Teck Announces Agreement in Principle with Westshore
August 25 2020 - 8:08PM
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK)
(“Teck”) announced today it has signed a non-binding term sheet
reflecting an agreement in principle with Westshore Terminals
Limited Partnership (“Westshore”) on proposed terms for the
shipment of steelmaking coal following expiry of the current
contract on March 31, 2021.
The proposed agreement will provide for the shipment of between
5 and 7 million tonnes annually at fixed loading charges. The 5 to
7 million tonne range will apply for the 9 months from April –
December 2021 and for each 12-month period (January – December) in
subsequent years until the contract volume is concluded. Teck will
ship 32.25 million tonnes under the agreement.
The proposed agreement with Westshore complements upgrades
underway at Neptune Terminals and capacity at Ridley Terminals.
Together, these will provide greater flexibility and optionality
for Teck shipments and contribute to reduced costs and improved
performance and reliability throughout the company’s steelmaking
coal supply chain.
The proposed agreement is subject to definitive documentation,
and the financial terms of the agreement will not be made
public.
Forward-Looking Statements - Teck This 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 and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential" or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "should", "would", "might" or "will" be
taken, occur, or be achieved. Forward-looking statements include
statements regarding the terms of a binding agreement with
Westshore, annual and total shipping volumes under that agreement,
and Teck’s expectations for greater flexibility, optionality,
reduced costs and improved performance throughout Teck's
steelmaking coal supply chain.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of Teck to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Factors
that may cause actual results to vary include, but are not limited
to, the parties’ ability to finalize the terms of and enter into a
binding agreement, operational difficulties, including those caused
by inclement weather, failures in performance of other logistics
providers, including rail service providers, unplanned disruptions
in transportation and terminal services, changes in general
economic conditions, permitting issues or changes in laws or
regulations, failures in performance by contractual counterparties,
and other risk factors as detailed from time to time in Teck's
reports filed with Canadian securities administrators and the U.S.
Securities and Exchange Commission.
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
document or to revise them to reflect the occurrence of future
unanticipated events, except as may be required under applicable
securities laws.
About TeckTeck 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.
Investor Contact:Fraser Phillips Senior Vice
President, Investor Relations & Strategic Analysis 604.699.4621
fraser.phillips@teck.com
Media Contact:Chris Stannell Public Relations
Manager604.699.4368chris.stannell@teck.com
Teck Resources (NYSE:TECK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Teck Resources (NYSE:TECK)
Historical Stock Chart
From Sep 2023 to Sep 2024