Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Investor Day (April 2019)
172 slides from Teck Resources Limited Class A's investor day presentation, Apr 3, 2019
Slide 1: 2018 Sustainability Performance
2018 Sustainability Performance April 3, 2019 Don Lindsay, President and Chief Executive Officer Marcia Smith, Senior Vice President, Sustainability and External Affairs
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securit
Slide 3: A Transformational Time for Teck
A Transformational Time for Teck MILESTONES FUTURE SOLID ACHIEVED VALUE FOUNDATION CATALYSTS » Cash returns to shareholders » QB2 permit, sanctioning and » Quality operating assets in partnership announced stable jurisdictions » Potential for further reduction in notes » Fort Hills ramp up » Right c
Slide 4: Quality Operating Assets in Stable Jurisdictions
Quality Operating Assets in Stable Jurisdictions STEELMAKING ZINC COPPER ENERGY Antamina in Peru, Highland COAL Red Dog in Alaska Valley in B.C., Carmen de Fort Hills in Alberta Elk Valley Mines in B.C. Andacollo in Chile » Long life » Long life » Long life » Long life » High quality steelmaking » B
Slide 5: Health and Safety Performance
SOLID FOUNDATION Health and Safety Performance • Safety performance in 2018 Incident Frequency (per 200,000 hours worked) • 28% reduction in High-Potential Incidents 0.6 • 21% decrease in Lost-Time Injury 0.5 Frequency 0.4 0.3 • Conducted Courageous Safety Leadership 0.2 training with 97% of employe
Slide 6: Products for a Modern World: Demand Drivers
Products for a Modern World: Demand Drivers Rise in Transition to Growth of Increasing Global Low-Carbon Middle Class Electrification Population World STEELMAKING COAL ZINC COPPER ENERGY 6
Slide 7: Why Sustainability Matters
Why Sustainability Matters Driving Growth and Managing Risk • Reduced risk of operations disruption • Increased access to capital at a lower cost • Efficient project and permit approvals • Increased cost savings and productivity • Meet rising supply chain and societal • Higher financial returns expe
Slide 8: Sustainability Strategy
Sustainability Strategy Goals cover the six areas of focus representing the most significant sustainability issues and • Strong sustainability performance opportunities facing our company: enabled by a strategy built around developing opportunities and managing risks Community Water Our People • Imp
Slide 9: Teck's Performance on Top ESG Ratings
Teck’s Performance on Top ESG Ratings ESG Evaluation Teck’s Performance • Named to 2019 Global 100 Most Sustainable Corporations list by Corporate Knights • Ranked 37th globally; only mining company listed • 2nd in metals and mining universe out of ~60 companies. • “A” rating since 2013 (scale of CC
Slide 10: Five Sustainability Questions
Five Sustainability Questions 1. What is Teck’s approach to tailings management? 2. How is Teck addressing challenges around water use and water quality? 3. How is Teck positioned for continued growth in a low-carbon economy? 4. What is Teck doing to manage risks related to human rights and the righ
Slide 11: What is Teck's approach to tailings management?
Five Sustainability Questions What is Teck’s approach to tailings management?
Slide 12: Responsible Tailings Management
Related SASB1 Metric: EM-MM-150a.1 | Link to Data Responsible Tailings Management Comprehensive systems and procedures in place based 100% on six pillars: 1. Surveillance 4. Internal Review of tailings Technology 5. Detailed Third-Party facilities 2. Staff Inspections Reviews independently 3. Annual
Slide 13: Leading Practices in Tailings Management
Leading Practices in Tailings Management Transparency • Details on all tailings facilities available online • Dam Safety Inspections publically available on our website Collaboration • Actively engaged on the International Council on Mining and Metals (ICMM) Tailings Position Statement and Governanc
Slide 14: How is Teck addressing water use and water quality?
Five Sustainability Questions How is Teck addressing challenges around water use and water quality?
Slide 15: Reducing Freshwater Use
Related SASB1 Metric: EM-MM-140a.1 | Link to Data Reducing Freshwater Use DJSI Water Related Risks Assessment: 2018 • Water recycled average of 3 times at 100 Percentile Rankings2 11% Teck Reduction in mining operations in 2018 90 (84th percentile) water use 80 lowest to highest scores 4X percentile
Slide 16: Improving Water Quality in B.C.
Improving Water Quality in B.C. Implementing Elk Valley Water Quality Plan: • Comprehensive water quality plan developed 11% with government, Indigenous Peoples and Reduction in water use communities • First water treatment facility operating; second treatment facility now under construction 4X Aver
Slide 17: How is Teck positioned for growth in a low-carbon economy?
Five Sustainability Questions How is Teck positioned for continued growth in a low-carbon economy?
Slide 18: Low Cost, Low Carbon Producer
Low Cost, Low Carbon Producer • Among world’s lowest GHG intensity for GHG Emissions Intensity Ranges Among ICMM Members1 steelmaking coal and copper production kgCO2e per tonne of product Copper Coal • Fort Hills – one of the lowest carbon intensities among North American oil sands producers on a w
Slide 19: Taking Action on Climate Change
Related SASB1 Metric: EM-MM-110a.2 | Link to Data Taking Action on Climate Change • Goal to reduce GHG emissions by 450,000 DJSI Climate Strategy Assessment: 2018 Percentile Rankings2 tonnes by 2030 and have already reduced 100 Teck 289,000 tonnes of emissions as a result of (95th percentile) 90 pro
Slide 20: Managing human rights and Indigenous rights risks
Five Sustainability Questions What is Teck doing to manage risks related to human rights and the rights of Indigenous Peoples?
Slide 21: Comprehensive Assessments of Human Rights
Lower-Risk Jurisdictions, Related SASB1 Metric: EM-MM-210b.1 | Link to Data Comprehensive Assessments • All operations in countries with DJSI Human Rights Assessment: well-developed mining industries: 2018 Percentile Rankings2 Canada, United States, Chile, Peru 100 Teck 90 (95th percentile) 80 lowes
Slide 22: Strengthening Relationships with Indigenous Peoples
Strengthening Relationships with Related SASB1 Metric: EM-MM-210a.3 | Link to Data Indigenous Peoples • Agreements in place at all mining operations within or adjacent to Indigenous Peoples’ territories • Achieved agreements with 14 out of 14 potentially affected Indigenous groups near our Frontier
Slide 23: Case Study: Quebrada Blanca 2 Project
Case Study: Quebrada Blanca 2 Project • Low-cost, long-life copper project being built by Teck and the project partners in northern Chile • Consulted extensively with local communities and will continue to work cooperatively with stakeholders throughout the life of the project • Achieved agreements
Slide 24: Employee relations, inclusion and diversity
Five Sustainability Questions What is Teck’s approach to employee relations, inclusion and diversity?
Slide 25: Employee Relations and Diversity
Related SASB1 Metrics: EM-MM-310a.1 | Link to Data Employee Relations and Diversity • 57% of our employees are unionized and there 18% were zero strikes in 2018 • Collective agreements at Quebrada Blanca, women in our Line Creek and Carmen de Andacollo workforce 20% operations set to expire in 2019;
Slide 26: Outlook for 2019 and Further Information
Outlook for 2019 and Further Information • Improving our sustainability performance with a focus on safety, tailings management, GHG management, water treatment and agreements with Indigenous Peoples • Reviewing and updating our sustainability strategy – both short-term and long-term goals • Sustain
Slide 27: Appendix
Teck Appendix
Slide 28: Notes: Sustainability
Notes: Sustainability Slide 4: Quality Operating Assets in Stable Jurisdictions 1. Adjusted EBTIDA generated from October 1, 2008 to December 31, 2018. This reflects the change in accounting policy to capitalize stripping from January 1, 2013. Waste rock stripping costs incurred in the production ph
Slide 29: Non-GAAP Financial Measures
Non-GAAP Financial Measures Our financial results are reported in accordance with International Financial Reporting Standards (IFRS). This presentation refers to EBITDA and EBITDA martin, which are non- GAAP financial measures not recognized under IFRS in Canada. These measures do not have standardi
Slide 30: Non-GAAP Financial Measures: Reconciliation of EBITDA
Non-GAAP Financial Measures Reconciliation of EBITDA and Adjusted EBITDA Twelve months ended (C$ in millions) December 31, 2018 Profit attributable to shareholders $ 3,107 Finance expense net of finance income 219 Provision for income taxes 1,365 Depreciation and amortization 1,483 EBITDA $ 6,174 Ad
Slide 31: Investor and Analyst Day
Investor and Analyst Day April 3, 2019
Slide 32: Safety Message
Safety Message Everyone going home safe and healthy every day
Slide 33: Overview and Strategy, Innovation, Growth, Operations
Overview and Strategy Innovation Growth Operations
Slide 34: Commodity Outlook, Finance
cs Commodity Outlook Se Finance i wi
Slide 35: Overview and Strategy
Overview and Strategy April 3, 2019 Don Lindsay, President and Chief Executive Officer
Slide 36: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securit
Slide 37: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements decision being made by December 31, 2031 and may also be reduced if certain throughput and recovery targets on QB2 are not achieved, the amount of pro forma copper depends on Teck achieving its projected copper production targets for 2021 and QB2 producin
Slide 38: A Transformational Time for Teck
OVERVIEW A Transformational Time for Teck MILESTONES FUTURE SOLID ACHIEVED VALUE FOUNDATION CATALYSTS » Cash returns to shareholders » QB2 permit, sanctioning and » Quality operating assets in partnership announced stable jurisdictions » Potential for further reduction in notes » Fort Hills ramp up
Slide 39: Health and Safety Performance
OVERVIEW Health and Safety Performance • Safety performance in 2018 Incident Frequency (per 200,000 hours worked) ‒ 28% reduction in High-Potential Incidents 0.6 ‒ 21% decrease in Lost-Time Injury 0.5 Frequency 0.4 0.3 • Conducted Courageous Safety Leadership 0.2 training with 97% of employees 0.1 0
Slide 40: Senior Management Update
OVERVIEW Senior Management Update Promoted Hired Dean Winsor Andrew Milner Senior Vice Senior Vice President & President, Chief Human Technology Resources and Innovation Officer 6
Slide 41: Strong Fundamentals in Steelmaking Coal
OVERVIEW Strong Fundamentals in Steelmaking Coal • Financial markets are rationing capital to coal, which is directed at thermal coal but impacts steelmaking coal ‒ Will constrain supply and increase the value of existing assets • Essential to infrastructure • Growing demand, especially in India & S
Slide 42: Declining Coal Price Volatility
SOLID OVERVIEW FOUNDATION Declining Coal Price Volatility Coal Price Assessments1 (US$/tonne) 300 250 200 150 100 50 Argus FOB Australia 12-Month Moving Average • Change in benchmark pricing mechanism coincides with a gradual decline in volatility • Change in pricing from a negotiated quarterly benc
Slide 43: Significant Upside Potential in Energy
OVERVIEW Significant Upside Potential in Energy Bitumen Price Realized and EBITDA1 (C$/barrel of bitumen) • Bitumen price realized assumes US$70/bbl $80 $70.65 ($3.50) WTI, WTI-WCS differential at Hardisty of ($7.55) ($20.00) US$10/bbl and Canadian dollar exchange $60 rate of $1.30 $39.60 $40 • Sugg
Slide 44: Teck's Capital Priorities
OVERVIEW Teck’s Capital Priorities Cash Flow from Operations and Asset Sales Sustaining Capital Enhancement Capital Base Dividend (including capitalized stripping) Distributable Cash Flow Capital Structure Shareholder Returns Growth • Maintain investment grade credit • Sustainable payout policy • Ma
Slide 45: Increasing Teck's Returns on QB2
OVERVIEW Increasing Teck's Returns on QB2 Enhancing IRR Reducing Teck's Equity Contributions Teck's Post Transaction After-Tax IRR (%)1 Expected QB2 Equity Contributions Before Escalation (US$M)3 $1,843 40% 35% Sumitomo to 30% contribute $1,258 $1,292 24% true-up post 19% 21% closing US$M 1,793 640
Slide 46: A Transformational Time for Teck
OVERVIEW A Transformational Time for Teck FUTURE VALUE CATALYSTS Potential to Growth through Transformation Cash returns to further reduce Project Satellite QB2/QB3 through shareholders outstanding value creation execution innovation notes COMPELLING VALUE 12
Slide 47: Appendix
Appendix Teck
Slide 48: QB2 Project Economics Comparison
OVERVIEW QB2 Project Economics Comparison Changes Since Feasibility Study1 Sensitivity Analysis1 2016 FS Reserve Sanction (Reserves) 7 Case 8 Case 8 Reserve Case8 Mine Life years 25 28 28 Copper Price (US$/lb) $3.00 $3.25 $3.50 Throughput ktpd 140 143 143 Annual EBITDA (US$B) General LOM Mill Feed M
Slide 49: QB2 Reserves and Resources Comparison
OVERVIEW QB2 Reserves and Resources Comparison Reserve Case (as at Nov. 30, 2018)1,2 Sanction Case (as at Nov. 30, 2018)2,4 Grade Grade Silver Silver Reserves Mt Cu % Mo % Reserves Mt Cu % Mo % ppm ppm Proven 476 0.51 0.018 1.40 Proven 409 0.54 0.019 1.47 Probable 924 0.47 0.019 1.25 Probable 793 0.
Slide 50: Notes: Overview and Strategy
Notes: Overview and Strategy Slide 8: Declining Coal Price Volatility 1. Long-term steelmaking coal prices are calculated from January 1, 2008. Inflation-adjusted prices are based on Statistics Canada’s Consumer Price Index. Source: Argus, FIS, Teck. Plotted to March 25, 2019. Slide 9: Significant P
Slide 51: Notes: Overview and Strategy
Notes: Overview and Strategy Slide 15: QB2 Reserves and Resources Comparison 1. Mineral reserves are constrained within an optimized pit shell and scheduled using a variable grade cut-off approach based on NSR cut-off US$13.39/t over the planned life of mine. The life-of-mine strip ratio is 0.41. 2.
Slide 52: Non-GAAP Financial Measures
Non-GAAP Financial Measures Our financial results are reported in accordance with International Financial Reporting Standards (IFRS). This presentation refers to a number of Non-GAAP Financial Measures, which are non-GAAP financial measures not recognized under IFRS in Canada. These measures do not
Slide 53: Non-GAAP Financial Measures
Non-GAAP Financial Measures Energy Operating Netback, Bitumen and Blended Bitumen Price Realized Reconciliations1 Twelve months ended Twelve months ended (C$ in millions, except where noted) December 31, 2018 December 31, 2018 Revenue as reported $ 407 Blended bitumen barrels sold (000’s) 8,746 Less
Slide 54: Innovation
Innovation April 3, 2019 Andrew Milner, Senior Vice President, Technology and Innovation
Slide 55: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward- looking information within the meaning of the Securi
Slide 56: Changing Landscape in the Mining Sector
INNOVATION Changing Landscape in the Mining Sector With the expansion in While technology has In most industries, analytics, automation been a driving force of companies that move and digital tools, we can improvement in mining, slowly to seize digital now transform mining, the basic operating syste
Slide 57: Teck is Actively Pursuing a Transformation Called RACE21
Teck is Actively Pursuing a Transformation INNOVATION Of Our Business Called RACE21TM Renew Automate Connect Empower Modernize Teck’s Accelerate and Develop Design future technology scale autonomy digital platform operating model foundation program for sensing and to empower our analytics employees
Slide 58: R – Renew
INNOVATION R – Renew • Unify and modernize Teck’s core systems • Establish technology foundation that facilitates deployment of Connect and Automate reliably and at scale • For example: Wireless site infrastructure to support automation, sensing, site communications, information access, pit-to-port
Slide 59: A – Automate
INNOVATION A – Automate • Accelerate and scale autonomy program • Transformational shift in safety • Reduce per-tonne mining costs with smaller fleets • Provide innovation platform to enable implementation of advanced analytics to drive cycle time improvement & predictive maintenance 6
Slide 60: C – Connect
INNOVATION C – Connect • Link disparate systems into a collaborative digital platform with powerful tools for sensing and analyzing in real time • For example: Dynamic and predictive models to reduce variability, leading to dramatic improvements in throughput and recovery 7
Slide 61: E – Empower
INNOVATION E – Empower • The natural implication of Renew, Automate, and Connect is we can re-imagine what it means to work at Teck and re-design our operating model to attract, recruit, train and retain the workforce of the future 8
Slide 62: RACE21: Moving to a manufacturing model
RACE21TM INNOVATION Moving to a manufacturing model • Our conviction is that the potential exists to transform mining, adopt a manufacturing model to unlock significant economic value and competitive advantage 9
Slide 63: Why Pursue a Technology Transformation?
Why Pursue a Technology Transformation? INNOVATION Technology leadership could create multiple opportunities BEYOND THE MINING INDUSTRY We could leverage our WITHIN capabilities to explore THE INDUSTRY opportunities in the broader global innovation ecosystem A source of strategic INTERNALLY advantag
Slide 64: Significant Value To Be Captured
INNOVATION Significant Value To Be Captured Example value capture areas: Autonomy, Integrated Operations, Advanced Analytics, Real Time Data Systems A SUSTAINABLE FUTURE 11
Slide 65: QB2 Project Update
QB2 Project Update April 3, 2019 Alex Christopher, SVP, Exploration, Projects and Technical Services
Slide 66: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securit
Slide 67: QB2 Project Update
QB2 Project Update QB2 Permitted and in construction Project Highlights Project Status Contracts and Procurement Mass Earthworks Construction QB3 – Long-Term Growth 3 General view of the concentrator area looking east, January 2019. Teck
Slide 68: QB2 Project Highlights
QB2 QB2 Project Highlights World Class Development Location Vast, long life deposit in favourable jurisdiction Chile Peru Will be a top 20 producer Bolivia Arica y Arica Parinacota Region Very low strip ratio Cerro Tarapacá Colorado Collahuasi Region Low all-in sustaining costs (AISC) BHP An
Slide 69: QB2 Project Highlights
QB2 QB2 Project Highlights World Class Development Low Strip Ratio1 Vast, long life deposit in favourable jurisdiction QB2 (0.7:1) Will be a top 20 producer Very low strip ratio Antamina (2.9:1)2 Low all-in sustaining costs (AISC) High grade, clean concentrates Collahuasi (3.4:1)2 Signif
Slide 70: QB2 Project Status
QB2 QB2 Project Status Engineering1 Safety1,3 83% 0.12 0.39 LTIF TRIF Procurement1 Teck Mass Earthworks2 26% 3.4 m3 80% Advanced Moved Contracting1 Workforce1 89% 420 1,140 Office Field General view of the concentrator area, looking east. March 1, 2019. 6
Slide 71: Contracts and Procurement
Contracts and Procurement QB2 Well advanced to meet construction needs Procurement, construction contracts, and services contracts make up >65% of the total project spend • Contracts 89% advanced – Packages for mass earthworks and major construction packages awarded • Procurement 80% advanced – All
Slide 72: Mass Earthworks
Mass Earthworks QB2 Mobilized and preparing sites for construction Teck Mine Fleet utilized for bulk earthworks in Tailings Area concentrator and tailings area • Leverages operating experience, people and equipment • Ongoing since mid September • Provides significant advantage in mobilization and in
Slide 73: Construction
Construction QB2 Focused on enabling activities and construction planning Enabling Activities: Camps, temporary Refurbished Camp facilities, batch plants, water and power • Platform development, laydown areas, module delivery, service installation Planning & Mobilization • Contractor kick off meetin
Slide 74: QB3 – Long-Term Growth
QB3 – Long-Term Growth QB2 Expansion potential to realize full potential of the orebody QB2 utilizes less than 25% of resource Copper mineralization from 2018 drilling1 QB3 evaluating options to exploit the full value of the resource through mill expansion and / or mine life extension Ongoing work i
Slide 75: Long-Term Growth
Long-Term Growth QB2 Realizing the full potential of QB N Mineralized Footprint (4km x 2km) Existing Pit Bottom QB2 Pit (3km x 1.6km) Sanction Case Pit Design 11
Slide 76: Appendix
Appendix Teck
Slide 77: Notes: QB2 Project Update
Notes: QB2 Project Update Slide 4: QB2 Project Highlights 1. Status at February 28, 2019. Slide 5: QB2 Project Highlights 1. 1 truck = a strip ratio of 0.1. 2. Source: Wood Mackenzie over 2021-2040. 3. Status at February 28, 2019. Slide 6: QB2 Project Status 1. Status at February 28, 2019. 2. Status
Slide 78: Project Satellite
Project Satellite April 3, 2019 Colin Joudrie, Vice President, Business Development
Slide 79: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward- looking information within the meaning of the Securi
Slide 80: Satellite Overview
PROJECT SATELLITE Satellite Overview 2016 2017 and 2018 2019 Initiative Launched Building Momentum Surfacing Value • Definition of Satellite Portfolio • Ownership consolidation1 • Complete Feasibility and Social & (five assets with substantial Environmental Impact copper resources) • ~67 km of drill
Slide 81: Satellite Deposits
Satellite Deposits PROJECT SATELLITE Upgrading resources and progressing value recognition Partnerships Water and Environment Schaft Creek (75%) Northwest BC Copper, Molybdenum, Gold, Silver Galore Creek (50%) 5.5 Mt CuEq1 contained (M&I) Northwest BC Copper, Gold, Silver Communities Land Ownership
Slide 82: Updated Resource Statements
Updated Resource Statements PROJECT SATELLITE 2016 versus 2019 Total R&R – Copper Total R&R – CuEq2 Well-defined Resources, 2016 vs 2019 (M,I&I)1 2019 (M,I&I)1 Exploration Upside (Million tonnes) (Million tonnes) 29.6 Mt • Updated Resource Statements on 30 each of the five assets +89% • Notable by-p
Slide 83: Zafranal Copper-Gold (80%)
Zafranal Copper-Gold (80%) PROJECT SATELLITE Finalizing Feasibility Study and SEIA in H1 2019 Long Life Asset • 19 year life of mine 440Mt 0.37% Cu < 3 Years US$1.26B • Updated Resource Statement1 Investment Initial CapEx LOM Tonnes & Payback Grade Cu% Period • Upside potential within the deposit fo
Slide 84: San Nicolás Copper-Zinc (100%)
San Nicolás Copper-Zinc (100%) PROJECT SATELLITE Finalizing Prefeasibility Study and SEIA in H2 2019 Long Life Asset • One of the world’s most significant 109Mt 2.3% CuEq < 3 Years US$ 779M undeveloped VHMS deposits Investment Initial CapEx LOM Tonnes & Payback Grade CuEq% Period • Updated Resource
Slide 85: Galore Creek Copper-Gold-Silver (50%)
Galore Creek Copper-Gold-Silver (50%) PROJECT SATELLITE Updated Resource Statement, Initiating Prefeasibility Study in 2019 Long Life Asset 1000 • M&I @ 0.61% CuEq2 • Large high grade copper-gold system • 5.1 Mt of Cu contained • Legacy and Bountiful zones discovered in 2013-14 (M&I) reflected in Re
Slide 86: Mesaba Copper-Nickel, PGM, Cobalt (100%)
Mesaba Copper-Nickel, PGM, Cobalt (100%) PROJECT SATELLITE Maiden Resource Statement, assessing development options in 2019 Long Life Asset 1600 • M&I @ 0.7% CuEq2 • Large Cu-Ni-PGM-Co magmatic deposit • 6.8 Mt of Cu contained 1400 • Substantial tonnes and grade disclosed in maiden (M&I) Resource St
Slide 87: Appendix
Appendix Teck
Slide 88: Notes: Project Satellite
Notes: Project Satellite Slide 3: Satellite Overview 1. Teck acquired AQM Copper Inc. in January 2017 consolidating an 80% interest in Zafranal. Teck acquired Goldcorp Inc.’s 21% stake in San Nicolás in October 2017 resulting in Teck’s ownership at 100%. 2. Newmont Mining Corporation (Newmont) acqui
Slide 89: Non-GAAP Financial Measures
Non-GAAP Financial Measures Our financial results are reported in accordance with International Financial Reporting Standards (IFRS). This presentation refers to EBITDA and Free Cash Flow which are non- GAAP financial measures not recognized under IFRS in Canada. These measures do not have standardi
Slide 90: Steelmaking Coal Operations
Steelmaking Coal Operations April 3, 2019 Robin Sheremeta, Senior Vice President, Coal
Slide 91: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securit
Slide 92: Coal BU Continues to Deliver Exceptional Returns
STEELMAKING COAL Coal BU Continues to Deliver Exceptional Returns Strong cash flow generation Coal Price Assessments3 (US$/tonne) • Coal business unit (BU) delivered ~C$6 billion 300 free cash flow1 in the last 9 quarters, i.e. Q4 2016 250 to Q4 2018 200 150 100 • At US$200 per tonne, Coal could gen
Slide 93: Long Life With Growth Potential
STEELMAKING COAL Long Life With Growth Potential 26.0-26.5 million tonnes in 2019 Annual Production Capacity1 • Advancing production in new areas to fully offset Coal (Million tonnes) Mountain closure 32 27-28 million tonnes in 2020 and beyond 30 • Investment in plant throughput capacity at Elkview
Slide 94: Maximizing Cash Flow in Any Market
STEELMAKING COAL Maximizing Cash Flow in Any Market Cost of Sales and Realized Sales Price High Price Environment1 ($/tonne) • Production focus to capture high margins and $243 maximize free cash flow $250 $226 $224 ‒ Utilize higher cost equipment, contractor $194 labour, internal overtime, & inters
Slide 95: Setting Up for Strong Long-Term Cash Flows
STEELMAKING COAL Setting Up for Strong Long-Term Cash Flows Clean Strip Ratio1 12 Strip ratio increase planned in 2019 to advance clean coal expansion 10 • Future strip ratio on par with historical 8 average 60 ~ 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 6 Yr Avg Elkview Operations
Slide 96: Reinvesting to Maintain Productivities and Manage Costs
STEELMAKING COAL Reinvesting to Maintain Productivities and Manage Costs Maintaining historical dollar per tonne Sustaining Capital, Excluding Water Treatment1 ($/tonne) sustaining investment levels $14 2010-2016: Average spend of ~$6 per tonne1 $12 • Reinvestment in 5 shovels, 50+ haul trucks $10 $
Slide 97: Investing In Production Capacity
STEELMAKING COAL Investing In Production Capacity Major enhancement projects increasing long-term Major Enhancement Capital Expenditures1,2,3 production capacity: ($ million) • SWIFT at Fording River Operations 400 • Baldy Ridge Extension at Elkview Operations 350 • 9 Million project at Elkview Oper
Slide 98: Progress on Reducing Long-Term Water Treatment Costs
STEELMAKING COAL Progress on Reducing Long-Term Water Treatment Costs Saturated Rock Fills (SRF) demonstrated to be a direct replacement for current Active Water Treatment Facilities (AWTF), subject to regulatory approval SRF strategy could reduce water capital to $600 million to $650 million in 201
Slide 99: Steelmaking Coal
STEELMAKING COAL Steelmaking Coal • Safe, sustainable and productive operations • Potential to produce ~27+ million tonnes for decades • Maximizing and sustaining strong cash flow • Focusing on innovations that will deliver exceptional results 10
Slide 100: Appendix
Appendix Teck
Slide 101: Water Treatment Capital
STEELMAKING COAL Water Treatment Capital Best Case1,2 Previous Guidance1,2 Worst Case1,2 400 400 400 Water Capital ($M) Water Capital ($M) Water Capital ($M) 300 300 300 200 200 200 100 100 100 - - - 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 SRF permitted would reduc
Slide 102: Notes: Steelmaking Coal Operations
Notes: Steelmaking Coal Operations Slide 3: Coal BU Continues to Deliver Exceptional Returns 1. Free cash flow is a non-GAAP measure. For the purpose of this illustration, free cash flow is defined as gross profit before depreciation less debt interest and finance charges paid, capital expenditures,
Slide 103: Notes: Steelmaking Coal Operations
Notes: Steelmaking Coal Operations Slide 12: Water Treatment Capital 1. Water capital figures present total spending, a portion of which will be paid by POSCAN joint venture partner. Future POSCAN amounts are not yet determinable as the percentage varies year-to-year with selenium load factors which
Slide 104: Non-GAAP Financial Measures
Non-GAAP Financial Measures Our financial results are reported in accordance with International Financial Reporting Standards (IFRS). This presentation refers to free cash flow which is a non-GAAP financial measure not recognized under IFRS in Canada and does not have a standardized meaning prescrib
Slide 105: Base Metals Operations
Base Metals Operations April 3, 2019 Dale Andres, Senior Vice President, Base Metals
Slide 106: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securit
Slide 107: Continuing the Transformation in Base Metals
Continuing the Transformation in Base Metals MILESTONES FUTURE SOLID ACHIEVED VALUE FOUNDATION CATALYSTS Delivering Results Performance Focused Extracting Value from » Exceeded 2018 guidance for » Optimize safe production and cost and production in Copper Innovation & Technology asset utilization an
Slide 108: Long Life and Stable Assets in Copper
SOLID FOUNDATION Long Life and Stable Assets in Copper Antamina Highland Valley Carmen de Andacollo Quebrada Blanca » C1 costs in the 1st quartile1 » Copper production rising » Consistent near term » Mining equipment and » Record combined with higher grades and production profile workforce successfu
Slide 109: Integrated Zinc Business
SOLID FOUNDATION Integrated Zinc Business Red Dog Trail Pend Oreille » Cash costs in bottom 1st quartile1 » Strong zinc production in 2019 with » Low iron feed and transport » Optimized stockpiling strategy to improving outlook for TC/RC’s advantage for Trail increase mill throughput » KIVCET lead f
Slide 110: Cost Discipline and Improvement Focus
SOLID FOUNDATION Cost Discipline and Improvement Focus Operating expenses & productivity Focused investment priorities • Cross site sharing in asset management • Numerous projects finishing in 2019 and early 2020 continues to improve availabilities and - VIP2 at Red Dog, D3 Ball Mill at HVC, Acid re
Slide 111: Innovation and Technology
Innovation and Technology FUTURE VALUE CATALYSTS Driving increased margins across the portfolio Autonomous haulage systems at HVC • Six truck pilot fully operational, significant productivity and safety improvements Ore sorting deployment advancing across the operations • Improving reliability and e
Slide 112: Major Growth Projects
Major Growth Projects FUTURE VALUE CATALYSTS Setting up major growth projects in Chile for long-term success Quebrada Blanca • QB2: 316 kt of CuEq production for first 5 years1 - Increases copper production by ~60% with low strip ratio and AISC of US$1.38/lb copper2 - Early debottlenecking focus to
Slide 113: Major Extension Projects
Major Extension Projects FUTURE VALUE CATALYSTS Strong brownfield pipeline for value creation Antamina HVC 2040 Red Dog Extension Debottlenecking and extension Advancing HVC Mine Life Scoping study on development studies ongoing Extension Feasibility Study options • Increase mill throughput >15% • T
Slide 114: Continuing the Transformation in Base Metals
Continuing the Transformation in Base Metals Growth through Cost and Active capital Innovation and QB2/QB3 Safe Production productivity focus management technology execution and other brownfield DELIVERING RESULTS AND BUILDING VALUE 25
Slide 115: Appendix
Appendix Teck
Slide 116: Notes: Base Metals Operations
Notes: Base Metals Operations Slide 4: Long Life and Stable Assets in Copper 1. Source: Wood Mackenzie. Slide 5: Integrated Zinc Business 1. Source: Wood Mackenzie. Slide 8: Major Growth Projects 1. Copper equivalent production calculated for the first 5 full years of production assuming US$3.00/lb
Slide 117: Energy Operations
Energy Operations April 3, 2019 Kieron McFadyen, Senior Vice President, Energy Glenn Burchnall, Director, Energy Marketing and Logistics
Slide 118: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securit
Slide 119: Quality Barrels in a Progressive Jurisdiction
Quality Barrels in a Progressive Jurisdiction ENERGY 4th largest oil sands mining portfolio… Alberta, Canada Fort Hills in operation » Teck 21.3% = 0.6 billion barrels1 Frontier in the regulatory phase » Teck 100% = 3.2 billion barrels2 Lease 421: future growth CNRL Horizon Imperial Kearl » Teck 50%
Slide 120: Our Energy Strategy
Our Energy Strategy ENERGY With an absolute focus on… Maximizing value of Fort Hills » Start-up complete, increase production volumes, lower costs De-risking Frontier & Lease 421 » Frontier regulatory hearing completed in 2018, decision in 2019 Driving business results through technology & innovatio
Slide 121: Fort Hills is a Modern Mine
Fort Hills is a Modern Mine ENERGY Built for low cost operations… 201,000 Fort Hills 2018 Production @100% (Barrels per day) bpd 250,000 Exit 2018 @ 201,000 bpd December 2018 200,000 <$23/bbl 150,000 adjusted Great start-up operating costs1 100,000 December 2018 PFT 50,000 product - Jan Feb Mar Apr
Slide 122: Attractive Debottlenecking Opportunities
Attractive Debottlenecking Opportunities ENERGY To be implemented in two phases… Potential capacity increase of 20 kbpd to 40 kbpd » Teck’s share of annual production could increase from 14.0 Mbpa to 15.5-17.0 Mbpa » Near term opportunities require little to no capital (phase 1) » Longer term opport
Slide 123: Significant EBITDA Upside Potential
Significant EBITDA Upside Potential ENERGY Providing the basis for strong and steady cash flow for decades… Assumptions EBITDA1 Potential – Teck’s share ($ millions) 800 WTI @ WTI @ US$70/bbl US$60/bbl 700 +$150M 600 WTI-WCS differential US$10.00 US$14.75 500 400 C$/US$ exchange rate 1.30 1.32 +$100
Slide 124: Looking Ahead
Looking Ahead ENERGY Realizing value from Teck Energy… Energy moving from significant cash outflow to cash inflow Improved cash flow from Fort Hills, including debottlenecking Improved access to offshore markets Fort Hills is the foundation of a premier Canadian oil sands mining portfolio 35
Slide 125: Appendix
Appendix Teck
Slide 126: Teck's Energy Outlook
Teck’s Energy Outlook ENERGY Price environment improved significantly in the first quarter… GOVERNMENT OF ALBERTA CURTAILMENTS » Effective January 1, 2019 » 325,000 barrels per day across the industry » Subsequently reduced to 225,000, 200,000 and 175,000 barrels per day in April, May and June, resp
Slide 127: Technology & Innovation Pathways for Energy
Technology & Innovation Pathways for Energy ENERGY Evaluating technologies and existing infrastructure synergies… Partial Upgrading Bitumen Froth Product Non-Aqueous Extraction » Reduce or eliminate » Less processed product » Solvent based extraction need to add diluent for that can be transported »
Slide 128: Notes: Energy Operations
Notes: Energy Operations Slide 3: Quality Barrels in a Progressive Jurisdiction 1. Proved and probable reserves as at December 31, 2018. See Teck’s 2018 Annual Information Form available under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) for further information regarding Fort Hill
Slide 129: Base Metals Markets
Base Metals Markets April 3, 2019 Andrew Stonkus, Senior Vice President, Marketing and Logistics
Slide 130: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securit
Slide 131: Copper Market Highlights
BASE METALS Copper Market Highlights • Reported copper cathode stocks have fallen to historically low levels • Despite recent announced mine supply increases, medium-to-long-term market still in structural deficit • Environmental restrictions on global scrap flows are impacting copper unit availabil
Slide 132: Copper Supply
Copper Supply BASE METALS Mine production rising and scrap availability falling Sanctioned Projects Since 20171 China Copper Scrap Imports Decline2 (Thousand tonnes) (Copper content, kt) 2,000 2,500 1,500 2,000 1,000 1,500 500 1,000 0 2013 2014 2015 2016 2017 2018 500 Chinese Imports Shift to Concen
Slide 133: Copper Metal Stocks
Copper Metal Stocks BASE METALS Better than expected demand; smelter disruptions Daily Copper Prices & Stocks1.2 (US$/mt) • Production cuts at Asian smelters combined with 12,000 1,800 lower scrap availability has contributed to a drawdown in cathode 1,600 10,000 1,400 • Exchange stocks have fallen
Slide 134: Copper Supply / Demand Balance
Copper Supply / Demand Balance BASE METALS Projects available to fill low demand scenario gap Existing and Fully Committed Supply1 Probable Projects Sufficient (Thousand tonnes) Only to Fill Low Gap Scenario2 28,000 (Thousand tonnes) 3,500 27,000 3,000 26,000 Gap to Metal Requirement 2,500 high 25,0
Slide 135: Zinc Market Highlights
BASE METALS Zinc Market Highlights • Large drawdowns of refined zinc exchange stocks, bringing exchange inventory to critical levels • Global concentrate market moved to surplus due to decreased refined production in China and rest of world • Environmental policy and poor profit margins limited buyi
Slide 136: Zinc Supply
Zinc Supply BASE METALS Mine Production Missed forecast in 2018 Zinc Mine Production1 • Teck originally forecast global mine production would grow 7.9% or (Thousand tonnes contained) over 800,000 tonnes in 2018 16,000 ‒ Due to start up of large mines, Dugald River, Gamsberg, New Century and restarts
Slide 137: Chinese Zinc Mine Projects Delayed
Chinese Zinc Mine Projects Delayed BASE METALS Impacted by inspections and low zinc ore grades Estimated Chinese Zinc Mine Growth Rarely Achieved1 Chinese Mine Growth 2019-2021 Heavily Dependent (Thousand tonnes contained) On Single Project2 (Thousand tonnes contained) 600 600 400 400 360 350 200 27
Slide 138: Zinc Metal Stocks
Zinc Metal Stocks BASE METALS Consecutive deficits decreasing zinc inventories Daily Zinc Prices & Stocks1.2 (US$/lb) • Deficits in past 5 years have driven down stocks $5,000 2,500 • LME refined zinc stocks have decreased $4,500 70,000 tonnes year-to-date in 2019 $4,000 2,000 • Less than 60,000 ton
Slide 139: Zinc Supply/Demand Balance
Zinc Supply/Demand Balance BASE METALS Zinc mine production peaks in 2021 Existing and Fully Committed Supply1 Probable Projects (Thousand tonnes) Sufficient to Fill Gap2 17,000 (Thousand tonnes) 2,500 16,000 Gap to 2,000 high Metal Requirement 15,000 demand 1,500 Gap to base 14,000 demand 1,000 13,
Slide 140: Appendix
Appendix Teck
Slide 141: Notes: Base Metals Markets
Notes: Base Metals Markets Slide 4: Copper Supply 1. Source: Wood Mackenzie, Teck, Company Reports. Announced Project Sanctioning Decisions since January 2018, Based on Corporate Guidance and/or Wood Mac forecasts to Q4 2018. 2. Source: Wood Mackenzie, GTIS, SMM. 3. Source: Wood Mackenzie, GTIS, NBS
Slide 142: Steelmaking Coal Markets
Steelmaking Coal Markets April 3, 2019 Réal Foley, Vice President, Marketing, Coal and Base Metals
Slide 143: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securit
Slide 144: Strong Fundamentals in Steelmaking Coal Market
STEELMAKING COAL Strong Fundamentals in Steelmaking Coal Market Slower but more sustainable global growth • Allows economies to grow for longer • Supports steel demand and pricing Steel: Healthy industry and growing production • India: Secular demand supported by brownfield and greenfield projects •
Slide 145: Demand Growth Forecast
Demand Growth Forecast STEELMAKING COAL Growth drivers: Western Europe, India and Southeast Asia Seaborne Steelmaking Coal Imports1 330 (Change 2019 vs. 2018) 314-318 320 1 315 3 2 1 1 310 4 310 Mt 300 290 280 2018 W. Europe S.E. Asia Others 2019, ex. India E. Europe China 2019 India, E Europe & Inc
Slide 146: Supply Growth Forecast
Supply Growth Forecast STEELMAKING COAL Most growth comes from Australia Seaborne Steelmaking Coal Exports1 330 (Change 2019 vs. 2018) 1 4 320 6 1 1 318 312-318 310 310 Mt 300 290 280 2018 Australia Mozambique Canada 2019, ex. Indonesia USA 2019 Indonesia & USA Includes: • Australia: Growth from exi
Slide 147: Demand / Supply Balance
Demand / Supply Balance STEELMAKING COAL Coal gap is developing unless projects progress Supply & Demand from Existing Mines1 Possible Restarts ~30-55 Mt needed from and Projects1 restarts and projects by 2024 60 375 50 355 40 Additional gap to 30 high case Mt 335 20 Mt Gap to 315 10 base case 0 295
Slide 148: 2nd Largest Seaborne Steelmaking Coal Supplier
2nd Largest Seaborne Steelmaking Coal Supplier STEELMAKING COAL Competitively positioned to supply steel producers worldwide Sales Distribution China 2013: ~30% North America Europe 2017: ~15% ~5% 2013: ~15% India 2017: ~20% 2018: ~10% 2013: ~5% 2018: ~15% 2017: ~10% 2018: ~15% Asia excl. China & In
Slide 149: Coal Price Supported by Strong Fundamentals
Coal Price Supported by Strong Fundamentals STEELMAKING COAL Volatility has declined Coal Price Assessments1 (US$/tonne)1 Long-term average price of US$182/tonne, 300 or US$197/tonne on an inflation-adjusted basis 250 200 150 100 50 Argus FOB Australia 12-Month Moving Average Coal pricing stabilizin
Slide 150: Appendix
Appendix Teck
Slide 151: Notes: Steelmaking Coal Markets
Notes: Steelmaking Coal Markets Slide 4: Demand Growth Forecast 1. Source: Wood Mackenzie. 2. Source: Wood Mackenzie, AME. 3. Source: Wood Mackenzie, CRU. Slide 5: Supply Growth Forecast 1. Source: Wood Mackenzie. Exports include disruption allowance that is based on the difference between Wood Mack
Slide 152: Energy Marketing
Energy Marketing April 3, 2019 Glenn Burchnall, Director, Energy Marketing and Logistics Kieron McFadyen, Senior Vice President, Energy
Slide 153: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward- looking information within the meaning of the Securi
Slide 154: Market Fundamentals in Transition
ENERGY Market Fundamentals in Transition Crude oil demand supported by global economic growth • Demand growth drivers in transition • Positive for heavy sour crudes 2019-2021: Canadian heavy pricing volatility • Limited pipeline export capacity, crude by rail increasing • Government mandated product
Slide 155: Export Capacity Needed To Meet Global Demand
ENERGY Export Capacity Needed To Meet Global Demand Near term (2019-2021): Western Canada Supply & Markets1 • Canadian export capacity lagging (Mbpd) 7.0 • Reliant on rail (400-500 Kbpd) 6.5 Rail Pipeline development progressing: 6.0 TransMountain • Enbridge: 370 Kbpd (2020-2021) TMX • Keystone XL:
Slide 156: Fort Hills Blend Widely Accepted In Market
ENERGY Fort Hills Blend Widely Accepted In Market We produce a high quality refinery feedstock Teck Blend: Delivery Location 49.5 Kbpd Low GHG intensity: <50% of US crude supply 10.0 US Gulf Coast: monthly basis • Including in-situ and upgraded synthetic 10.0 Hardisty rail: long term contract Our sa
Slide 157: Diverse Portfolio of Sales
ENERGY Diverse Portfolio of Sales Blend Sales By Delivery Point Revenue Calculation (US $/bbl) Location Nymex WTI Western Canadian Select Differential Basis 20% US Gulf Coast Calendar average Monthly contracted spot (Pipeline) (Pipeline) monthly WTI differential at US Gulf Coast 60% (Pipeline) Hardi
Slide 158: Appendix
Appendix Teck
Slide 159: Notes: Energy Marketing
Notes: Energy Marketing Slide 4: Export Capacity Needed To Meet Global Demand 1. Sources: IHSMarkit, Lee & Doma, Teck Energy. 31
Slide 160: Finance
Finance April 3, 2019 Ron Millos, Senior Vice President, Finance and Chief Financial Officer
Slide 161: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securit
Slide 162: Finance Topics
Finance Topics Changes to Leasing Accounting Rules QB Accounting Treatment QB2 Project Financing Update Strong Financial Position Returns to Shareholders 3
Slide 163: New Lease Accounting Rules
FINANCE New Lease Accounting Rules BALANCE SHEET INCOME STATEMENT » Operating leases now recorded on the » Operating costs decline resulting in lower balance sheet as assets and liabilities unit costs » Finance expense increases as lease » Debt increases by the discounted value of payments split bet
Slide 164: Quebrada Blanca Accounting Treatment
Quebrada Blanca FINANCE Accounting Treatment BALANCE SHEET INCOME STATEMENT » 100% of project spending included in » Teck’s income statement will include 100% property, plant and equipment of QB’s revenues and expenses » Debt includes 100% of project financing » Sumitomo’s1 30% and ENAMI’s 10% share
Slide 165: Quebrada Blanca Accounting Treatment
Quebrada Blanca FINANCE Accounting Treatment CASH FLOW QB2 Funding Profile Before Escalation (US$M)2 » 100% of project spending included in capital expenditures $1,843 » In 2019, Sumitomo1 contribution will recorded Sumitomo to within financing activities and split approximately contribute $1,292 tr
Slide 166: QB2 Project Financing Update
FINANCE QB2 Project Financing Update » US$2.5 billion » 12 year tenor, pricing based on LIBOR » Largest lenders are government policy banks, including EDC in Canada, with loans linked to concentrate sales to customers in their countries » Includes a commercial bank tranche » Term sheet finalized, wo
Slide 167: Strong Financial Position
FINANCE Strong Financial Position » Strong operating cash flow Total debt (C$ in billions) 10 Total debt down C$4.1 » ~C$6.6 billion of liquidity, including US$4 billion billion or 43% since 2015 9 undrawn revolving facility1 8 » No significant note maturities prior to 2024 7 6 » QB2 partnership and
Slide 168: Cash Returns to Shareholders
FINANCE Cash Returns to Shareholders » In the fourth quarter of 2018, Teck: Returns to ‒ Paid a dividend of $0.15/share Shareholders ($M) consisting of a $0.05/share regular quarterly dividend and a $0.10/share 600 supplemental dividend 500 ‒ Announced a $400 million repurchase 400 of Class B shares
Slide 169: Appendix
Appendix Teck
Slide 170: Notes: Finance
Notes: Finance Slide 4: New Lease Accounting Rules 1. EBITDA is a non-GAAP measure. See “Non-GAAP Financial Measures” slides. Slide 5: Quebrada Blanca 1. Sumitomo Metal Mining Co. Ltd. and Sumitomo Corporation are collectively referred to as Sumitomo. Slide 6: Quebrada Blanca 1. Sumitomo Metal Minin
Slide 171: Non-GAAP Financial Measures
Non-GAAP Financial Measures Our financial results are reported in accordance with International Financial Reporting Standards (IFRS). This presentation refers to EBITDA which is a non-GAAP financial measure not recognized under IFRS in Canada. This measure does not have a standardized meaning prescr
Slide 172: Investor and Analyst Day
Investor and Analyst Day April 3, 2019