Teck Resources Limited

Teck Resources Limited

April 02, 2011 20:11 ET

Teck Announces Memorandum of Settlement Reached at its Elkview Operation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 2, 2011) - Teck Resources Limited ("Teck"), (TCK.A and TCK.B, NYSE: TCK) announced today that Teck and Local 9346 of the United Steelworkers of America have reached a memorandum of settlement covering the Elkview operation. A previous tentative agreement announced on March 15, 2011 was not ratified by the union membership. With the assistance of mediator Vince Ready, additional talks have led to this memorandum of settlement.

The parties agree that they will be recommending this memorandum of settlement to their respective groups. The union ratification vote is scheduled to be complete by Thursday, April 7, 2011. If the agreement is ratified, production at the mine could resume by Friday, April 8, 2011. No other terms of the agreement will be disclosed until ratification occurs. 

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 include statements regarding Teck's expectations regarding the resumption of coal production at the Elkview Mine.

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, unplanned disruptions in production or transportation, including due to weather or natural disaster, changes in general economic conditions or conditions in the markets for metallurgical coal, difficulties in obtaining union ratification of the Tentative labour agreement 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 Resources

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 TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. www.teck.com

Contact Information

  • Media Contact:
    Teck Resources Limited
    Marcia Smith
    Vice President Corporate Affairs
    Investor Contact:
    Teck Resources Limited
    Greg Waller
    Vice President Investor Relations & Strategic Analysis