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Our 2017 Annual Report

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Our 2017 Annual Report Teck 2017 Annual Report 2017 Teck Horizons Horizons 2017 Annual Report Teck Resources Limited Suite 3300, 550 Burrard Street Vancouver, British Columbia, Canada V6C 0B3 +1.604.699.4000 Tel +1.604.699.4750 Fax www.teck.com Setting Possibilities in Motion Our Business Corporate Information 2017 Share Prices and Trading Volume Teck is a diversified resource company committed to responsible mining and mineral Class B subordinate voting shares–TSX–CAD$/share development with business units focused on steelmaking coal, copper, zinc and energy. High Low Close Volume Headquartered in Vancouver, British Columbia (B.C.), Canada, we own or have interests in Q1 $ 34.60 $ 25.90 $ 29.08 166,166,974 Q2 $ 32.18 $ 19.27 $ 22.48 143,220,254 12 operating mines, one large metallurgical complex, an oil sands mining and processing Q3 $ 31.92 $ 22.05 $ 26.27 147,983,981 Q4 $ 33.76 $ 25.89 $ 32.87 116,086,280 operation, and several major development projects in Canada, the United States, Chile 573,457,489 and Peru. We have expertise across a wide range of activities related to exploration, Class B subordinate voting shares–NYSE–US$/share development, mining and minerals processing, including smelting and refining, health and High Low Close Volume safety, environmental protection, materials stewardship, recycling and research. Q1 $ 26.45 $ 19.20 $ 21.90 62,353,965 Q2 $ 24.07 $ 14.56 $ 17.33 63,534,363 Our corporate strategy is focused on exploring for, developing, acquiring and operating Q3 $ 25.67 $ 17.20 $ 21.09 57,356,207 Q4 $ 26.80 $ 20.15 $ 26.17 64,493,390 world-class, long-life assets in stable jurisdictions that operate through multiple price 247,746,925 cycles. We maximize productivity and efficiency at our existing operations, maintain a Class A common shares–TSX–CAD$/share strong balance sheet, and are nimble in recognizing and acting on opportunities. The pursuit High Low Close Volume of sustainability guides our approach to business, and we recognize that our success Q1 $ 35.14 $ 26.73 $ 30.15 513,953 Q2 $ 32.84 $ 20.00 $ 23.00 219,158 depends on our ability to establish safe workplaces for our people and collaborative Q3 $ 32.49 $ 22.81 $ 26.60 167,392 Q4 $ 33.56 $ 26.35 $ 33.05 204,367 relationships with communities. 1,104,870 Stock Exchanges AST Trust Company (Canada) Mineral reserve and resource estimates for our properties are disclosed in our most recent Annual Information Form, which is Our Class A common shares and Class B subordinate voting 1600 – 1066 West Hastings Street, available on our website at www.teck.com, on the Canadian Securities Administrators website at www.sedar.com (SEDAR), and on shares are listed on the Toronto Stock Exchange under the Vancouver, British Columbia V6E 3X1 the EDGAR section of the United States Securities and Exchange Commission (SEC) website at www.sec.gov. symbols TECK.A and TECK.B, respectively. AST Trust Company (Canada) provides an AnswerLine Service Our Class B subordinate voting shares are also listed on the for the convenience of shareholders: Forward-Looking Statements New York Stock Exchange under the symbol TECK. Toll-free in Canada and the United States This annual report contains forward-looking statements. Please refer to the “Cautionary Statement on Forward-Looking Statements” +1.800.387.0825 on page 61. Dividends Declared on Class A and B Shares Amount per share Payment Date Outside Canada and the United States +1.416.682.3860 All dollar amounts expressed throughout this report are in Canadian dollars unless otherwise noted. $0.10 June 30, 2017 $0.05 September 29, 2017 Email: [email protected] $0.45 December 29, 2017 American Stock Transfer & Trust Company, LLC These dividends are eligible for both the Canadian federal and 6201 – 15th Avenue, provincial enhanced dividend tax credits. The December 29, Brooklyn, New York 11219 2017 dividend included $0.05 per share for the regular quarterly +1.800.937.5449 or +1.718.921.8124 In This Report dividend and $0.40 per share as a supplemental dividend, Email: [email protected] in accordance with our announced dividend policy. Website: www.amstock.com Our Business 1 Zinc 22 Shares Outstanding at December 31, 2017 TTY: +1.866.703.9077 or +1.718.921.8386 2017 Highlights 2 Energy 26 Class A common shares 7,777,304 Auditors Class B subordinate voting shares 565,506,055 Letter from the Chairman 3 Exploration 29 PricewaterhouseCoopers LLP Shareholder Relations Chartered Professional Accountants Letter from the CEO 5 Financial Overview 30 Amanda Robinson, Corporate Secretary Suite 700, 250 Howe Street, Responsibility 7 Consolidated Financial Statements 63 Vancouver, British Columbia V6C 3S7 Annual Meeting Management’s Discussion and Analysis 9 Board of Directors 125 Our annual meeting of shareholders will be held at 11:00 a.m. Annual Information Form Steelmaking Coal 12 Officers 126 on Wednesday, April 25, 2018, in the British Columbia Ballroom, We prepare an Annual Information Form (AIF) that is filed with Fairmont Hotel Vancouver, 900 West Georgia Street, Vancouver, the securities commissions or similar bodies in all the provinces Copper 17 Corporate Information 127 British Columbia. of Canada. Copies of our AIF and annual and quarterly reports are available on request or on our website at www.teck.com, on Transfer Agents the Canadian Securities Administrators website at www.sedar. Inquiries regarding change of address, stock transfer, registered com (SEDAR), and on the EDGAR section of the United States shareholdings, dividends or lost certificates should be directed Securities and Exchange Commission (SEC) website at www.sec.gov. to our Registrar and Transfer Agent: On the cover: haul truck on the horizon at Greenhills Operations. Corporate Information 127 1 2 1 1 1 2 * 2 Steelmaking Coal 3 We are the world’s second-largest seaborne exporter of steelmaking coal, with six operations in Western Canada that have significant high-quality steelmaking coal reserves. Copper We are a significant copper producer in the Americas, with four operating mines in Canada, Chile and Peru, and copper development projects in North and South America. Zinc We are one of the world’s largest producers of mined zinc, and operate one of the world’s largest fully integrated zinc and lead smelting and refining facilities. 2 Energy We have an interest in a large producing oil sands mining and processing operation in Alberta, as well as oil sands 3 development assets. 5 4 Operations and Major Projects: Steelmaking Coal Zinc 1 Cardinal River 1 Red Dog 2 Steelmaking coal sites in B.C. 2 Trail Operations · Fording River 3 Pend Oreille · Greenhills Energy · Line Creek 1 · Elkview Fort Hills · Coal Mountain 2 Frontier Copper Corporate Head Office 1 Highland Valley Copper * Vancouver 2 Antamina 3 Quebrada Blanca (including Quebrada Blanca Phase 2 project) 4 Carmen de Andacollo 5 NuevaUnión Operation Project Our Business 1 2017 Highlights Safety • Achieved Teck’s best safety performance to date • Realized year-over-year reductions in Total Recordable Injury Frequency of 12%, Lost-Time Disabling Injury Frequency and High-Potential Incident Frequency of 14%, and we had no fatalities Financial • Record revenues of $12.0 billion and cash flow from operations of $5.1 billion • EBITDA of $5.6 billion, and gross profit before depreciation and amortization of $6.1 billion • Reduced our outstanding debt by $2.0 billion • Extended the maturity dates on our US$3.0 billion and US$1.2 billion revolving credit facilities to October 2022 and October 2020, respectively • Ended the year with $1.0 billion of cash and $4.7 billion of liquidity Operating and Development • Produced first oil at Fort Hills on January 27, 2018; Fort Hills remains on track to reach 90% of nameplate capacity by the end of 2018 Sustainability • Named to Dow Jones Sustainability World Index (DJSI) for the eighth consecutive year, named to Canada’s Top 100 Employers by Mediacorp. for the first time, and ranked as one of the Best 50 Corporate Citizens in Canada by media and investment research firm Corporate Knights • On track towards meeting our sustainability strategy short-term goals out to 2020, and long-term goals stretching out to 2030 Revenue Adjusted Profit Attributable to Shareholders Cash Flow from Operations ($ in billions) ($ in billions) ($ in billions) 2017 $12.0 2017 $2.6 2017 $5.1 2016 $9.3 2016 $1.1 2016 $3.1 2015 $8.3 2015 $0.2 2015 $2.0 2014 $8.6 2014 $0.5 2014 $2.3 2013 $9.4 2013 $1.0 2013 $2.9 Note: EBITDA, gross profit before depreciation and amortization, and adjusted profit attributable to shareholders are non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section on page 53 for further information. 2 Teck 2017 Annual Report | Horizons Letter from the Chairman Dr. Norman B. Keevil Chairman of the Board To the Shareholders It was a very good year for your company. The improvement in prices for most mined products that began in 2016, and led to record fourth quarter profits a year ago, continued through 2017. Revenues were at a record $12 billion and earnings of $2.5 billion were the second highest in Teck’s history. We were able to reduce debt by a further $2 billion and ended the year with $4.7 billion in liquidity. Encouragingly, the strong year was the result of broadly-spread synchronous economic growth in much of the world, with China still growing substantially but no longer being the sole driver as had been the case for much of the last decade. The prognosis in the near term continues to be good. Teck produces steelmaking coal from six mines in Western Canada, copper from four mines in Canada, Peru and Chile and zinc from two mines in the US, as well as operating zinc and lead metallurgical plants at Trail, British Columbia.
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