Teck Cominco Limited

Teck Cominco Limited

May 19, 2006 21:05 ET

Teck Cominco Limited Announces Reclassification of Certain Balance Sheet Items

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 19, 2006) - Teck Cominco Limited (TSX:TEK.MV.A)(TSX:TEK.SV.B) announced today that it has changed the presentation of certain items in its annual financial statements for 2005 and interim financial statements for the first quarter of 2006 to reflect a reclassification of certain temporary investments on its balance sheet and cash flow statement. The reclassification does not affect Teck Cominco's reported earnings or cash flows from operating activities. Teck Cominco has refiled the relevant financial statements.

Historically, Teck Cominco reported cash and temporary investments on an aggregated basis. The components of this balance were disclosed in a note to the financial statements by type and maturity at the acquisition date. The new presentation reports cash and cash equivalents in the balance sheet separately from money market investments with maturities from the date of acquisition greater than three months and up to twelve months, which are now presented as temporary investments in the balance sheet. The reclassification results in Teck Cominco's previously reported cash and temporary investments of $3.165 billion at March 31, 2006, $3.084 billion at December 31, 2005 and $907 million at December 31, 2004 being disclosed as two separate line items on the balance sheet as follows:

March 31 December 31 December 31
($ in millions) 2006 2005 2004

Cash and cash equivalents $ 1,390 $ 2,098 $ 875
Temporary investments 1,775 986 32


$ 3,165 $ 3,084 $ 907

Conforming changes have been made in the statement of cash flows.

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.

Contact Information

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