Reference: Greg Waller, VP Investor Relations & Strategic Analysis 604.699.4014 Marcia Smith, SVP Sustainability and External Affairs 604.699.4616
Teck Resources Limited +1 604 699 4000 Tel Suite 3300, 550 Burrard Street +1 604 699 4750 Fax Vancouver, BC Canada V6C 0B3 www.teck.com
For Immediate Release Date: February 7, 2013 13-4-TR
TECK REPORTS UNAUDITED FOURTH QUARTER RESULTS FOR 2012
Vancouver, BC – Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK, (“Teck”))
reported annual adjusted profit attributable to shareholders of $1.5 billion, or $2.60 per share, compared with a record $2.5 billion or $4.18 per share in 2011. Fourth quarter adjusted profit attributable to shareholders was $354 million, or $0.61 per share, compared with $613 million, or $1.04 per share, in the fourth quarter of 2011.
"From an operations perspective, 2012 was a good year," said Don Lindsay, President and CEO. “Our copper production was a record, we continued to increase our steelmaking coal production and we obtained new labour agreements for a number of our operations. However, due to uncertain global economic conditions, prices for all of our major products were down compared to last year, which resulted in lower earnings and cash flows than in 2011.”
Highlights and Significant Items
- Gross profit before depreciation and amortization in 2012 was $4.0 billion compared with a record $5.8 billion in 2011. Gross profit before depreciation and amortization was $961 million in the fourth quarter compared with $1.4 billion in the fourth quarter of 2011.
- Cash flow from operations, before working capital changes, was $3.2 billion in 2012 compared with a record $4.6 billion last year. Cash flow from operations, before working capital changes, was $722 million in the fourth quarter compared with $1.2 billion a year ago.
- Profit attributable to shareholders was $811 million in 2012 compared with a record $2.7 billion in 2011. Profit attributable to shareholders was $145 million in the fourth quarter of 2012 compared with $637 million in the same period last year.
- To date we have reached agreements with our coal customers to sell 6.0 million tonnes of coal in the first quarter of 2013 at an average price of US$159 per tonne. We expect to conclude additional sales over the course of the quarter.
- Our cash balance was $2.9 billion as at February 6, 2013.
- In 2012, we produced a record 373,000 tonnes of copper, including 103,000 tonnes in the fourth quarter.
All dollar amounts expressed in this news release are in Canadian dollars unless otherwise noted.
Reference: Greg Waller, VP Investor Relations & Strategic Analysis 604.699.4014 Marcia Smith, SVP Sustainability and External Affairs 604.699.4616 Additional corporate information is available at www.teck.com
- We achieved significant cost reductions at our coal operations with site unit operating costs decreasing to $62 per tonne in the fourth quarter, down 17% compared with the first three quarters of 2012.
- In December, we announced a 12.5% increase in the semi-annual dividend on our Class A common and Class B subordinate voting shares to $0.45 per share.
- During the fourth quarter, we purchased for cancellation approximately 3.8 million Class B subordinate voting shares for $123 million pursuant to our normal course issuer bid announced in June 2012.
- Union employees at Antamina ratified a new three-year labour agreement in November.
- In November we redeemed the last of our high-yield notes. Following the redemption, the average coupon rate on our outstanding notes is 4.8% with an average term to maturity of 16.5 years.
- On January 23, we were the top ranked Canadian company named to the Global 100 Most Sustainable Corporations for 2013 by media and investment research company Corporate Knights.
2 Teck Resources Limited 2012 Fourth Quarter News Release
This news release is dated as at February 7, 2013. Unless the context otherwise dictates, a reference to “Teck,” “the company,” “us,” “we,” or “our” refers to Teck and its subsidiaries. Additional information, including our annual information form and management’s discussion and analysis for the year ended December 31, 2011, is available on SEDAR at www.sedar.com.
This document contains forward-looking statements. Please refer to the cautionary language under the heading “CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION” below.
Overview
We met our production targets for both the quarter and the year for all of our major products. In doing so we also reduced our coal unit costs and took significant steps in our announced cost reduction program to reduce operating costs at all operations. Unfortunately, weakness in steelmaking coal markets had a significant negative effect on prices and, to a lesser extent, volumes and our coal business was less profitable as a result. However, our gross profit was higher than the previous quarter, helped by stronger results in copper and the seasonality of zinc and lead sales from Red Dog.
During the quarter we completed the redemption of our remaining high-yield notes and recorded a $259 million after-tax charge on the redemption. We view the redemption as a positive step that will result in significantly lower interest charges going forward. Debt due before the end of 2016 is now approximately US$325 million.
In project development, we continue to make good progress on the mill modernization at Highland Valley Copper, the acid plant project at Trail and the advancement of our new mine development projects. We maintain a strong balance sheet in order to fund this internal growth.
We increased our distributions to shareholders, raising our semi-annual dividend to $0.45 per share and buying back 3.8 million Class B subordinate voting shares at a cost of $123 million.
We were also pleased to be named to the top 100 most sustainable companies at the world economic forum in Davos, placing highest among Canadian companies. We believe our commitment to sustainability provides us with a competitive advantage in developing and operating mines throughout the world.
3 Teck Resources Limited 2012 Fourth Quarter News Release
Profit and Adjusted Profit*
Adjusted profit, which excludes the effect of our debt refinancing and certain other transactions as described in the table below, was $354 million, or $0.61 per share, in the fourth quarter of 2012 compared with $613 million, or $1.04 per share, in the same period a year ago.
Our lower adjusted profit was primarily due to a 37% decline in our realized steelmaking coal prices in the fourth quarter compared with the same period a year ago. This was despite higher sales volumes. Partly offsetting the decline in our coal business unit were higher contributions from our copper business unit as a result of increased production levels. Profit attributable to shareholders in the fourth quarter was affected by a $259 million after-tax charge related to the refinancing of our remaining high-yield notes, which is excluded from adjusted profit. This transaction reduced interest costs in the fourth quarter and will result in further interest savings going forward.
Profit attributable to shareholders was $145 million, or $0.25 per share, in the fourth quarter compared with $637 million or $1.08 per share in the same period last year.
Three months Year ended ended December 31, December 31,
| ($ in millions) | 2012 | 2011 | 2012 | 2011 |
| Profit attributable to shareholders as reported Add (deduct): Asset sale loss (gains) Foreign exchange (gains) losses Derivative gains Collective agreement charges Financing items Asset write-downs Tax items Adjusted profit Adjusted earnings per share | $ 637 (1) (14) (61) 29 - 23 - | $ 2,668 (146) (4) (128) 55 - 23 - | ||
| $ 145 | $ 811 | |||
| 4 | (39) | |||
| (1) | 20 | |||
| (3) | (98) | |||
| 11 | 70 | |||
| 259 | 784 | |||
| - | - | |||
| (61) | (29) | |||
| $ 354 | $ 613 | $ 1,519 | $ 2,468 | |
| $1.04 | $ 4.18 | |||
| $ 0.61 | $ 2.60 |
- Our financial results are prepared in accordance with International Financial Reporting Standards (“IFRS”). This news release refers to adjusted profit, adjusted earnings per share, EBITDA and gross profit before depreciation and amortization, which are not measures recognized under IFRS in Canada and do not have a standardized meaning prescribed by IFRS or Generally Accepted Accounting Principles (“GAAP”) in the United States. For adjusted profit we adjust profit attributable to shareholders as reported to remove the effect of certain kinds of transactions in these measures. EBITDA is profit attributable to shareholders before net finance expense, income taxes, depreciation and amortization. Gross profit before depreciation and amortization is gross profit with depreciation and amortization added back. These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers. We disclose these measures, which have been derived from our financial statements and applied on a consistent basis, because we believe they are of assistance in understanding the results of our operations and financial position and are meant to provide further information about our financial results to investors.
4 Teck Resources Limited 2012 Fourth Quarter News Release Our business unit results are presented in the tables below.
Three Months ended December 31 Gross profit before depreciation and
($ in millions) Revenues amortization Gross profit
| 2011 | 2011 | 2011 | ||||
| 2012 | 2012 | 2012 | ||||
| Copper Coal Zinc Energy | $ 778 1,434 760 - | $ 339 891 204 - | $ 254 781 177 - | |||
| $ 895 | $ 430 | $ 326 | ||||
| 1,010 | 347 | 240 | ||||
| 824 | 182 | 152 | ||||
| 1 | 2 | 1 | ||||
| Total | $ 2,972 | $ 1,434 | $ 1,212 | |||
| $ 2,730 | $ 961 | $ 719 |
Gross profit before depreciation and amortization from our copper business unit in the fourth quarter increased by $91 million compared with a year ago as a result of production and sales volumes, which increased by approximately 15%. Copper production in the fourth quarter was 103,000 tonnes compared with 89,000 tonnes a year ago, which was a new quarterly production record, and an increase of 4% from the third quarter of 2012. The higher production is a result of our share of additional production from Antamina’s mine expansion and the mining of higher grade sections at Highland Valley Copper. Copper prices were also higher at US$3.59 per pound in the fourth quarter compared with US$3.40 per pound a year ago. The higher copper prices were partly offset by a stronger Canadian dollar and lower molybdenum revenues. Cash costs, net of by-product credits, were US$1.79 compared with US$1.51 per pound a year ago, largely due to lower by-product credits in 2012.
Gross profit before depreciation and amortization from our coal business unit decreased by $544 million in the fourth quarter compared with the same period a year ago as a result of significantly lower coal prices, despite a 16% increase in sales volumes. The average coal price of US$159 per tonne in the fourth quarter was 37% lower than the same quarter a year ago, reflecting weaker steelmaking coal market conditions. Coal sales of 6.4 million tonnes in the fourth quarter were 16% higher than the same period last year and exceeded prior guidance of 6.2 million tonnes. The increase in sales volume predominantly reflects strong demand for coal delivered to China, partially offset by lower demand in our traditional markets. Production in the fourth quarter decreased to 6.4 million tonnes, or by 5% compared with the same quarter in 2011 as a result of our decision to reduce production starting in mid-August through to the end of the year to align with customer demand. Cost of product sold in the fourth quarter was $62 per tonne, before transportation and depreciation charges, or $3 per tonne lower than the same quarter a year ago, and 17% lower than in the first three quarters of 2012, reflecting our cost reduction efforts at our mines. Transportation costs in the fourth quarter were $41 per tonne, 24% higher compared with the same quarter a year ago, as a result of higher ocean freight, port, rail costs and a higher than normal proportion of coal being sold inclusive of ocean freight.
Gross profit before depreciation and amortization from our zinc business unit decreased by $22 million to $182 million in the fourth quarter compared with a year ago primarily due to a lower contribution from our Trail Operations. Trail’s refined zinc production and sales volumes declined by approximately 10% compared with the fourth quarter of last year due to electrolytic plant operating performance, which resulted in a temporary build-up of in-process inventories.
5 Teck Resources Limited 2012 Fourth Quarter News Release Red Dog’s zinc production rose by 5% to 142,300 tonnes in the fourth quarter compared with the same period a year ago as a result of increased mill throughput. Higher lead sales from Red Dog were the result of weather-related shipping delays that deferred sales from the third quarter. This was offset by an increase in the NANA royalty rate from 25% to 30% in the fourth quarter of 2012.
Revenues
Revenues from operations were $2.7 billion in the fourth quarter compared with revenues of $3.0 billion a year ago. Revenues from our copper business unit increased by $117 million from a year ago primarily due to higher sales volumes resulting from increased production levels. Coal revenues decreased by $424 million compared with the fourth quarter of 2011 as a result of significantly lower coal prices, despite a 16% increase in sales volumes. Revenues from our zinc business unit rose by $64 million from a year ago as a result of the timing of lead sales from Red Dog and slightly higher metal prices.
Average Prices and Exchange Rates*
Three months Year ended ended December 31, December 31,
| 2012 | 2011 % Change | 2012 | 2011 % Change | |
| Copper (LME Cash - US$/pound) 3.59 3.40 +6% 3.61 4.00 -10% Coal (realized - US$/tonne) 159 253 -37% 193 257 -25% Zinc (LME Cash - US$/pound) 0.88 0.86 +2% 0.88 0.99 -11% Silver (LME PM fix – US$/ounce) 33 32 +3% 31 35 -11% Molybdenum (published price - US$/pound) 11 13 -15% 13 15 -13% Lead (LME Cash - US$/pound) 1.00 0.90 +11% 0.94 1.09 -14% Cdn/U.S. exchange rate (Bank of Canada) 0.99 1.02 -3% 1.00 0.99 +1% |
- Except for coal prices, the average commodity prices disclosed above are based on published benchmark prices and are provided for information only. Our actual revenues are determined using commodity prices and other terms and conditions specified in our various sales contracts with our customers. The molybdenum price is the price published in Platts Metals Week.
Our year-to-date business unit results are presented in the table below:
Year ended December 31 Gross profit before depreciation and
($ in millions) Revenues amortization Gross profit
| 2011 | 2011 | 2011 | ||||
| 2012 | 2012 | 2012 | ||||
| Copper Coal Zinc Energy | $ 3,108 5,641 2,765 - | $ 1,674 3,306 808 - | $ 1,369 2,800 708 - | |||
| $ 3,142 | $ 1,500 | $ 1,129 | ||||
| 4,647 | 2,033 | 1,563 | ||||
| 2,550 | 480 | 373 | ||||
| 4 | 4 | 1 | ||||
| Total | $ 11,514 | $ 5,788 | $ 4,877 | |||
| $ 10,343 | $ 4,017 | $ 3,066 |
6 Teck Resources Limited 2012 Fourth Quarter News Release The table below shows our production and sales of our major products.
| Units (000's) Production | Sales | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fourth Quarter Year-to-date (note 1) 2012 2011 2012 2011 Principal products Copper Contained in concentrate tonnes 88 69 307 251 Cathode tonnes 15 20 66 70 103 89 373 321 Coal tonnes 6,358 6,698 24,652 22,785 Zinc Contained in concentrate tonnes 157 150 598 646 Refined tonnes 67 75 284 291 Other products Lead Contained in concentrate tonnes 26 22 95 84 Refined tonnes 24 22 88 86 Molybdenum Contained in concentrate pounds 3,040 3,937 12,692 10,983 | Fourth Quarter Year-to-date 2012 2011 2012 2011 89 72 302 256 16 19 67 70 | ||||||||||
| 2011 | 2011 | ||||||||||
| 2012 | 2012 | 2012 | 2012 | ||||||||
| Principal products Copper Contained in concentrate tonnes Cathode tonnes Coal tonnes Zinc Contained in concentrate tonnes Refined tonnes Other products Lead Contained in concentrate tonnes Refined tonnes Molybdenum Contained in concentrate pounds | 251 70 | 256 70 | |||||||||
| 88 | 307 | 89 | 302 | ||||||||
| 15 | 66 | 16 | 67 | ||||||||
| 89 | 321 | 91 | 326 | ||||||||
| 103 | 373 | 105 | 369 | ||||||||
| 6,698 150 75 22 22 3,937 | 22,785 646 291 84 86 10,983 | 5,547 209 75 32 21 3,978 | 22,207 631 289 78 84 11,122 | ||||||||
| 6,358 | 2 | 4,652 | 6,422 | 2 | 3,989 | ||||||
| 157 | 598 | 207 | 578 | ||||||||
| 67 | 284 | 67 | 287 | ||||||||
| 26 | 95 | 50 | 96 | ||||||||
| 24 | 88 | 23 | 88 | ||||||||
| 3,040 | 1 | 2,692 | 3,620 | 1 | 3,016 |
(1) We include 100% of production and sales from our Highland Valley Copper, Quebrada Blanca and Carmen de Andacollo Operations in our production and sales volumes, even though we own 97.5%, 76.5% and 90%, respectively, of these operations, because we fully consolidate their results in our financial statements. We include 22.5% of production and sales from Antamina, representing our proportionate equity interest in Antamina.
7 Teck Resources Limited 2012 Fourth Quarter News Release
QUARTER ENDED DECEMBER 31
($ in millions) Revenues amortization Gross profit (loss)
| 2011 | 2011 | 2011 | ||||
| 2012 | 2012 | 2012 | ||||
| Copper Highland Valley Copper Antamina Quebrada Blanca Carmen de Andacollo Duck Pond Other | $ 275 202 139 126 36 - | $ 92 149 46 42 10 - | $ 64 142 17 26 5 - | |||
| $ 314 | $ 172 | $ 141 | ||||
| 257 | 173 | 155 | ||||
| 119 | (5) | (30) | ||||
| 174 | 70 | 48 | ||||
| 31 | 15 | 7 | ||||
| - | 5 | 5 | ||||
| Coal (note 1) Zinc Trail Red Dog Other Inter-segment sales | 778 1,434 491 339 3 (73) | 339 891 48 159 - (3) | 254 781 36 144 - (3) | |||
| 895 | 430 | 326 | ||||
| 1,010 | 347 | 240 | ||||
| 499 | 26 | 13 | ||||
| 376 | 157 | 140 | ||||
| 1 | (1) | (1) | ||||
| (52) | - | - | ||||
| Energy | 760 - | 204 - | 177 - | |||
| 824 | 182 | 152 | ||||
| 1 | 2 | 1 | ||||
| TOTAL | $ 2,972 | $ 1,434 | $ 1,212 | |||
| $ 2,730 | $ 961 | $ 719 |
(1) Our coal business unit represents our interest in six operating mines. We wholly own the Fording River, Coal Mountain, Line Creek and Cardinal River Operations, and have a 95% partnership interest in the Elkview Mine and an 80% interest in the Greenhills Operations.
8 Teck Resources Limited 2012 Fourth Quarter News Release
YEAR ENDED DECEMBER 31
($ in millions) Revenues amortization Gross profit
| 2011 | 2011 | 2011 | |||||||
| 2012 | 2012 | 2012 | |||||||
| Copper Highland Valley Copper Antamina Quebrada Blanca Carmen de Andacollo Duck Pond Other | $ 997 799 562 608 142 - | $ 486 588 255 288 57 - | $ 396 565 160 213 35 - | ||||||
| $ 1,012 | $ 513 | $ 390 | |||||||
| 897 | 633 | 591 | |||||||
| 499 | 82 | (15 | ) | ||||||
| 597 | 225 | 142 | |||||||
| 130 | 42 | 16 | |||||||
| 7 | 5 | 5 | |||||||
| Coal (note 1) Zinc Trail Red Dog Other Inter-segment sales | 3,108 5,641 1,989 1,008 18 (250) | 1,674 3,306 256 547 2 3 | 1,369 2,800 207 496 2 3 | ||||||
| 3,142 | 1,500 | 1,129 | |||||||
| 4,647 | 2,033 | 1,563 | |||||||
| 1,865 | 64 | 14 | |||||||
| 892 | 418 | 361 | |||||||
| 7 | (2 | ) | (2 | ) | |||||
| (214 | ) | - | - | ||||||
| Energy | 2,765 - | 808 - | 708 - | ||||||
| 2,550 | 480 | 373 | |||||||
| 4 | 4 | 1 | |||||||
| TOTAL | $ 11,514 | $ 5,788 | $ 4,877 | ||||||
| $ 10,343 | $ 4,017 | $ 3,066 |
(1) Our coal business unit represents our interest in six operating mines. We wholly own the Fording River, Coal Mountain, Line Creek and Cardinal River Operations, have a 95% partnership interest in the Elkview Mine and an 80% joint venture interest in the Greenhills Operation.
9 Teck Resources Limited 2012 Fourth Quarter News Release
COPPER Highland Valley Copper (97.5%)
Operating results at the 100% level are summarized in the following table:
Three months ended Year ended December 31, December 31,
| 2011 | 2011 | |||
| 2012 | 2012 | |||
| Tonnes milled (000's) Copper Grade (%) Recovery (%) Production (000's tonnes) Sales (000's tonnes) Molybdenum Production (million pounds) Sales (million pounds) Cost of sales ($ millions) Operating Distribution Depreciation and amortization Gross profit summary ($ millions) (note 1) Before depreciation and amortization Depreciation and amortization | 11,653 0.27 87.7 27.3 30.4 2.8 3.1 $ 171 $ 12 $ 28 $ 92 (28) | 42,284 0.26 87.6 97.3 103.9 7.9 8.4 $ 474 $ 37 $ 90 $ 486 (90) | ||
| 11,660 | 45,383 | |||
| 0.36 | 0.30 | |||
| 88.4 | 86.7 | |||
| 37.4 | 116.3 | |||
| 36.8 | 117.0 | |||
| 2.5 | 10.0 | |||
| 3.1 | 10.0 | |||
| $ 130 | $ 462 | |||
| $ 12 | $ 37 | |||
| $ 31 | $ 123 | |||
| $ 172 | $ 513 | |||
| (31) | (123) | |||
| After depreciation and amortization | $ 64 | $ 396 | ||
| $ 141 | $ 390 |
(1) Results do not include a provision for the 2.5% non-controlling interest in Highland Valley Copper.
Highland Valley Copper's fourth quarter gross profit before depreciation and amortization increased significantly from a year ago due to substantially higher production and sales volumes. In addition, Highland Valley's 2011 operating costs included a one-time labour settlement charge of $44 million that contributed to the lower gross profit in the fourth quarter of 2011.
Copper production in the fourth quarter of 37,400 tonnes was 37% higher than a year ago primarily as a result of significantly higher grades. Production was focused on the higher grade ore in the Valley pit during the fourth quarter of 2012. Molybdenum production was 10% lower than the same period a year ago primarily due to lower ore grades.
The mill optimization project progressed in the fourth quarter with commencement of structural steel erection and placement of major equipment. Detailed engineering was substantially complete at the end of the year. The project is on track for completion by the end of 2013, which will enable increased throughput rates and recoveries in 2014.
10 Teck Resources Limited 2012 Fourth Quarter News Release Ore feed grades are expected to return to the average reserve grade in 2013, with slightly lower grades expected in the first quarter due to pit sequencing. Mill throughput is also expected to be constrained in 2013 due to various shutdowns required for tie-ins to advance the mill optimization project.
Highland Valley Copper’s production in 2013 is expected to be in the range of 100,000 to 110,000 tonnes of copper. Molybdenum production in 2013 is expected to be approximately five million pounds.
11 Teck Resources Limited 2012 Fourth Quarter News Release
Antamina (22.5%)
Operating results at the 100% level are summarized in the following table:
Three months ended Year ended December 31, December 31,
| 2011 | 2011 | |||||
| 2012 | 2012 | |||||
| Tonnes milled (000's) Copper-only ore Copper-zinc ore Copper (note 1) Grade (%) Recovery (%) Production (000's tonnes) Sales (000's tonnes) Zinc (note 1) Grade (%) Recovery (%) Production (000's tonnes) Sales (000's tonnes) Molybdenum Production (million pounds) Sales (million pounds) Cost of sales (US$ millions) Operating (note 2) Distribution Royalties and other (note 3) Depreciation and amortization Gross profit summary (our 22.5% share) ($ millions) Before depreciation and amortization Depreciation and amortization | 6,930 2,726 | 25,335 12,259 | ||||
| 8,619 | 32,160 | |||||
| 3,133 | 14,323 | |||||
| 9,656 1.15 87.4 95.0 97.6 2.03 81.4 47.6 44.4 5.0 3.9 $ 154 $ 25 $ 34 $ 30 $ 149 (7) | 37,594 1.04 85.9 333.7 337.0 2.26 84.4 235.4 232.8 13.8 12.3 $ 563 $ 92 $ 204 $ 110 $ 588 (23) | |||||
| 11,752 | 46,483 | |||||
| 1.16 | 1.10 | |||||
| 88.7 | 87.9 | |||||
| 121.6 | 446.8 | |||||
| 131.3 | 448.3 | |||||
| 1.73 | 1.85 | |||||
| 82.5 | 80.7 | |||||
| 44.4 | 219.0 | |||||
| 62.9 | 229.2 | |||||
| 2.7 | 12.1 | |||||
| 2.4 | 13.5 | |||||
| $ 272 | $ 842 | |||||
| $ 29 | $ 109 | |||||
| $ 54 | $ 206 | |||||
| $ 81 | $ 184 | |||||
| $ 173 | $ 633 | |||||
| (18 | ) | (42 | ) | |||
| After depreciation and amortization | $ 142 | $ 565 | ||||
| $ 155 | $ 591 |
(1) Copper ore grades and recoveries apply to all of the processed ores. Zinc ore grades and recoveries apply to copper-zinc ores only.
(2) Cost of sales in the fourth quarter includes a US$43 million one-time labour settlement charge.
(3) In addition to royalties paid by Antamina, we also pay a royalty in connection with the acquisition of our interest in Antamina equivalent to 7.4% of our share of cash flow distributed by the mine.
The increase in our 22.5% share of Antamina’s gross profit before depreciation and amortization in the fourth quarter was primarily due to significantly higher sales volumes as the benefits from the expansion project and resulting higher production levels were realized. Our 22.5% share of
12 Teck Resources Limited 2012 Fourth Quarter News Release