Teck Cominco Limited

Teck Cominco Limited

May 16, 2006 14:45 ET

Teck Cominco Limited Announces Arrangements Regarding Exchangeable Debentures Due 2024

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 16, 2006) - Teck Cominco Limited (TSX:TEK.MV.A)(TSX:TEK.SV.B) announced today that it has made arrangements for the orderly exchange of its exchangeable debentures due 2024 (the "Debentures"). There are approximately $112 million principal amount of Debentures outstanding, exchangeable into 11,489,370 Class B subordinate voting shares of Teck Cominco. As previously announced, Teck Cominco anticipates that holders of the Debentures may wish to exchange those Debentures as a result of the recent increase in the dividend on Teck Cominco's Class B subordinate voting shares. When Debentures are tendered for exchange, Teck Cominco has the right, under the terms of the Debentures, to satisfy its principal repayment obligations with Class B subordinate voting shares or cash or a combination thereof, and has the right to designate a purchaser of the Debentures. Teck Cominco will, in respect of Debentures tendered for exchange prior to May 31, 2006, designate a purchaser to acquire the Debentures for consideration consisting of Class B subordinate voting shares plus cash for any accrued but unpaid interest.

About Teck Cominco

Teck Cominco is a diversified mining company, headquartered in Vancouver, Canada. Shares are listed on the Toronto Stock Exchange under the symbols TEK.MV.A and TEK.SV.B. The company is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold and specialty metals. Further information can be found at www.teckcominco.com.

This media release is not, and should not be construed as, an offer to sell or a solicitation of an offer to buy securities in any jurisdiction.

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