Teck Cominco Limited

Teck Cominco Limited

March 21, 2007 19:37 ET

Teck Cominco Limited Announces Elk Valley Coal's 2007 Sales Volumes And Coal Year Prices

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2007) - Teck Cominco Limited ("Teck Cominco") (TSX: TCK.A, TCK.B, NYSE: TCK) today announced that Elk Valley Coal has completed negotiations for approximately 90% of its anticipated coal sales for the 2007 coal year commencing April 1, 2007. If the remainder of the contracts are settled on similar terms, the average contracted coal price for the 2007 coal year is forecast to be approximately US$91 per tonne, down from US$107 in 2006. The weighted average price of 2007 calendar year coal sales is expected to be approximately US$96 per tonne, down from US$113 in 2006. The 2007 calendar year average price includes approximately six weeks of carryover tonnage from the 2006 coal year.

March's rail performance to date has been negatively affected by avalanches in the mountains and a significant rail line washout west of Kamloops, British Columbia. Rail service to the west coast ports has now been restored and sales volumes for the quarter are expected to be approximately 4.5 million tonnes, depending on vessel loadings to quarter end. Weather related transportation risks may continue into the second quarter. For the 2007 calendar year, sales volumes are expected to be in the range of 21.5 to 23 million tonnes. Reduced sales volumes for the first quarter and low port inventory levels have restricted Elk Valley Coal's ability to maximize sales volumes for the calendar year while maintaining product quality targets.

Teck Cominco is the managing partner of and has a 40% direct interest in the Elk Valley Coal Partnership.

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 can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variation of such words and phrases or state that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck Cominco to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Certain of these risks are described in more detail in the annual information form of the company and in its public filings with the SEC and Canadian securities administrators. The company 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.

Contact Information

  • Teck Cominco Limited
    Ronald A. Millos
    Senior Vice President Finance and Chief Financial Officer
    (604) 687-1117
    (604) 687-6100 (FAX)
    Website: www.teckcominco.com