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Take a Closer Look. Take a Closer Teck 2011 Annual Report Take a closer look. Take Annual Report 2011 Teck Take a closer look. 2011 Annual Report At Teck, we pay close attention to the details, but never lose sight of the bigger picture. Take a closer look. 2011 Annual Report 2011 Highlights Financial • Achieved record revenues of $11.5 billion, record gross profit before depreciation and amortization of $5.8 billion, record cash flow from operations of $4.0 billion and record annual profit attributable to shareholders of $2.7 billion. • Increased our annualized dividend rate to $0.80 per share. • Ended the year with a cash balance of $4.4 billion. Operating and Development • Achieved record annual copper production of 321,000 tonnes. • Completed and advanced feasibility and permitting work on coal projects, with the potential to increase annual coal production to approximately 31 million tonnes per year over the next few years. • Through additional drilling at our coal mines, expanded our proven and probable reserves by 55% from 665 million tonnes of clean coal at the end of 2010 to over one billion tonnes. In addition, our measured and indicated resources now total over 3.6 billion tonnes and our inferred resources over two billion tonnes of raw coal in each case. • Entered into new port services agreements with Westshore Terminals in Vancouver and Ridley Terminals in Prince Rupert to meet anticipated growth in steelmaking coal production from our existing mines, as well as from the anticipated restart of Quintette in northeastern British Columbia. • Advanced feasibility and prefeasibility work on a number of copper projects, including Quebrada Blanca Phase 2 and Relincho, with the potential to increase our annual copper production to 750,000 tonnes per year over the next five to seven years. • Announced a $475 million modernization project for Highland Valley Copper, which will increase plant availability as well as recoveries and mill throughput. • Announced plans to invest $210 million at our Trail Operations to significantly increase our capacity to recycle end-of-life electronics and an additional investment of $125 million for a new acid plant to enhance operating reliability and flexibility as well as improve environmental performance. • Submitted the regulatory application for our Frontier project in northeastern Alberta, based on total planned capacity of approximately 277,000 barrels per day of bitumen. • Announced an agreement to acquire SilverBirch Energy Corporation in January 2012 for a net cash outlay of $435 million that will give us full ownership of the Frontier project, including the Equinox property. • The Wintering Hills Wind Power Project near Drumheller, Alberta, in which we have a 30% interest, became fully operational in November of 2011. Safety • Achieved the lowest total reportable injury frequency in Teck’s history, representing an 18% reduction from the previous year and the fewest number of serious incidents on record. Sustainability • Named to the Dow Jones Sustainability World Index for the second consecutive year. The index recognizes the sustainability performance of the top 10% of companies across the resource sector. • Accepted an invitation to become a member of the United Nations Global Compact LEAD, a sustainability leadership platform uniting over 50 companies from around the world. 2 Teck 2011 Annual Report Revenue ($ in billions) 12 Table of Contents 10 $11.5 8 $9.2 6 $7.7 $6.7 $6.2 4 2 0 2007 2008 2009 2010 2011 Global Operations 4 Letter from the Chairman 6 Letter from the CEO 8 Profit Attributable to Shareholders Our Business 10 ($ in billions) Safety 12 3 Our People 14 Sustainability 17 $2.7 2 Management’s Discussion and Analysis 23 Copper 26 $1.8 $1.8 $1.6 1 Coal 31 Zinc 33 $0.7 Energy 36 0 2007 2008 2009 2010 2011 Exploration 38 Financial Overview 39 Consolidated Financial Statements 58 Cash Flow ($ in billions) Board of Directors 127 Officers 130 4 Corporate Information 132 $4.0 3 $3.3 $3.0 2 Mineral reserve and resource estimates for our properties are disclosed in our most $2.1 recent Annual Information Form, which is available on our website at www.teck.com, or on the Canadian Securities Administrators website at www.sedar.com and on the $1.7 1 EDGAR section of the United States Securities and Exchange Commission (SEC) website at www.sec.gov. Forward-Looking Statements This annual report contains forward-looking statements. Please refer to the caution on 0 2007 2008 2009 2010 2011 forward-looking information on page 57. All dollar amounts expressed throughout this report are in Canadian dollars unless otherwise noted. Note: Amounts for 2011 and 2010 were prepared in Cover Photo: a rock containing copper and molybdenum from accordance with IFRS. Amounts for prior years were Highland Valley Copper. prepared using Canadian GAAP. Legend Corporate Head Office Corporate Office Copper Steelmaking Coal Zinc Energy 4 Teck 2011 Annual Report Global Operations Teck is a diversified natural resource company committed to responsible resource development, with business units focused on copper, steelmaking coal, zinc and energy. We actively explore for copper, zinc and gold in the Americas, Asia Pacific, Europe and Africa. We are headquartered in Vancouver, Canada. We own or have an interest in 13 mines in Canada, the United States, Chile and Peru, as well as one large metallurgical complex in Canada. We also have corporate, exploration, technology and marketing offices in 15 locations across Asia, Australia, Africa, Europe and the Americas. 5 Letter from the Chairman Norman B. Keevil Chairman of the Board To the Shareholders: 2011 was another good year for Teck, with strong performances in our mining operations, record profits, a solid financial position at year-end, and a management team and workforce committed to ensuring that Teck is a company we can all be proud to be a part of, whether as shareholders, employees or members of the communities in which we work. Our coal operations are in good shape, and expanding. Our copper position has never looked better, our zinc business is solid and we have substantial oil sands resources which will result in an important fourth major product line for us in the coming years. Internationally we have had a Pacific focus since before this was conventional wisdom, and our long-standing relationship with Japan’s Sumitomo Metal Mining has been augmented by the recent investment in Teck by China Investment Corporation. In an increasingly globalized economy, relationships such as these are important and to be nurtured. It is a significant anniversary year for Teck and, if I may be permitted a bit of historical reflection, it is exactly 100 years since prospectors Sandy McIntyre and Jim Hughes discovered gold and sunk a 35-foot exploration shaft on claim LI 238 in the bush of Teck Township in Northern Ontario. This would become the Teck-Hughes Mine, which would operate for 50 years before its ore reserves were exhausted. Teck-Hughes Gold Mines Limited would eventually develop the Lamaque gold mine at Val d’Or, Quebec in the 1930s and participate with several other companies in the Mattagami base metal discovery in the 1950s. While the company had enjoyed a measure of success, by the end of its first 50 years it had been surpassed in size and importance by a number of other Canadian mining companies, including Noranda, McIntyre, Inco and Falconbridge. That would soon begin to change. It was 50 years ago, in 1962, that Teck-Hughes, Lamaque and a new oil company, Canadian Devonian Petroleums Ltd., were merged to form Teck Corporation. The new Teck would add oil to its declining gold production, and as time passed would augment this with copper, niobium, zinc, silver, more gold and metallurgical coal mines as it gradually evolved, one step at a time, into Teck Resources Limited, now Canada’s largest diversified mining company. There have been ups and downs along the way, including occasional difficult governments, periods of strong prices and others of recessions, and a long period of slow growth years in the developed world (often described as “20 years of declining prices in real terms”) which we endured until markets finally turned buoyant again in 2006, with strong demand growth from emerging economies. It had not been easy to grow value in those tough years in particular, but we had managed, and were able to enter the current era with a good base of mining assets and opportunities upon which to build further. It was quite a run for those of us involved, including the late Bob Hallbauer, my father, also Norman Keevil, and many others. Each should be proud of having laid part of the groundwork to build this company, perhaps in a small way making “a dent in the universe”, as Steve Jobs would say, and this is being continued ably by the present management team under Don Lindsay. There have always been challenges, not the least of which was that we didn’t have the luxury of starting with a large, world-class orebody such as Broken Hill, Chuquicamata, Sudbury, the Horne Mine or Kidd Creek. Instead we had to assemble the building blocks through the sequential development of smaller, often unrecognized prospects as they were discovered or otherwise became available. 6 Teck 2011 Annual Report This naturally led to our strategic emphasis on continuously augmenting our ore reserve position one brick at a time, adding quality and longevity where possible, and to be being continuously alert to opportunity in order to accomplish this. As my father used to say, reflecting upon his canoeing days with the Geological Survey of Canada, “Never rest on your ores”. It is fair to say that the opportunities that would make a real difference were not always obvious at the time.
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