Teck Cominco Limited
TSX : TEK.MV.A
TSX : TEK.SV.B

Teck Cominco Limited

April 24, 2006 18:00 ET

Teck Cominco Reports Net Earnings of $448 Million for the First Quarter

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2006) - Don Lindsay, President and CEO said, "Compared with a year ago, the company had a strong first quarter as a result of higher metal and coal prices, despite seasonally low sales volumes from Red Dog and lower copper, molybdenum and coal sales volumes."

Highlights and Significant Items

- Unaudited net earnings were $448 million or $2.19 per share in the first quarter, compared with $205 million or $1.01 per share in the first quarter of 2005. Included in first quarter earnings were after-tax gains from the sale of investments of $58 million.

- Cash flow from operations, before changes to non-cash working capital items, was $461 million in the first quarter compared with $288 million in the first quarter of 2005.

- The company and Falconbridge Ltd. (50/50 joint venture partners) are planning a restart of the closed Lennard Shelf zinc operations in Australia. The plan is subject to the final approval of both companies.

- The Pogo mine commenced operations in the first quarter though mill throughput has not reached design capacity due to bottlenecks in the tailings filtration plant. Commissioning issues are being addressed.

- A pre-feasibility study for the Morelos gold project in Mexico was initiated in the first quarter, with results expected by the first quarter of 2007.

- The Elk Valley Coal Partnership reached agreement on prices with its major customers for the 2006 coal year beginning April 1, 2006, at an average price of US$107 per tonne.

- During the first quarter, the company paid $81 million of dividends, repaid corporate debt of $210 million and incurred $128 million of capital expenditures. Cash increased by $81 million in the quarter to $3.2 billion against total long-term debt of $1.5 billion excluding the Inco exchangeable debentures.

Management's Discussion and Analysis of Financial Position and Results of

Operations

This discussion and analysis of financial condition and results of operations of Teck Cominco Limited is prepared as at April 24, 2006, and should be read in conjunction with the unaudited consolidated financial statements of Teck Cominco Limited and the notes thereto for the three months ended March 31, 2006 and with the audited consolidated financial statements of Teck Cominco Limited and the notes thereto for the year ended December 31, 2005. In this discussion, unless the context otherwise dictates, a reference to Teck Cominco or the company refers to Teck Cominco Limited and its subsidiaries including Teck Cominco Metals Ltd. and a reference to Teck Cominco Metals refers to Teck Cominco Metals Ltd. and its subsidiaries. Additional information relating to the company, including the company's annual information form, is available on SEDAR at www.sedar.com.

Earnings

Unaudited net earnings in the first quarter were $448 million or $2.19 per share compared with net earnings of $205 million or $1.01 per share in the first quarter of 2005. Included in the first quarter net earnings were after-tax gains from the sale of investments of $58 million ($71 million before tax).

The significantly higher net earnings in the quarter, excluding the gain on sale of investments, were mainly the result of higher prices for the company's products. Average LME cash prices for copper and zinc were US$2.24 and US$1.02 per pound respectively in the quarter, up significantly from US$1.48 and US$0.60 per pound respectively compared with the first quarter in 2005. Coal prices averaged US$122 per tonne in the first quarter of 2006 compared with US$61 per tonne a year ago. A lower Canadian/U.S. dollar exchange rate of 1.16 in the first quarter compared with 1.23 a year ago partially offset the higher commodity prices.

Operating profit in the first quarter almost doubled to $624 million from $319 million in the same period in 2005, with significantly higher profits from Trail, Elk Valley Coal, and copper operations due to higher commodity prices. Partially offsetting the higher commodity prices were a weaker U.S. dollar, and lower sales volumes for copper, coal and molybdenum compared with a year ago. With rising metal prices, first quarter operating results included $67 million of revenues from final concentrate pricing, which related to copper and zinc sales in the fourth quarter of 2005, compared with $9 million a year ago.

Cash Flow

Cash flow from operations, before changes to non-cash working capital items, was $461 million in the first quarter compared with $288 million in the first quarter of 2005 due to higher operating profits.

Cash flow after non-cash working capital changes was $371 million compared with $309 million in the first quarter of 2005. The increase in receivables and inventories was due mainly to a buildup of inventories at the Red Dog mine and timing of sales.

Revenues

Revenues are affected by sales volumes, commodity prices and currency exchange rates. Comparative data for production and sales as well as revenues are presented in the tables on pages 4 and 5. Average commodity prices and Canadian/U.S. dollar exchange rate are presented in the table below.

Revenues from operations were $1.3 billion in the first quarter of 2006 compared with $928 million in the same period a year ago. The increase over the first quarter of 2005 was due mainly to significantly higher prices for copper, zinc and coal. Sales volumes of metallurgical coal were 6% lower compared with the first quarter of 2005 due to timing of shipments and general market conditions. Molybdenum sales were 25% lower than a year ago as a result of reduced production out of Highland Valley Copper in the current quarter. Copper sales volumes of 56,000 tonnes were 19% lower than the first quarter of 2005 because of timing of revenue recognition, with some concentrate shipments in late March to be recognized as sales in the second quarter because title had not been passed to customers.



AVERAGE METAL PRICES AND EXCHANGE RATE
--------------------------------------
First Quarter
----------------------------
2006 2005 % Change

Copper (LME Cash - US$/pound) 2.24 1.48 +51%
Zinc (LME Cash - US$/pound) 1.02 0.60 +70%
Lead (LME Cash - US$/pound) 0.56 0.44 +27%
Gold (LME PM fix - US$/ounce) 554 427 +30%
Molybdenum (realized - US$/pound) 20 27 -26%
Coal (realized - US$/tonne) 122 61 +100%
Canadian/U.S. exchange rate (Bank of Canada) 1.16 1.23 -6%


Sales of metals in concentrate are recognized in revenues when title transfers and the rights and obligations of ownership pass to the customer, which usually occurs upon shipment. However, final pricing may not be determined until a subsequent date, which often occurs in the following quarter. Accordingly, revenue in a quarter includes estimated prices for sales occurring in the quarter and final pricing adjustments from sales that occurred in previous periods. These final pricing adjustments result in additional revenues in a rising price environment and reductions to revenue in a declining price environment. The amount of additional revenues recognized by the company on any price increases will be reduced by any price participation deductions as provided in the smelting and refining agreements.

At December 31, 2005, outstanding receivables included 192 million pounds of copper provisionally valued at US$2.03 per pound and 205 million pounds of zinc provisionally valued at US$0.87 per pound. During the first quarter of 2006, 178 million pounds of copper included in the December 31, 2005 receivables were settled at an average final price of US$2.24 per pound and 189 million pounds of zinc were settled at an average final price of US$0.98 per pound.

At March 31, 2006, outstanding receivables included 137 million pounds of copper provisionally valued at US$2.49 per pound and 97 million pounds of zinc provisionally valued at US$1.22 per pound.



PRODUCTION AND SALES (Note 1)
-----------------------------
Production Sales
--------------- ---------------
First Quarter First Quarter
2006 2005 2006 2005
-------------------------------------------------------------------------
TRAIL METAL OPERATIONS

Refined Zinc - Thousand tonnes 74 71 75 68

Refined Lead - Thousand tonnes 24 22 23 22

Surplus Power - GW.h - - 249 194

MINE OPERATIONS (Note 2)

Zinc - Thousand tonnes
Red Dog 135 136 115 109
Antamina 6 14 8 15
Pend Oreille 9 10 9 10
Louvicourt - 1 - 1
---------------------------------------------------------------------
150 161 132 135
Copper - Thousand tonnes
Highland Valley Copper 36 38 44 46
Antamina 23 21 12 21
Louvicourt - 2 - 2
---------------------------------------------------------------------
59 61 56 69

Lead - Thousand tonnes
Red Dog 30 21 5 2
Pend Oreille 1 1 1 1
---------------------------------------------------------------------
31 22 6 3

Molybdenum - Thousand pounds
Highland Valley Copper 1,182 1,965 1,010 1,843
Antamina 929 634 1,024 870
---------------------------------------------------------------------
2,111 2,599 2,034 2,713
Gold - Thousand ounces
Hemlo 53 62 56 64
Pogo (Note 3) 7 - 3 -
Other 3 4 2 4
---------------------------------------------------------------------
63 66 61 68
Coal - Thousand tonnes
Elk Valley Coal (Note 4) 2,294 2,527 2,020 2,160

Notes:
(1) The table presents the company's share of production and sales
volumes.
(2) Production and sales volumes of base metal mines refer to metals
contained in concentrate.
(3) Pogo operations have not reached commercial production levels and
the results from operations are not included in the company's
earnings.
(4) Results of the Elk Valley Coal Partnership represent the company's
39% direct interest in the Partnership commencing April 1, 2005 and
38% from April 1, 2004 to March 31, 2005. Effective April 1, 2006,
the company's direct interest increased to 40%.


REVENUES, DEPRECIATION AND OPERATING PROFIT
-------------------------------------------
Depreciation Operating
and Profit
Revenues Amortization (Note 1)
---------------- --------------- ---------------
First Quarter First Quarter First Quarter
($ in millions) 2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Zinc
Trail (including
power sales) $ 363 $ 269 $ 11 $ 11 $ 71 $ 21
Red Dog 216 101 12 15 138 43
Pend Oreille 18 11 4 4 6 (1)
Inter-segment sales
and other (63) (27) - - (17) 1
-----------------------------------------------------------------------
534 354 27 30 198 64
Copper
Highland Valley Copper 299 238 10 15 205 134
Antamina 111 116 6 9 90 73
Louvicourt - 10 - 2 - 5
-----------------------------------------------------------------------
410 364 16 26 295 212
Gold
Hemlo 37 34 7 6 4 3

Coal
Elk Valley Coal (Note 2) 292 176 7 8 127 40
-------------------------------------------------------------------------
TOTAL $1,273 $ 928 $ 57 $ 70 $ 624 $ 319
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Notes:
(1) Depreciation and amortization are deducted in calculating operating
profit.
(2) Results of the Elk Valley Coal Partnership represent the company's
39% direct interest in the Partnership commencing April 1, 2005 and
38% from April 1, 2004 to March 31, 2005. Effective April 1, 2006,
the company's direct interest increased to 40%.


Operations

Trail Smelter and Refineries (100%)
Three months ended
March 31
----------------------
100% 2006 2005
----

Zinc production (000's tonnes) 74.4 71.4
Lead production (000's tonnes) 23.5 21.5
Zinc sales (000's tonnes) 74.9 68.4
Lead sales (000's tonnes) 23.2 21.9
Surplus power sold (GW.h) 249 194
Power price (US$/megawatt hr) 50 53
Operating profit ($ millions)
- Metal operations 62 13
- Power sales 9 8


Trail metal operations operated well in the first quarter with refined zinc production increasing by 4% over last year to 74,400 tonnes. Lead production increased by 9% to 23,500 tonnes due to record performance of the Kivcet lead smelter.

Operating profit improved significantly to $62 million from $13 million a year ago due mainly to significantly higher zinc prices and increased sales volumes for zinc and lead, partially offset by a weaker U.S. dollar. Operating profit in the first quarter of 2005 was adversely affected by the costs incurred during the Kivcet maintenance shutdown which totalled $14 million.

Operating profit from surplus power sales was slightly higher than a year ago at $9 million, as increased power sales were partially offset by lower power prices and the effect of a weaker U.S. dollar compared with the first quarter of 2005.

Construction of the tin removal process in the drossing plant continued on schedule during the quarter and commissioning is expected to be completed by early May. This will increase Trail's indium production capacity to over 75,000 kilograms per year. Forecast production for 2006 is 52,000 kilograms.



Red Dog (100%)

Three months ended
March 31
----------------------
100% 2006 2005
----
Tonnes milled (000's) 759 711
Zinc grade (%) 21.7 22.2
Lead grade (%) 6.6 4.8
Zinc recovery (%) 82.3 86.6
Lead recovery (%) 58.9 61.0
Zinc production (000's tonnes) 135.4 136.4
Zinc sales (000's tonnes) 114.9 109.0
Lead production (000's tonnes) 29.6 20.7
Lead sales (000's tonnes) 4.6 1.8
Operating profit ($ millions) 138 43


Mill throughput at Red Dog was 7% higher than a year ago when unscheduled maintenance shutdowns adversely affected production in the first quarter of 2005. Zinc production was similar to last year as the higher throughput was offset by lower mill recoveries due to the ore type processed in the quarter. Lead production of 29,600 tonnes was 43% higher than a year ago due mainly to higher ore grades.

Significantly higher zinc prices and revenues of $25 million from final concentrate pricing resulted in an operating profit of $138 million in the first quarter compared with $43 million in 2005.

Zinc in concentrate sales in the second quarter of 2006 are estimated to be 62,000 tonnes compared with sales of 52,000 tonnes in the second quarter of 2005. Due to the seasonality of shipments, sales in the first two quarters of 2006 are significantly lower than sales of 197,000 tonnes and 186,000 tonnes respectively in the third and fourth quarters of 2005.



Antamina (22.5%)

Three months ended
March 31
----------------------
100% 2006 2005
----
Tonnes milled (000's) 7,549 7,072
Copper grade (%) 1.47 1.41
Zinc grade (%) 0.61 1.16
Copper recovery (%) 90.4 90.2
Zinc recovery (%) 79.0 84.8
Copper production (000's tonnes) 101.2 91.9
Copper sales (000's tonnes) 84.6 92.3
Zinc production (000's tonnes) 26.3 59.8
Zinc sales (000's tonnes) 33.6 63.9
Molybdenum production (000's pounds) 4,129 2,817
Molybdenum sales (000's pounds) 4,553 3,867
Company's share of operating profit ($ millions) 90 73


Mill throughput in the first quarter was 7% higher than the same period a year ago due mainly to a favourable ore mix. Copper-only ore accounted for 78% of mill throughput compared with 63% in the first quarter of 2005. As a result, copper production increased by 10% to 101,200 tonnes while zinc production was significantly lower at 26,300 tonnes compared with 59,800 tonnes last year. Molybdenum production in the first quarter was significantly higher than last year due mainly to the increased copper-only ores processed in the quarter and higher mill recoveries resulting from process improvements that were completed in the second quarter of 2005.

Copper sales volumes of 84,600 tonnes in the first quarter were lower than 92,300 tonnes in the same period in 2005, as some shipments in March will be recognized in sales revenues in the second quarter because title and ownership have not been passed to the customers. Zinc sales volumes were approximately one-half of last year's due to lower production volumes.

The company's share of molybdenum revenues in the first quarter was similar to last year at $21 million, as a lower realized molybdenum price, which averaged US$18 per pound compared with US$24 per pound last year, offset the effect of the increased sales volumes.

Despite significantly lower copper sales volumes, the company's 22.5% share of operating profit in the first quarter was $90 million, including $15 million of revenues from final concentrate pricing, compared with operating profits of $73 million in the first quarter of 2005.

The company's share of copper sales in the second quarter is estimated to be higher at 30,000 tonnes as an unusually high volume of copper concentrate shipments in late March will be recognized as sales in the second quarter.

Mine production for the year on a 100% basis is estimated to be 390,000 tonnes of copper and 165,000 tonnes of zinc in concentrate.

On the acquisition of the company's interest in the Antamina mine, the company granted the vendor a net profits royalty equivalent to 7.4% of the company's share of project net cash flow after recovery of capital costs and an interest factor. The company commenced accruing this royalty expense at the end of February 2006, with the first payment to be made on May 15. Royalty expense in the first quarter amounted to $2.5 million.



Highland Valley Copper (97.5%)

Three months ended
March 31
----------------------
100% 2006 2005
----
Tonnes milled (000's) 10,905 11,435
Copper grade (%) 0.367 0.383
Copper recovery (%) 91.5 88.5
Copper production (000's tonnes) 36.7 38.7
Copper sales (000's tonnes) 44.7 46.9
Molybdenum production (000's pounds) 1,212 2,016
Molybdenum sales (000's pounds) 1,035 1,890
Company's share of operating profit ($ millions) 205 134


Copper production was 5% lower than the first quarter of 2005 due mainly to lower throughput which resulted from the processing of harder ore types in the quarter. Molybdenum production was 40% lower than a year ago due mainly to lower ore grades.

Copper sales volumes were 5% lower than a year ago, but were in excess of production as mine site inventories were reduced. Molybdenum revenues were $26 million in the first quarter, significantly lower than $68 million in the first quarter of 2005 due mainly to a 45% reduction in sales volumes and a lower realized molybdenum price of US$22 per pound compared with US$29 per pound in the first quarter of 2005.

Despite lower molybdenum revenues, operating profit in the first quarter of 2006 was $205 million compared with $134 million a year ago due to significantly higher copper prices and revenues from final concentrate pricing of $27 million.



Hemlo Gold Mines (50%)

Three months ended
March 31
----------------------
100% 2006 2005
----
Tonnes milled (000's) 809 894
Grade (g/tonne) 4.40 4.63
Mill recovery (%) 93.3 93.7
Production (000's ozs) 106.9 124.7
Sales (000's ozs) 111.6 128.4
Cash operating cost per ounce (US$) 412 317
Company's share of operating profit ($ millions) 4 3


Mill throughput was 10% lower than last year due to equipment availability and excess water in the Williams pit caused by heavy rains, which restricted mining activities. As a result, gold production declined by 17,800 ounces to 106,900 ounces in the first quarter of 2006. The average gold price realized in the first quarter was US$544 (C$628) per ounce compared with US$429 (C$526) per ounce in 2005.

Cash operating costs increased to US$412 per ounce from US$317 per ounce in the first quarter of 2005 due in part to higher mining costs, the effect of the lower production ounces and the translation of Canadian dollar costs at a less favourable Canadian/U.S. dollar exchange rate. The higher gold price was largely offset by the increased operating costs resulting in operating profits of $4 million, slightly higher than a year ago.



Elk Valley Coal Partnership (39%)

Three months ended
March 31
----------------------
100% 2006 2005
----
Coal production (000's tonnes) 5,882 6,651
Coal sales (000's tonnes) 5,180 5,683
Average sale price (US$/tonne) 122 61
Average sale price (Cdn$/tonne) 144 81
Cost of product sold (Cdn$/tonne) 40 28
Transportation (Cdn$/tonne) 38 31
Company's share of operating profit ($ millions)(i) 127 40

(i) Results from Elk Valley Coal Partnership represent the company's 39%
direct interest from April 1, 2005 and 38% from April 1, 2004 to
March 31, 2005. The company's direct interest in Elk Valley Coal
increased to 40% effective April 1, 2006.


Coal production decreased by 12% in the first quarter compared with the same period last year, as production was curtailed due to rising inventories as a result of customers delaying shipments. Coal sales were 700,000 tonnes lower than production in the first quarter and 9% lower than last year. Unit mine operating costs increased significantly due to higher input costs, including fuel, and the effect of the lower production. Transportation costs increased due to higher port rates that are tied to the higher coal prices and to higher rail rates.

The average coal price doubled in the first quarter to US$122 per tonne reflecting the 2005 coal year prices which were significantly higher than the 2004 coal year prices realized in the first quarter of 2005. The company's share of operating profit was $127 million compared with $40 million in the first quarter of 2005 due to the higher coal price, partially offset by the higher operating costs and lower sales volumes.

During the first quarter, Elk Valley Coal settled substantially all of its contracts for the 2006 coal year at an average price across all coal products of approximately US$107 per tonne compared with US$122 per tonne for the 2005 coal year. In addition to a lower contract price for hard coking coal, the lower average price is also affected by a higher component of lower priced thermal and PCI coal products in the new coal sales contracts. On a calendar year basis, and taking into account the carry-over of 2005 coal year sales, the average calendar year price is expected to be approximately US$112 per tonne compared with US$99 per tonne in 2005.

Due to market conditions, there has been substantial variability in Elk Valley Coal's sales volumes. Sales in 2006 are expected to be between 22 and 25 million tonnes.

Negotiations are in progress to settle the collective agreements at the Elkview mine, which expired at the end of October 2005, and the Fording River mine, which expires at the end of April 2006.

Elk Valley Coal has given notice to Westshore Terminals that it is requesting a review of the port loading rate under its contract with Westshore Terminals for the Elkview operations effective April 1, 2005. Arbitration to determine the rate is scheduled for the second quarter of 2006.

Costs and Expenses

Interest expense of $27 million in the first quarter of 2006 was higher than the $13 million recorded in the first quarter of 2005 mainly as a result of the US$1.0 billion bond issue completed in September 2005.

Administration expense was $9 million higher in the first quarter compared with a year ago, primarily due to an increase in stock-based compensation expense as a result of the appreciation of the company's share price.

Included in other income of $120 million in the first quarter were $71 million in gains on sale of investments, $37 million of interest income and $15 million in investment income from the company's holding of Fording Canadian Coal Trust units.

Income and resource taxes included capital gains taxes of $13 million on the gain on sale of investment of $71 million. Excluding these amounts, income and resource taxes on earnings of $610 million were $220 million or 36%. This composite tax rate was higher than the Canadian Statutory rate of 34% as it includes the effect of provincial mineral taxes in Canada, which increases the overall tax rate for certain operations. Partially offsetting this was the effect of depletion allowances in Canada and the United States.

Financial Position and Liquidity

Cash flow from operations, before changes to non-cash working capital items, was $461 million in the first quarter compared with $288 million a year ago due mainly to higher operating profits. Cash flow from operations, after changes in non-cash working capital items, was $371 million compared with $309 million in the previous year. The increase in non-cash working capital items was due in part to a buildup of inventory at Red Dog, which is seasonal, and at the Elk Valley Coal Partnership.

Capital expenditures in the first quarter were $74 million of which $44 million was sustaining capital and $30 million was for development projects. Funding for the Fort Hills oil sands project totalling $54 million, including the purchase of additional oil sand leases and land purchased for the upgrader site. The company received $110 million on the sale of investments in the period.

Cash used on financing activities in the first quarter included $81 million of dividends and long-term debt repayments of $210 million, of which US$150 million was for the debenture which matured in February 2006.

After paying $81 million of dividends, $210 million to reduce corporate debt and $128 million on capital expenditures and investments, the company increased its cash position by $81 million in the quarter to $3.2 billion at March 31, 2006, against total long-term debt of $1.5 billion excluding the Inco exchangeable debentures.

The company also had bank credit facilities aggregating $1.1 billion. Unused credit lines under these facilities amounted to $920 million.

Corporate Development

Construction of the Pogo mine in Alaska was completed in the first quarter except for the installation of the underground ore conveying system which is expected to be fully operational in the second quarter. Underground development and commissioning of the mine and mill are ongoing. Performance of the mill grinding and flotation circuits has met expectations but design throughput cannot be sustained because of inadequate tailings filtration capacity. Although the mine was expected to be in commercial production by the end of the second quarter, the current expectation is that it will operate at approximately 50-60% of design capacity at that time. The company intends, subject to management committee approval, to install a third filter at a cost of approximately US$10-12 million and undertake other filter plant modifications. Full production is not expected to be achieved until after the modifications are fully operational in the first quarter of 2007. Operating income or loss before commencement of commercial production will be capitalized as part of development costs.

The company and Falconbridge Ltd., 50/50 joint venture partners in the closed Lennard Shelf zinc operations in Australia, are planning a restart of operations at the Pillara mine and concentrator. The estimated total capital cost is A$23 million (C$20 million) excluding initial working capital requirements. The annual production rate is estimated to be 70,000 to 80,000 tonnes of zinc in concentrate during a mine life of four to five years. Mill startup is anticipated in January 2007 with full production by the end of the first quarter in 2007. The plan is subject to the final approval of both companies.

A pre-feasibility study for the Morelos gold project in Mexico began in the first quarter, including in-fill drilling, geotechnical, engineering and environmental studies. The results of the study are expected in the first quarter of 2007.

Fort Hills Energy Limited Partnership (Teck Cominco 15%), which is developing the Fort Hills oil sands project located 90 kilometres north of Fort McMurray, Alberta, purchased two additional oil sands leases for $60 million in the first quarter. The newly acquired leases are adjacent to the north boundary of the existing three Fort Hills oil sands leases and cover 12,986 acres, increasing the total land holdings to 58,138 acres. Development of the project is progressing with engineering and design work and a preliminary cost estimate is expected to be completed near the end of 2006.

On April 20, 2006 the Fort Hills Energy Limited Partnership published a document in connection with the permitting process for its Sturgeon Country upgrader including a potential first phase upgrader capacity of up to 170,000 barrels of bitumen per day, with ultimate capacity of up to 350,000 to 400,000 barrels of bitumen per day. This is substantially larger than the previously announced capacity. The Partnership will make a final decision regarding upgrader capacity later next year in the context of feasibility work on the Fort Hills oil sands project as a whole.

Outlook

Except as discussed above in relation to Pogo, and elsewhere in relation to specific operations, there are no significant changes expected in operating plans or production rates at the company's operations for the balance of 2006.

The company reported record profits in the first quarter of 2006 due mainly to significantly higher commodity prices. Copper and zinc prices continued to move upward to all time highs subsequent to the quarter-end, with LME inventory levels for copper and zinc remaining at low levels and new short-term metal supplies constrained.

The continuing strengthening of the Canadian dollar relative to the U.S. dollar has a negative impact on the company's earnings as the prices of the company's products are denominated in U.S. dollars and a significant portion of the company's operating costs are Canadian dollar based.

The company's capital expenditures are estimated to be approximately $400 million for the year, including $190 million of sustaining capital expenditures at the company's operations and $210 million on development projects. Majority of the development costs will be spent on the Highland Valley Copper mine life extension and the Fort Hills oil sand project.

Contingencies

Lake Roosevelt

On November 11, 2004, the District Court for Eastern Washington State denied a motion by TCML to dismiss, for want of jurisdiction, a citizen's suit brought by two members of the Confederated Tribes of the Colville Reservation (the "Tribes") supported by the State of Washington. On February 14, 2005, the Federal Court of Appeals for the 9th Circuit granted TCML's petition for permission to appeal and the District Court entered a stay of proceedings (the "Stay") pending the appeal. The Government of Canada, the Mining Association of Canada and the Canadian Chamber of Commerce, the US Chamber of Commerce and the US National Mining Association filed amicus briefs in support of TCML's position. Oral argument of the appeal was heard on December 5, 2005 in Seattle, Washington and the Court reserved judgment.

In September 2005, the District Court lifted the Stay to allow the State of Washington and the Tribes to add the Tribes as an additional plaintiff and to file amended complaints adding the State's and the Tribes' claims for natural resource damages and cost recovery under the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"). On September 29, 2005, the individual plaintiffs also served notice of their intention to file suit under the US Resource Conservation and Recovery Act ("RCRA") seeking injunctive relief and costs.

The original citizen's suit was brought pursuant to Section 310(a)(i) of CERCLA to enforce a unilateral administrative order issued by the US Environmental Protection Agency (EPA) purporting to require TCML to conduct a remedial investigation and feasibility study with respect to metal contamination in the sediments of the Upper Columbia River and Lake Roosevelt. The EPA issued the order shortly after breaking off negotiations with the company during which TCML offered to fund human health and ecological studies, to address the possible impact of historical discharges from the Trail Metallurgical Operations in British Columbia. Both the Canadian government and the company have the view that the EPA does not have jurisdiction to apply US law in Canada.

The Government of Canada and the Government of the US are continuing to pursue a bilateral agreement to facilitate the studies and appropriate remediation to address environmental concerns about the area. The company continues to pursue a cooperative agreement with the EPA to conduct a remedial investigation and feasibility study under EPA oversight and consistent with CERCLA guidance. Such an agreement could provide a basis under which TCML's offer of funding for this work could be implemented.

There can be no assurance the offer to conduct and fund the studies will be sufficient to resolve the matter, or that TCML or its affiliates will not be faced with liability in relation to this matter. Until studies of the kind described above are completed, it is not possible to estimate the extent and cost, if any, of remediation that may be required.

Competition Investigation

TCML, as the marketing agent for HVC, responded to an Order issued in May 2003 pursuant to the Competition Act to produce documents relevant to the marketing of custom copper concentrates. The order was part of an industry-wide investigation involving major copper concentrate producers commenced in Canada, the US and Europe. The United States Department of Justice and the European Commission decided not to proceed with their investigations and have closed their files on the case.

The company is co-operating in the continuing investigation in Canada. There can be no assurance that the investigation will not result in further regulatory action against the company or HVC in Canada or that the company or HVC will not face prosecution or liability under the Competition Act or otherwise in relation to the investigation. The company can also not predict the course of the ongoing investigation in Canada or when the investigation will be completed.

Adoption of New Accounting Standards and Change in Accounting Policy

Deferred Stripping

Effective January 1, 2006, the company adopted CICA Emerging Issues Committee Abstract 160 (EIC-160) "Stripping Costs Incurred in the Production Phase of a Mining Operation". EIC-160 requires stripping costs to be accounted for as variable production costs to be included in the costs of inventory produced, unless the stripping activity can be shown to be a betterment of the mineral property, in which case the stripping costs would be capitalized. Betterment occurs when stripping activity increases future output of the mine by providing access to additional sources of reserves. Capitalized stripping costs are to be amortized on a unit of production basis over the proven and probable reserves to which they relate.

Under the standard established by the EIC existing deferred stripping costs may continued to be carried on the Balance Sheet and amortized on a unit of production basis over the remaining life of the affected mines. As at January 1, 2006, the opening balance of capitalized stripping cost was $52 million. Mine expansion costs at Highland Valley Copper, which is considered to be a betterment of the property and can be capitalized under the new rules, totalled $8 million as at March 31, 2006.

Mineral Properties Costs

Effective January 1, 2006, the company amended its accounting policy on the treatment of costs for the acquisition, exploration and evaluation of mineral properties as follows:

Acquisition, exploration and evaluation costs are charged to earnings in the year in which they are incurred, except where these costs relate to specific properties for which resources as defined under National Policy Statement 43-101 exist and it is expected that the expenditure can be recovered by future exploitation or sale, in which case they are deferred. In limited circumstances, significant costs of acquiring mineral properties are capitalized when it is expected the expenditure will be recovered by future exploitation or sale.

Previously, the company capitalized acquisition, exploration and evaluation costs only when economically recoverable reserves as shown by economic studies were believed to exist. This change has been applied retroactively, but did not have any effect on reported earnings or retained earnings.

Financial Instruments

In the first quarter of 2006, the company's commodity price and foreign exchange hedging activities increased the company's revenues by $12 million. The unrealized market loss on hedging positions totalled $8 million as at March 31, 2006.



Quarterly Earnings and Cash Flow
($ in millions,
except per share data)
2006 2005
------ ---------------------------
Q1 Q4 Q3 Q2 Q1

Revenues 1,273 1,343 1,150 994 928
Operating profit 624 686 550 407 319
Net earnings 448 510 405 225 205
Earnings per share $2.19 $2.50 $2.00 $1.11 $1.01
Cash flow (before changes to working
capital items) 461 555 476 330 288


2004
---------------------------
Q4 Q3 Q2 Q1

Revenues 1,051 925 777 675
Operating profit 388 329 217 174
Net earnings 285 120 116 96
Earnings per share $1.42 $0.62 $0.60 $0.51
Cash flow (before changes to working
capital items) 403 329 197 180


Outstanding Share Data

As at April 18, 2006 there were 199,130,727 Class B Subordinate Voting Shares and 4,673,453 Class A Common Shares outstanding. In addition, there were outstanding 2,669,010 director and employee stock options with exercise prices ranging between $6.39 and $66.40 per share. Exchangeable debentures due 2024 are convertible into a total of 11,489,400 Class B Subordinate Voting Shares (equivalent to $9.72 per share). More information on these instruments and the terms of their conversion is set out in note 16 of the company's 2005 year-end financial statements.

Cautionary Statement on Forward-Looking Information

This press release contains certain forward-looking information. This forward-looking information, principally under the heading "Outlook", but also elsewhere in this press release, includes estimates, forecasts, and statements as to management's expectations with respect to, among other things, the size and quality of the company's mineral reserves and mineral resources, future trends for the company, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for commodities, future commodity prices and treatment and refining charges, the outcome of legal proceedings involving the company, and the financial results of the company. This forward-looking information involves numerous assumptions, risks and uncertainties and actual results may vary materially.

Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices, changes interest and currency exchange rates, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets. Statements concerning future production costs or volumes, and the sensitivity of the company's earnings to changes in commodity prices and exchange rates are based on numerous assumptions of management regarding operating matters, including that new collective bargaining agreements are entered into at certain operations without labour disruption, that demand for products develops as anticipated, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, and that there are no material unanticipated variations in the cost of energy or supplies.

Webcast

Teck Cominco will host an Investor Conference Call to discuss its Q1/2006 financial results on Tuesday, April 25, 2006 at 11 AM Eastern/8 AM Pacific time. A live audio webcast of the conference call, together with supporting presentation slides, will be available at the company's website at www.teckcominco.com. The webcast is also available at www.newswire.ca and www.q1234.com. The webcast will be archived at www.teckcominco.com.



Teck Cominco Limited
Consolidated Statements of Earnings
(Unaudited)
-------------------------------------------------------------------------
Three months ended
March 31
(in millions of dollars, except per share data) 2006 2005
-------------------------------------------------------------------------
Note 1(b)

Revenues $ 1,273 $ 928
Operating expenses (592) (539)
Depreciation and amortization (57) (70)
-------------------------------------------------------------------------
Operating profit 624 319

Other expenses
General and administrative (24) (15)
Interest on long-term debt (27) (13)
Exploration (8) (5)
Research and development (4) (4)
Other income (Note 4) 120 31
-------------------------------------------------------------------------
Earnings before income and resource taxes 681 313

Provision for income and resource taxes (233) (108)
-------------------------------------------------------------------------
Net earnings $ 448 $ 205
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Basic earnings per share $ 2.19 $ 1.01

Diluted earnings per share $ 2.06 $ 0.95

Weighted average shares outstanding (millions) 203.5 201.6

Shares outstanding at end of period (millions) 203.8 202.3


Teck Cominco Limited
Consolidated Statements of Cash Flow
(Unaudited)
-------------------------------------------------------------------------
Three months ended
March 31
(in millions of dollars) 2006 2005
-------------------------------------------------------------------------
Note 1(b)
Operating activities
Net earnings $ 448 $ 205
Items not affecting cash:
Depreciation and amortization 57 70
Future income and resource taxes 21 28
Gain on sale of investments and assets (71) (20)
Other 6 5
-----------------------------------------------------------------------
461 288
Net change in non-cash working capital items (90) 21
-----------------------------------------------------------------------
371 309
Financing activities
Issuance of long-term debt 16 -
Repayment of long-term debt (210) (46)
Issuance of Class B Subordinate Voting Shares 6 13
Dividends paid (81) -
-----------------------------------------------------------------------
(269) (33)
Investing activities
Property, plant and equipment (74) (62)
Investment in Fort Hills Energy Limited
Partnership (54) -
Investments and other assets (3) (6)
Proceeds from sale of investments and assets 110 32
-----------------------------------------------------------------------
(21) (36)
-------------------------------------------------------------------------
Increase in cash and temporary investments 81 240

Cash and temporary investments at beginning of
period 3,084 907
-------------------------------------------------------------------------
Cash and temporary investments at end of period $ 3,165 $ 1,147
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Teck Cominco Limited
Consolidated Balance Sheets
(Unaudited)
-------------------------------------------------------------------------
March 31 December 31
(in millions of dollars) 2006 2005
-------------------------------------------------------------------------
Note 1(b)
ASSETS
Current assets
Cash and temporary investments $ 3,165 $ 3,084
Accounts and settlements receivable 537 531
Inventories 684 668
-----------------------------------------------------------------------
4,386 4,283

Investments 681 666

Property, plant and equipment 3,527 3,516

Other assets 334 344
-------------------------------------------------------------------------
$ 8,928 $ 8,809
-------------------------------------------------------------------------
-------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 432 $ 442
Dividends payable - 81
Current portion of long-term debt 38 213
Current income and resource taxes payable 218 261
Current portion of future income and
resource taxes 150 118
-----------------------------------------------------------------------
838 1,115

Long-term debt 1,488 1,508
Other liabilities (Note 6) 667 667
Future income and resource taxes 847 888
Exchangeable debentures 248 248
Shareholders' equity (Note 7) 4,840 4,383
-------------------------------------------------------------------------
$ 8,928 $ 8,809
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Teck Cominco Limited
Consolidated Statements of Retained Earnings
(Unaudited)
-------------------------------------------------------------------------
Three months ended
March 31
(in millions of dollars) 2006 2005
-------------------------------------------------------------------------

Retained earnings at beginning of period $ 2,228 $ 1,049

Net earnings 448 205
Interest on exchangeable debentures, net of taxes (1) (1)
-------------------------------------------------------------------------
Retained earnings at end of period $ 2,675 $ 1,253
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Teck Cominco
Limited Notes to Consolidated Financial Statements
(Unaudited)
-------------------------------------------------------------------------


1. BASIS OF PRESENTATION

(a) These interim consolidated financial statements have been prepared in accordance with Canadian GAAP using standards for interim financial statements and do not contain all of the information required for annual financial statements. Accordingly, they should be read in conjunction with the most recent annual financial statements of the company.

(b) Certain comparative figures have been reclassified to conform with the presentation adopted for the current period.

2. ADOPTION OF NEW ACCOUNTING STANDARDS AND CHANGE IN ACCOUNTING POLICY

(a) Deferred stripping

Effective January 1, 2006, the company adopted CICA Emerging Issues Committee Abstract 160 (EIC-160) "Stripping Costs Incurred in the Production Phase of a Mining Operation". EIC-160 requires stripping costs to be accounted for as variable production costs to be included in the costs of inventory produced, unless the stripping activity can be shown to be a betterment of the mineral property, in which case the stripping costs would be capitalized. Betterment occurs when stripping activity increases future output of the mine by providing access to additional sources of reserves. Capitalized stripping costs would be amortized on a unit of production basis over the proven and probable reserves to which they relate.

The prospective application of this standard permits the existing deferred stripping costs incurred in the production phase to be viewed as the opening balance of capitalized stripping costs and amortized on a unit of production basis over the remaining life of the mine. As at January 1, 2006, the opening balance of capitalized stripping costs was $52 million, which will be amortized over the respective remaining life of mines. In respect of the mine expansion at Highland Valley Copper, which is considered to be a betterment of the property, the accumulated deferred stripping cost as at March 31, 2006 was $8 million.

(b) Mineral properties costs

Effective January 1, 2006, the company amended its accounting policy on the treatment of costs for the acquisition, exploration and evaluation of mineral properties as follows:

Acquisition, exploration and evaluation costs are charged to earnings in the year in which they are incurred, except where these costs relate to specific properties for which resources as defined under National Policy Statement 43-101 exist and it is expected that the expenditure can be recovered by future exploitation or sale, in which case they are deferred. In limited circumstances, significant costs of acquiring mineral properties are capitalized when it is expected the expenditure will be recovered by future exploitation or sale.

Previously, the company capitalized acquisition, exploration and evaluation costs only when economically recoverable reserves as shown by economic studies were believed to exist. This change has been applied retroactively, but did not have any effect on reported earnings or retained earnings.

3. SUPPLEMENTARY CASH FLOW INFORMATION



Three months ended
March 31
(in millions of dollars) 2006 2005
---------------------------------------------------------------------
Income and resource taxes paid $278 $55
Interest paid 22 22


4. OTHER INCOME (EXPENSE)



Three months ended
March 31
(in millions of dollars) 2006 2005
---------------------------------------------------------------------
Gain on sale of investments and assets $ 71 $ 20
Interest and investment income 37 8
Income from Fording Canadian Coal Trust 15 6
Insurance proceeds - 16
Non-hedge derivative gains (losses) 2 (11)
Asset retirement obligation expense for closed
properties (2) (2)
Minority interests (6) (3)
Miscellaneous income (expense) 3 (3)
---------------------------------------------------------------------
$120 $ 31
---------------------------------------------------------------------
---------------------------------------------------------------------


5. EMPLOYEE FUTURE BENEFITS EXPENSE



Three months ended
March 31
(in millions of dollars) 2006 2005
---------------------------------------------------------------------
Pension plans $ 9 $11
Post-retirement benefit plans 5 4
---------------------------------------------------------------------
Employee future benefits expense $14 $15
---------------------------------------------------------------------
---------------------------------------------------------------------


6. OTHER LIABILITIES



March 31 December 31
(in millions of dollars) 2006 2005
---------------------------------------------------------------------
Asset retirement obligation and other
post-closure costs $404 $407
Accrued pension and post-retirement benefits 203 206
Minority interests 23 18
Other 37 36
---------------------------------------------------------------------
$667 $667
---------------------------------------------------------------------
---------------------------------------------------------------------


7. SHAREHOLDERS' EQUITY

(a) Components of shareholders' equity



March 31 December 31
(in millions of dollars) 2006 2005
-----------------------------------------------------------------
Share capital $2,163 $2,155
Contributed surplus 60 61
Retained earnings 2,675 2,228
Cumulative translation adjustment (165) (168)
Exchangeable debentures due 2024 107 107
-----------------------------------------------------------------
$4,840 $4,383
-----------------------------------------------------------------
-----------------------------------------------------------------


The cumulative translation adjustment represents the net unrealized foreign exchange loss on the translation of the accounts of self-sustaining foreign subsidiaries and any U.S. dollar denominated debt which has been designated as hedges against these investments.

(b) Stock-Based Compensation

In February 2006, 355,400 share options were granted to employees. These options have an exercise price of $66.40, a term of eight years and vest in equal amounts over three years. The weighted average fair value of Class B Subordinate Voting share options issued was estimated at $23 per share option at the grant date using the Black-Scholes option-pricing model. The option valuation was based on an average expected option life of five
years, a risk-free interest rate of 4.11%, a dividend yield of 1.04% and an expected volatility of 35%.
In the first quarter of 2006 the company issued 127,165 Deferred and Restricted Share Units to employees. Deferred and Restricted Share Units issued in the year vest immediately for directors and vest in three years for employees. Total number of deferred and restricted share units outstanding at the end of the period was 474,494.

The company recorded stock-based compensation expense of $8 million in 2006 in respect of all outstanding options and share units.

8. DERIVATIVES AND FINANCIAL INSTRUMENTS AT MARCH 31, 2006



Unrealized
Market
Value
Gain
2006 2007 2008 2009 Total (Loss)
-------------------------------------------------------------------------
(Cdn$
millions)
Gold (thousands of ozs)
Fixed forward sales
contracts - 44 44 43 131
Average price (US$/oz) - 350 350 350 350 $(38)

Fixed forward sales
contracts 30 8 - - 38
Average price (C$/oz) 519 520 - - 520 (7)

US dollars(a)
Fixed forward sales
contracts ($ millions) 163 - - - 163
Average exchange rate 1.37 - - - 1.37 34

Zinc(b)
Fixed forward purchase
commitments
(millions of lbs) 12 - - - 12
Average price
(US cents/lb) 84 - - - 84 3

Interest Rate Swap

Principal Rate Rate Maturity Unrealized
Amount Swapped Obtained Date Loss
-------------------------------------------------------------------------
US$100 million 7.00% LIBOR plus 2.14% September 2012 (3)


(a) Included in the U.S. dollar forward sales contracts of US$163 million is the company's share of forward sales contracts by the Elk Valley Coal Partnership of US$26 million.

(b) From time to time, certain customers purchase refined zinc at fixed forward prices from the company's smelter and refinery operations. The forward purchase commitments for zinc are matched to these fixed price sales commitments to customers. As the fixed price sales commitments to customers contain a fixed premium component, they are not considered to be sufficiently effective under hedge standards. Accordingly, the company is unable to apply hedge accounting to zinc forward purchase commitments and has recognized mark-to-market and realized gains and losses in other income and expense.

9. CONTINGENCIES

The company considers provisions for all its outstanding and pending legal claims to be adequate. The final outcome with respect to actions outstanding or pending as at March 31, 2006, or with respect to future claims, cannot be predicted with certainty.

(a) Lake Roosevelt

On November 11, 2004, the District Court for Eastern Washington State denied a motion by TCML to dismiss, for want of jurisdiction, a citizen's suit brought by two members of the Confederated Tribes of the Colville Reservation (the "Tribes") supported by the State of Washington. On February 14, 2005, the Federal Court of Appeals for the 9th Circuit granted TCML's petition for permission to appeal and the District Court entered a stay of proceedings (the "Stay") pending the appeal. The Government of Canada, the Mining Association of Canada and the Canadian Chamber of Commerce, the US Chamber of Commerce and the US National Mining Association filed amicus briefs in support of TCML's position. Oral argument of the appeal was heard on December 5, 2005 in Seattle, Washington and the Court reserved judgment.

In September 2005, the District Court lifted the Stay to allow the State of Washington and the Tribes to add the Tribes as an additional plaintiff and to file amended complaints adding the State's and the Tribes' claims for natural resource damages and cost recovery under the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"). On September 29, 2005, the individual plaintiffs also served notice of their intention to file suit under the US Resource Conservation and Recovery Act ("RCRA") seeking injunctive relief and costs.

The original citizen's suit was brought pursuant to Section 310(a)(i) of CERCLA to enforce a unilateral administrative order issued by the US Environmental Protection Agency (EPA) purporting to require TCML to conduct a remedial investigation and feasibility study with respect to metal contamination in the sediments of the Upper Columbia River and Lake Roosevelt. The EPA issued the order shortly after breaking off negotiations with the company during which TCML offered to fund human health and ecological studies, to address the possible impact of historical discharges from the Trail Metallurgical Operations in British Columbia. Both the Canadian government and the company have the view that the EPA does not have jurisdiction to apply US law in Canada.

The Government of Canada and the Government of the US are continuing to pursue a bilateral agreement to facilitate the studies and appropriate remediation to address environmental concerns about the area. The company continues to pursue a cooperative agreement with the EPA to conduct a remedial investigation and feasibility study under EPA oversight and consistent with CERCLA guidance. Such an agreement could provide a basis under which TCML's offer of funding for this work could be implemented.

There can be no assurance the offer to conduct and fund the studies will be sufficient to resolve the matter, or that TCML or its affiliates will not be faced with liability in relation to this matter. Until studies of the kind described above are completed, it is not possible to estimate the extent and cost, if any, of remediation that may be required.

(b) Competition Investigation

TCML, as the marketing agent for HVC, responded to an Order issued in May 2003 pursuant to the Competition Act to produce documents relevant to the marketing of custom copper concentrates. The order was part of an industry-wide investigation involving major copper concentrate producers commenced in Canada, the US and Europe. The United States Department of Justice and the European Commission decided not to proceed with their investigations and have closed their files on the case.

The company is co-operating in the continuing investigation in Canada. There can be no assurance that the investigation will not result in further regulatory action against the company or HVC in Canada or that the company or HVC will not face prosecution or liability under the Competition Act or otherwise in relation to the investigation. The company can also not predict the course of the ongoing investigation in Canada or when the investigation will be completed.

10. SEGMENTED INFORMATION

The company has six reportable segments: zinc-lead smelter and refineries, zinc, copper, gold and coal mines, and corporate and other. Revenue from refined lead, electrical power, fertilizers and specialty metals earned at smelting operations are included in zinc smelter revenue for segmented purposes. All revenue from a mine is included in one segment based upon the principal product of the mine. The corporate segment includes the company's investment, exploration and development activities.



-------------------------------------------------------------------------
Three months ended March 31, 2006
-----------------------------------------------------------
Corpor-
($ in Smelter & Zinc Copper Gold Coal ate and
millions) Refineries Mines Mines Mines Mines Other Total
-------------------------------------------------------------------------
Segment revenues 363 328 410 37 292 (62) 1,368
Less inter-
segment revenues - (94) - - - (1) (95)
-------------------------------------------------------------------------
Revenues 363 234 410 37 292 (63) 1,273

Operating profit 71 144 295 4 127 (17) 624
Interest expense - - (3) - - (24) (27)
Other corporate
income - - - - - 84 84
-------------------------------------------------------------------------
Earnings before
taxes 71 144 292 4 127 43 681

Total assets 1,432 1,847 1,232 376 645 3,396 8,928

Capital
expenditures 10 7 40 7 6 4 74


-------------------------------------------------------------------------
Three months ended March 31, 2005
-----------------------------------------------------------
Corpor-
($ in Smelter & Zinc Copper Gold Coal ate and
millions) Refineries Mines Mines Mines Mines Other Total
-------------------------------------------------------------------------
Segment revenues 269 154 364 34 176 (26) 971
Less inter-segment
revenues - (42) - - - (1) (43)
-------------------------------------------------------------------------
Revenues 269 112 364 34 176 (27) 928

Operating profit 21 42 212 3 40 1 319
Interest expense - - (4) - - (9) (13)
Other corporate
income - - - - - 7 7
-------------------------------------------------------------------------
Earnings before
taxes 21 42 208 3 40 (1) 313

Total assets 1,334 1,484 1,101 284 532 1,558 6,293

Capital
expenditures 16 6 4 15 20 1 62


Additional corporate information is available on the Internet at http://www.teckcominco.com.

Contact Information

  • Teck Cominco Limited
    Reference: Greg Waller
    Investor Relations
    (604) 685-3005
    Website: www.teckcominco.com.