Teck Resources Limited

Teck Resources Limited

February 04, 2010 08:30 ET

Teck Announces BCUC Approval of Waneta Dam Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2010) - Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) announced today that the British Columbia Utilities Commission (BCUC) has approved the sale of a one-third interest in the Waneta Dam to the British Columbia Hydro and Power Authority for $825 million and has concluded that the expenditure proposed by BC Hydro in connection with the transaction is in the public interest. This approval was a condition of closing of the transaction. Teck expects to close the transaction within the next 10 business days.

Forward-Looking Statements

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 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. These forward-looking statements include statements concerning the timing of closing of the sale of an interest in the Waneta Dam. Events or circumstances could cause actual results to differ materially.

Factors that may cause actual results to vary include, but are not limited to, risks relating to the failure of other conditions of closing of the proposed transaction, 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 Teck

Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. Further information about Teck can be found at www.teck.com.

Contact Information

  • Teck Resources Limited - Vancouver
    Greg Waller
    Vice President, Investor Relations & Strategic Analysis
    (604) 699-4014
    Teck Metals Limited - Trail
    Richard Deane
    Manager, Energy & Public Affairs
    (250) 364-4118