Q4 2024 Teck Resources Ltd Earnings Call Transcript
Key Points
- Teck Resources Ltd (TECK) completed the sale of its steelmaking coal business, repositioning as a pure-play energy transition metals company focused on copper and zinc.
- The company announced the largest cash return to shareholders in its history, returning $1.8 billion in cash, including $514 million in dividends and $1.25 billion in share buybacks.
- Teck Resources Ltd (TECK) reduced its debt by $2.5 billion and maintained a strong balance sheet with $11.3 billion in liquidity, including $7.1 billion in cash.
- The company set a record for annual copper production with a 50% increase from the prior year to 446,000 tonnes.
- Teck Resources Ltd (TECK) received recognition for its sustainability leadership, being named one of Canada's Top 100 Employers and one of the World's Top Companies for Women in 2024.
- The company faces potential challenges from tariffs and trade restrictions between the US and Canada, although it does not expect a material impact on its business.
- Teck Resources Ltd (TECK) experienced an increase in net cash unit costs for its copper segment due to the ramp-up of QB operations.
- The zinc segment's net cash unit costs are expected to increase in 2025 due to lower zinc production and higher labor and consumable costs.
- The Highland Valley life extension project faces delays due to a challenge by an indigenous government organization, impacting the approval process.
- Trail operations were impacted by a localized fire, affecting refined zinc production, and the company is focused on maximizing profitability and cash generation from this asset.
Ladies and gentlemen, thank you for standing by. Welcome to Teck's fourth-quarter 2024 earnings release conference call. (Operator Instructions) This conference call is being recorded on Thursday, February 20, 2025. I would now like to turn the conference over to Emma Chapman, Vice President, Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. And thank you for joining us for Teck's fourth-quarter 2024 conference call. Today's call contains forward-looking statements. Actual results may vary due to various risks and uncertainties. Teck does not assume the obligation to update any forward-looking statements. Please refer to slide 3 for the assumptions underlying our forward-looking statements.
We will reference non-GAAP measures throughout this presentation. And explanations and reconciliations are in our MD&A and the latest press release on our website. Jonathan Price, our CEO, will start with an overview of our fourth-quarter and full-year
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