosophy is demonstrated through initiatives such as the 'Courageous Safety Leadership' program, which empowers employees to take ownership of safety, and a mental health first aid training program that has been completed by over 80% of frontline supervisors. The corporate structure was streamlined to feature a focused executive leadership team and a regional framework to enhance operational effectiveness and capitalize on growth opportunities. Management's report on internal control over financial reporting, based on the COSO 2013 framework, concluded that controls were effective as of year-end 2024, with the independent auditor expressing the same opinion.

The sustainability strategy includes a long-term goal to achieve net-zero Scope 1 and 2 greenhouse gas emissions by 2050, a short-term goal for net-zero Scope 2 emissions by 2025, and an ambition for net-zero Scope 3 emissions by 2050. In 2024, the company released its first integrated Climate Change and Nature Report, combining the recommendations of the TNFD and TCFD. All operating sites have achieved certification under responsible production mark programs, with one site being the first to receive a stand-alone Zinc Mark. Workplace safety performance is a key priority, reflected in a continued low High-Potential Incident Frequency rate of 0.12 in 2024. The organization's performance has been recognized externally, having been named to the Dow Jones Best-in-Class World Index for the 15th consecutive year and as one of the Best 50 Corporate Citizens in its home country for the 18th consecutive year. It was also named to the Forbes list of the World’s Top Companies for Women 2024.

The corporate structure underwent significant transformation in 2024 with the completed sale of its entire steelmaking coal business, Elk Valley Resources, to Glencore, Nippon Steel Corporation, and POSCO. This followed the 2023 divestiture of its 21.3% interest in the Fort Hills assets to Suncor and TEPCA. In 2023, the company formed a 50:50 joint arrangement with Agnico Eagle to advance the San Nicolás project, with the partner contributing capital for study and development costs. A separate 50:50 joint arrangement, NewRange Copper Nickel LLC, was formed with PolyMet Mining Corp. in 2023 to advance the NorthMet project and the Mesaba mineral deposit. Significant operating subsidiaries include Teck Metals Ltd., Teck Alaska Incorporated, Teck Highland Valley Copper Partnership, Compañía Minera Teck Quebrada Blanca S.A. (QBSA), and Compañía Minera Teck Carmen de Andacollo. Key ownership arrangements include a partnership in QBSA with Sumitomo Metal Mining Co., Ltd., Sumitomo Corporation, and Codelco, as well as a 22.5% interest in the Antamina joint operation alongside partners BHP, Glencore, and Mitsubishi Corporation.