Teck Reports Delays to Red Dog Concentrate Shipments
July 07 2020 - 2:47PM
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK)
(“Teck”) today reported a failure of the loading arm on one of two
shipping barges at Red Dog Operations’ port in Alaska, on July 3,
2020. Teck has completed testing of the loading arm on the second
shipping barge at the port to ensure its integrity. There were no
injuries or environmental impacts related to this incident.
As a result, the start of the Red Dog shipping season has been
delayed. Teck currently expects that shipping from Red Dog will
begin in approximately 7 days with one barge operational, and that
repairs to the other barge will be completed in approximately 4
weeks. This will affect the timing of customer deliveries. Barring
unforeseen severe weather conditions, Red Dog expects to ship all
of its production during the shipping season, despite the
mechanical incident. Forward-Looking
StatementsThis press release contains certain
forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and
forward-looking information as defined in the Securities Act
(Ontario). Forward-looking statements in this news release include
statements regarding Teck’s expectations for the in-service dates
for the barges at the Red Dog port, the timing of customer
deliveries and the expectation that all of Red Dog’s production
will be shipped during the shipping season. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated. These statements speak only as of the date of
this news release.
These statements are based on a number of assumptions,
including, but not limited to, assumptions regarding market
conditions in the zinc markets, that repairs to the barges go as
planned, that weather during the shipping season is broadly
consistent with prior seasons, and that government action or other
measures in response to the COVID-19 pandemic, or community
opposition, do not limit operations at Red Dog, including by
requiring additional preventative measures up to and including the
suspension of operations, or through impacts on suppliers,
customers or infrastructure providers. Factors that may cause
actual results to vary include, but are not limited to,
unanticipated delays in repairs or the availability of parts and
supplies, there being further measures imposed by regulatory
authorities or undertaken by Red Dog in response to risks posed by
COVID-19 that impact or restrict operations or other parties, and
adverse weather or other operating conditions.
Certain of these risks are described in more detail in the
annual information form of Teck and in its public filings with
Canadian securities administrators and the U.S. Securities and
Exchange Commission. Teck does not assume the obligation to revise
or update these forward-looking statements after the date of this
news release or to revise them to reflect the occurrence of future
unanticipated events, except as may be required under applicable
securities laws.
About Teck Teck is a diversified resource
company committed to responsible mining and mineral development
with major business units focused on copper, steelmaking coal, zinc
and energy. Headquartered in Vancouver, Canada, its 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.
Teck Media Contact:Chris StannellPublic
Relations Manager604.699.4368chris.stannell@teck.com
Teck Investor Contact:Fraser PhillipsSenior
Vice President, Investor Relations and Strategic
Analysis604.699.4621fraser.phillips@teck.com
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