Teck Announces $0.15 Dividend and $400 Million Share Buyback

Teck Resources Limited announced today that its Board of Directors has approved the distribution of cash to shareholders through both a dividend and share repurchase mandate. Teck will pay an eligible dividend of $0.15 per share on its outstanding Class A common shares and Class B subordinate voting shares on December 31, 2018, to shareholders of record at the close of business on December 14, 2018. This dividend represents the regular quarterly dividend of $0.05 per share contemplated by Teck’s dividend policy and a supplemental dividend of $0.10 per share.

In addition to the $86 million aggregate dividend payment, the Board has directed management to apply $400 million to the repurchase of Class B subordinate voting shares under Teck’s previously announced normal course issuer bid program, including the $73.5 million of purchases made since that program received regulatory approval in October. Taking into account the $0.15 per share of base dividends already paid in 2018, this represents $573 million in aggregate of dividends and share repurchases.

“Share repurchases under our normal course issuer bid are an appropriate use of capital at this time given the value inherent in our shares and the positive outlook for our business,” said Don Lindsay, President and CEO, Teck (above). “The process to bring a partner into our Quebrada Blanca Phase 2 copper development project is proceeding very well, and we expect that a transaction could be announced in December and closed in the first half of 2019.”

Teck’s normal course issuer bid program authorizes Teck to purchase up to 40 million Class B subordinate voting shares through the period ending October 9, 2019. Teck intends to purchase shares opportunistically over this period. The company will determine the timing of any purchases, and may repurchase fewer or a greater number of shares, subject to the requirements of the issuer bid program.

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.