Teck Settles $285 Per Tonne Coal Benchmark, Collective Agreements at Elkview and Fording River Mines
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Teck Resources Limited has settled with major customers a benchmark price for the first quarter of 2017 for its highest quality coals of US$285 per tonne. First quarter realized prices will reflect a combination of sales at the quarterly contract price and spot sales.
In addition, unionized employees at Teck’s Fording River and Elkview steelmaking coal mines in British Columbia have ratified new five year collective agreements expiring April 30, 2021 and October 31, 2020, respectively, replacing agreements that expired on April 30, 2016 and October 31, 2015. As a result of the new collective agreements, Teck expects to incur a one-time, after-tax charge to profit in the fourth quarter of approximately $35 million.
About Teck
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. Teck is headquartered in Vancouver, Canada.
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