Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Non-Deal Roadshow (March 2021)
152 slides from Teck Resources Limited Class A's roadshow presentation, Mar 8, 2021
Slide 1: Investor Meetings
Investor Meetings March 8-9, 2021
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: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies. Statements regarding anticipated
Slide 4: Overview: A Focused Strategy Poised for Growth
Overview A Focused Strategy Poised for Growth
Slide 5: About Teck
About Teck High-quality assets in attractive jurisdictions Proven operational excellence underpinning cost competitiveness Doubling of copper production by 2023 through QB21 Significant value potential from a portfolio of green metals Recognized industry leader in ESG performance Strong balance shee
Slide 6: Accelerated Need for Essential Metals And Minerals for a Low-Carbon World
Accelerated Need for Essential Metals And Minerals for a Low-Carbon World • Strong demand for Seaborne metals and minerals Copper Zinc Steelmaking Coal driven by decarbonization, population growth and By 2050 we expect:1 2.3x 2.1x 1.0x a rising middle class demand2 demand2 demand3 • Unprecedented pa
Slide 7: Teck and the Low-Carbon Transition
Teck and the Low-Carbon Transition We believe Teck’s strategy will ensure we are well-positioned for changes in demand for mining commodities driven by the transition to a low-carbon world Today 10+ Years 20+ Years 1 Focus on copper growth to 2 Prudently growing our green metals 3 Leading green meta
Slide 8: Industry Leading Copper Growth In Attractive Jurisdictions
Industry Leading Copper Growth In Attractive Jurisdictions WoodMac: Consolidated Copper Production Growth1 WoodMac: Teck’s Consolidated Copper Production4 Teck2 vs. Peers3 2021E-2023E By Jurisdiction 2023E 120% 102% 100% Peru 80% Canada 156 kt Canada 60% Chile 40% Chile Peru 227 kt 21% 86 kt 20% 11%
Slide 9: Overview: A Focused Strategy Poised for Growth
Overview A Focused Strategy Poised for Growth
Slide 10: Prudent Green Metals Growth Strategy
Prudent Green Metals Growth Strategy Accelerate growth in copper Maximize cash flows from operations to fund copper growth Canada 156 kt Strengthen Chile existing high-quality assets through RACE21TM Peru 227 kt 86 kt Discipline in capital allocation Leadership in sustainability 10
Slide 11: Accelerate Growth in Copper
Accelerate Growth in Copper Focus on growing copper production Teck's Consolidated Copper Production1 (kt Cu) Teck’s Copper Reserves and Resources2 (Mt) ~100% 290 QB2 Consolidated Inferred Resources (100%) 36 Measured & Teck 2020 Actual 42 Indicated 276 276 11 Resources 14 11 18 Proven and 10 13 25
Slide 12: Accelerate Growth in Copper: QB2 low cost asset
Accelerate Growth in Copper QB2 is a low cost asset in an attractive jurisdiction Vast, long-life deposit in Chile (~100 year resource) QB2’s Low Strip Ratio Is the Driver QB2 only uses ~18% of the 2020 reserve and resource For Low All-in Sustaining Costs tonnage1 QB2 (0.7:1) Low C1 cash cost and Al
Slide 13: Maximize Cash Flows From Operations To Fund Copper Growth
Maximize Cash Flows From Operations To Fund Copper Growth COPPER • Foundation of stable operations with three large operating mines Antamina in attractive jurisdictions • Among the lowest carbon intensity copper producers • Strong pipeline of copper projects Highland Valley Copper • 10-year average
Slide 14: Maximize Cash Flows From Operations: Steelmaking Coal
Maximize Cash Flows From Operations To Fund Copper Growth STEELMAKING COAL Steelmaking Coal Prices3 (US$/t) Since January 1, 2011, the FOB Australia price has averaged • Foundation of stable operations with four ~US$170/t, or ~US$180/t on an inflation-adjusted basis operating mines in the Elk Valley
Slide 15: Strengthen Existing High-Quality Assets Through RACE21
Strengthen Existing High-Quality Assets Through RACE21TM Focus Transformational Step-change impact to Increased productivity Increased margins safety impact operational efficiency through technology and innovation Advanced data analytics Increased copper Record haul truck Improved zinc feed Examples
Slide 16: Discipline in Capital Allocation
Discipline in Capital Allocation QB2 funding secured; long-dated maturity profile provides optionality Balance Sheet No significant note maturities prior to 20304 (C$M) • Rated investment grade by all four agencies 1,000 500 Liquidity 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 203
Slide 17: Discipline in Capital Allocation
Discipline in Capital Allocation A transparent framework, rigorously applied Optimizing how we deploy Available Cash Flow1: SUSTAINING SUPPLEMENTAL BASE CAPITAL SHAREHOLDER DIVIDEND (including stripping) DISTRIBUTIONS Additional cash Further green metals returns to shareholders growth opportunities
Slide 18: Leadership in Sustainability
Leadership in Sustainability Carbon and water goals that address the climate challenge • Paris-aligned commitment to be carbon neutral by 2050; reducing carbon intensity by 33% by 2030 • Transitioning to sea or low-quality water in all water-scarce regions by 2040 Top ranked diversified metals • Low
Slide 19: Overview: A Focused Strategy Poised for Growth
Overview A Focused Strategy Poised for Growth
Slide 20: Poised for Growth
Poised for Growth Right Right Right Right Opportunities Assets Approach Team Strong demand for Industry leading Highest standards Our people deliver our metals and copper growth, of sustainability in the optimal mix of minerals, led by strengthening everything we do, industry leading growth and exis
Slide 21: Appendix
Appendix Teck
Slide 22: Endnotes
Endnotes Slide 5: About Teck 1. On a consolidated basis. Slide 6: Accelerated Need for Essential Metals and Minerals for a Low-Carbon World 1. Modelled forecast under International Energy Agency (IEA) Rapid Transition Sustainable Development Scenario (SDS) for 1.5ºC (1.5oC). 2. Source: Vivid Economi
Slide 23: Endnotes
Endnotes Slide 16: Discipline in Capital Allocation - QB2 funding secured; long-dated maturity profile provides optionality 1. As at February 17, 2021. 2. Average from 2016-2020. 3. Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides. 4. As at December 31, 2020.
Slide 24: Appendix
Appendix Teck
Slide 25: Quebrada Blanca
Quebrada Blanca Photo: Concentrator - Aerial view of grinding lines: line 1 SAG and ball mills in place, line 2 concrete complete January 2021
Slide 26: QB2 Project
QB2 Project Executing on a world class development asset Highlights Location Vast, long life deposit in favourable jurisdiction Chile Peru Very low strip ratio Bolivia Arica y Arica Parinacota Region Low all in sustaining costs (AISC)1 Cerro Tarapacá Colorado Collahuasi Region Potential to b
Slide 27: QB2’s Competitive Cost Position
QB2’s Competitive Cost Position Competitive Operating Cost & Capital Intensity Low Cash Cost Position • Given the exceptionally low strip ratio, consistent grade C1 Cash Cost2 & AISC3 Curve1 (US$/lb, 2023E) profile, compact site layout, and high level of automation, QB2 is expected to have attractiv
Slide 28: Vast, Long Life Deposit at Quebrada Blanca
Vast, Long Life Deposit at Quebrada Blanca • QB2 uses only ~18% of the 2020 reserve and Significant extension potential resource tonnage1 • Deposit is capable of supporting a very long mine life based on throughput rate of 143 ktpd2 Reserve and Resource Tonnage (Mt) by utilizing further tailings cap
Slide 29: QB2 Project Economics Comparison
QB2 Project Economics Comparison 7 8 Reserve Sanction Case1 Case2 Mine Life Years 28 28 Strip Ratio First 5 Full Years 0.16 0.44 LOM3 0.41 0.70 C1 Cash Cost4 First 5 Full Years US$/lb $1.29 $1.28 LOM3 US$/lb $1.47 $1.37 AISC5 First 5 Full Years US$/lb $1.40 $1.38 LOM3 US$/lb $1.53 $1.42 The descript
Slide 30: QB2 Reserves and Resources Comparison
QB2 Reserves and Resources Comparison Reserve Case (as at Nov. 30, 2018)1,2 Sanction Case (as at Nov. 30, 2018)2,4 Cu Mo Silver Cu Mo Silver Reserves Mt Grade % Grade % Grade ppm Reserves Mt Grade % Grade % Grade 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
Slide 31: QB2 Project Update
QB2 Project Update Executing on our copper growth strategy Achieved overall progress target of 40% completion at year end 2020 • Construction continued to ramp up through Q4 2020, and work is progressing well across the project • Strict COVID-19 protocols in place and continuously enhanced to protec
Slide 32: ENAMI Interest in Quebrada Blanca
ENAMI Interest in Quebrada Blanca Organizational Chart • The government of Chile owns a 10% non-funding interest in Compañía Minera Teck Quebrada Blanca Teck SMM SC S.A. (CMTQB) through its state-run minerals company, Empresa Nacional de Minería (ENAMI) 100% 83.33% 16.67% • ENAMI has been a partner
Slide 33: Quebrada Blanca Accounting Treatment
Quebrada Blanca Accounting Treatment Balance Sheet Cash Flow • 100% of project spending included in property, plant and • 100% of project spending included in capital equipment expenditures • Debt includes 100% of project financing • Sumitomo1 contribution recorded within financing • Total sharehold
Slide 34: Endnotes: Quebrada Blanca
Endnotes: Quebrada Blanca Slide 26: QB2 Project 1. All-in sustaining costs (AISC) are net cash unit costs (also known as C1 cash costs) plus sustaining capital expenditures. Net cash unit costs are calculated after cash margin by-product credits assuming US$10.00/lb molybdenum and US$18.00/oz silver
Slide 35: Endnotes: Quebrada Blanca
Endnotes: Quebrada Blanca Slide 31: QB2 Project Update 1. On a 100% go forward basis from January 1, 2019 including escalation and excluding working capital or interest during construction using actual realized exchange rates until March 30, 2020 and assuming a CLP/USD exchange rate of 775 from Apri
Slide 36: Overview
Overview Teck
Slide 37: Global Customer Base
Global Customer Base Revenue contribution from diverse markets 2020 Gross Profit Before 2020 Revenue by Depreciation and Amortization1 2020 Revenue by Business Unit by Business Unit Geography Latin America 2% Energy 5% Energy -8% Europe 13% China 21% Copper 27% Copper 44% India 6% North Zinc 30% Zin
Slide 38: Diverse Pipeline of Growth Options
Diverse Pipeline of Growth Options In Construction Medium-Term Future Options Options QB2 QB3 Galore Creek Zafranal Schaft Creek Copper HVC Brownfield Mesaba NuevaUnión San Nicolás (Cu-Zn) Antamina Brownfield Teena Zinc Red Dog Cirque Satellite Deposits Neptune Terminals Elk Valley Brownfield Steelm
Slide 39: Disciplined Approach to M&A
Disciplined Approach to M&A $1,500 Recent Transaction History QB2 Divestment Waneta Dam, (30%)7 $1,200M6 $1,072M Net Proceeds (Cost) (C$M) Antamina $1,000 Silver Stream2 $795M CdA Gold $500 Stream1, Osisko Royalty Sandstorm Royalty $206M Project Corridor Package, Package3 /Nueva Union, Wintering Hil
Slide 40: Production Guidance
Production Guidance 2020 2021 Guidance1 3-Year Guidance1 Units in 000’s tonnes (excluding steelmaking coal, molybdenum, and bitumen) (2022-2024) Copper2,3,4 Highland Valley 119.3 128-133 135-165 Antamina 85.6 91-95 90 Carmen de Andecollo 57.4 46-51 50-60 Quebrada Blanca6 13.4 10-11 - Total copper 27
Slide 41: Sales and Unit Cost Guidance
Sales and Unit Cost Guidance Sales Q4 2020 Q1 2021 Guidance1 Zinc2 Red Dog 149 90-100 Steelmaking coal (Mt) 6.1 5.9-6.3 Unit Costs 2020 2021 Guidance1 Copper3 Total cash unit costs7 (US$/lb) $1.57 $1.65-1.75 Net cash unit costs4,7 (US$/lb) 1.28 1.30-1.40 Zinc5 Total cash unit costs7 (US$/lb) 0.53 $0
Slide 42: Capital Expenditures Guidance
Capital Expenditures Guidance Sustaining and Growth Capital QB2 2020 2021 2020 2021 (Teck’s share in CAD$ millions) Guidance1 (Teck’s share in CAD$ millions) Guidance1 Sustaining QB2 capital expenditures $ 1,643 $ 2,500 Copper $ 161 $ 160 Total before SMM/SC contributions 3,129 3,875 Zinc 188 155 Es
Slide 43: Commodity Price Leverage
Commodity Price Leverage1 2021 Mid-Range Change Estimated Effect Estimated Effect Production on Annualized on Annualized Estimates2,5 Profit3 ($M) EBITDA3 ($M) US$ exchange C$0.01 $44 $70 Copper (kt) 282.5 US$0.01/lb $5 $8 Zinc4 (kt) 902.5 US$0.01/lb $9 $12 Steelmaking coal (Mt) 26.0 US$1/tonne $19
Slide 44: Tax-Efficient Earnings in Canada and Chile
Tax-Efficient Earnings in Canada and Chile Canada: ~C$4.5 billion in available tax pools at December 31, 2020 • Includes: ‒ $3.8 billion in Canadian federal net operating loss carryforwards ‒ $0.3 billion in Canadian Development Expenses (30% declining balance p.a.) ‒ $0.4 billion in allowable capit
Slide 45: Share Structure & Principal Shareholders
Share Structure & Principal Shareholders Teck Resources Limited at December 31, 2020 Shares Held Percent Voting Rights Class A Shareholdings Temagami Mining Company Limited 4,300,000 55.4% SMM Resources Inc (Sumitomo) 1,469,000 18.9% Other 1,996,503 25.7% 7,765,503 100.0% Class B Shareholdings Temag
Slide 46: Collective Agreements
Collective Agreements Operation Expiry Dates Elkview October 31, 2020 Fording River April 30, 2021 Antamina July 31, 2021 Highland Valley Copper September 30, 2021 Trail Operations May 31, 2022 Cardinal River June 30, 2022 January 31, 2022 Quebrada Blanca March 31, 2022 November 20, 2022 September 3
Slide 47: Endnotes: Overview
Endnotes: Overview Slide 37: Global Customer Base 1. Gross profit before depreciation and amortization is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides. Slide 38: Disciplined Approach to M&A 1. Carmen de Andacollo gold stream transaction occurred in USD at US$162 million. 2.
Slide 48: Endnotes: Overview
Endnotes: Overview Slide 42: Capital Expenditures Guidance 1. As at February 17, 2021. See Teck’s Q4 2020 press release for further details. 2. Steelmaking coal sustaining capital guidance for 2021 includes $255 million of water treatment capital. 2020 includes $267 million of water treatment capita
Slide 49: Safety and Sustainability Leadership
Safety and Sustainability Leadership
Slide 50: Sustainability Reporting & Rankings
Sustainability Reporting & Rankings Our Reporting Frameworks ESG Rankings GRI Standards Helps businesses, government and stakeholders communicate and • Top-ranked mining company • Top ranked North American understand impact of business on World & North American Indices company sustainability issues
Slide 51: Focus on Sustainability Leadership
Focus on Sustainability Leadership Ambitious sustainability goals in eight strategic themes Health and Safety Climate Change Responsible Production Our People Water Tailings Management Communities and Biodiversity and Indigenous Peoples Reclamation 51
Slide 52: Sustainability Leadership
Sustainability Leadership Aligned with Leading External Standards and Practices See the full list on our Memberships and Partnerships page: https://www.teck.com/responsibility/approach-to-responsibility/policies-and-commitments/memberships-&-partnerships/ 52
Slide 53: Health and Safety
Health and Safety Our safest year on record in 2020 • Safety performance in 2020 Teck Operated Incident Frequency (per 200,000 hours worked) - 32% reduction in High-Potential 0.70 Incident Frequency 0.60 - 23% decrease in Lost-Time 0.50 0.40 Disabling Injury Frequency 0.30 0.20 0.10 0.00 2016 2017 2
Slide 54: Climate Action
Climate Action Positioning for Low-Carbon Economy Scope 1+2 emissions per copper equivalent ranking1 Well positioned for a (tCO2e/t CuEq, 2017) low-carbon economy Among lowest GHG intensity miners globally on a copper-equivalent basis GHG intensity for steelmaking coal and copper production among lo
Slide 55: Climate Action
Climate Action Key Activities for Short-Term Goals Reduce the carbon Procure 50% of Accelerate the adoption of intensity of our our electricity demands zero-emissions alternatives operations by in Chile from clean for transportation by by energy by 2025 and displacing the 33% 2030 100% by 2030 equiv
Slide 56: Climate Action: Path to Carbon Neutrality
Climate Action Path to Carbon Neutrality Apply Prioritize Opportunities and Deliver Cost Competitive Reductions Decarbonization Emissions Framework sources Select abatement options Renewable 2020-2030: Avoid Power supply energy Target readily available, cost Mitigation Hierarchy Electrification comp
Slide 57: Water Management
Water Management Long Term Strategic Priorities and Goals Implement innovative water management and water treatment solutions to protect water quality downstream of all our operations. Transition to seawater or low-quality water sources for all operations in water-scarce regions by 2040. 57
Slide 58: Water Quality in the Elk Valley
Water Quality in the Elk Valley Advancing Innovative Technologies Elk Valley Water Quality Plan developed with government, Indigenous Peoples and communities to address water quality challenges Saturated Rock Fill Nitrate Reduction 58
Slide 59: Elk Valley Water Treatment
Elk Valley Water Treatment Clear Path Forward for Improving Water Quality Millions of Litres per Day 59
Slide 60: Tailings Management
Tailings Management Our Approach • Full implementation of the Global Industry Teck has comprehensive systems and Standard on Tailings Management procedures in place based on underway with full conformance by 2023 6 levels of protection: • Management and emergency response aligned with Towards Sustai
Slide 61: Relationships with Communities and Indigenous Peoples, Respecting Human Rights
Relationships with Communities and Indigenous Peoples, Respecting Human Rights • Agreements in place at all mining operations within or adjacent to Indigenous Peoples’ territories • $192 million to Indigenous businesses in 2020 through procurement • 72% of total local employment in 2020 • $19 millio
Slide 62: Inclusion and Diversity
Inclusion and Diversity • Inclusion and Diversity: committed to improve representation of under-represented groups in our workforce: women, Indigenous, Asian, Black, and all people of colour (BIPOC), persons with disabilities, and members of the LGBTQ+ community • Gender Diversity: 20% of workforce
Slide 63: Sustainability Performance and Compensation
Sustainability Performance and Compensation • Compensation program is linked to sustainability and health and safety performance through individual, department and company-wide objectives. • Objectives related to climate change, communities and Indigenous Peoples, tailings and water management and o
Slide 64: Questions and Further Information
Questions and Further Information ESG Resources for Investors • Sustainability reporting for 20 years in Core accordance with the Global Reporting Initiative (GRI) Standards and G4 Mining and Metals Sector Disclosures • Report is aligned with Sustainability Accounting Standards Board (SASB) • Task F
Slide 65: Technology and Innovation
Technology and Innovation Teck
Slide 66: RACE21
RACE21TM Our innovation-driven business transformation program Renew Automate • Unify and modernize Teck’s core systems • Accelerate and scale autonomy program • Establish technology foundation that facilitates • Transformational shift in safety deployment of Connect and Automate reliably and at • R
Slide 67: RACE21
RACE21TM Our innovation-driven business transformation program Connect Empower • Link disparate systems into a collaborative digital • The natural implication of Renew, Automate, and platform with powerful tools for sensing and analyzing Connect is we can re-imagine what it means to work in real tim
Slide 68: Significant Value Has Been Captured
Significant Value Has Been Captured SAFETY PROFITABILITY PRODUCTIVITY COST Transformational Step-change impact to Increased productivity Reduced operational safety impact profitability through technology costs and innovation Advanced data Increased copper Advanced analytical Blending optimization an
Slide 69: Steelmaking Coal Business Unit & Markets
Steelmaking Coal Business Unit & Markets
Slide 70: Steelmaking Coal Market
Steelmaking Coal Market China ban of Australian coal pushing seaborne CFR China price higher Near term outlook: An eventual end to “China Strong coal fundamentals underpinned ban” would increase FOB Australia prices by global economic recovery • China: 2020 are 2nd highest seaborne imports despite S
Slide 71: Steelmaking Coal Facts
Steelmaking Coal Facts Global Coal Production1: ~7.8 billion tonnes Steelmaking Coal Production2: ~1,130 million tonnes Export Steelmaking Coal2: ~320 million tonnes Seaborne Steelmaking Coal2: • ~0.7 tonnes of steelmaking coal is used to ~285 million tonnes produce each tonne of steel3 • Up to 100
Slide 72: Steelmaking Coal Demand Growth Forecast
Steelmaking Coal Demand Growth Forecast Continued recovery with >80% banked blast furnaces restarted/announced restart Seaborne Steelmaking Coal Imports1 (Mt) Change 2021 vs. 2020 320 310 3 2 310 4 5 300 291 11 6 290 280 270 260 2020 China Europe India JKT Brazil SE Asia 2021E Includes: • China: Exp
Slide 73: Indian Steelmaking Coal Imports
Indian Steelmaking Coal Imports Mid- & long-term imports supported by secular demand and government targets Indian Crude Steel Production1 (Mt) Indian Seaborne Coking Coal Imports2 (Mt) 120 60 100 50 80 40 60 30 40 20 20 10 0 0 India 2021 crude steel production and seaborne coking coal imports retur
Slide 74: Chinese Steelmaking Coal Imports
Chinese Steelmaking Coal Imports 2020 seaborne imports up by +8 Mt Chinese Crude Steel Production (CSP), Hot Metal Chinese Coking Coal Imports2 (Mt) Production (HMP) and Coal Production (Mt)1 1,200 600 80 1,000 500 70 16 60 34 24 30 400 15 26 800 28 50 24 19 13 600 300 40 20 30 60 400 200 48 49 20 4
Slide 75: Large Users in China Increasing Imports
Large Users in China Increasing Imports ~2/3 of China crude steel produced on coast; projects support imports ZONGHENG FENGNAN PROJECT • Inland plant relocating to coastal area • Capacity: crude steel 8 Mt • Status: Construction started in 2017; all 4 BFs completed and commissioned in 2019 and 2020.
Slide 76: Chinese Steel Margins
Chinese Steel Margins Margins turn negative China Hot Rolled Coil (HRC) Margins and Steelmaking Coal (HCC) Prices1 (US$/t) 76
Slide 77: Chinese Scrap Use Remains Low
Chinese Scrap Use Remains Low Scrap supply limits EAF share in steel output China’s Scrap Ratio Lower than Other Countries China Steel Use By Sector (20191) (2000-2019)2 100% 83% 80% 69% 55% 60% 42% 40% 34% Others Construction 40% 22% 15-25% 50-60% 20% 0% Turkey USA EU Russia Korea Japan China Auto
Slide 78: Steelmaking Coal Supply Growth Forecast
Steelmaking Coal Supply Growth Forecast Supply forecasted to recover amid growing demand Seaborne Steelmaking Coal Exports1 (Mt) Change 2021 vs. 2020 310 1 1 306 3 1 300 5 6 6 290 283 280 270 260 2020 Australia USA Russia Canada Mozambique Indonesia Supply 2021E Others Includes: • Australia: Growth
Slide 79: US Coal Producers are Swing Suppliers
US Coal Producers are Swing Suppliers Australian Steelmaking Coal Exports1 (Mt) US Steelmaking Coal Exports1 (Mt) 200 70 180 60 160 140 50 120 40 100 80 30 60 20 40 10 20 0 0 79
Slide 80: Canadian & Mozambique Steelmaking Coal Exports
Canadian & Mozambique Steelmaking Coal Exports Canadian Exports1 (Mt) Mozambique Exports2 (Mt) 40 9 35 8 30 7 25 6 5 20 4 15 3 10 2 5 1 0 0 80
Slide 81: 2nd Largest Seaborne Steelmaking Coal Supplier
2nd Largest Seaborne Steelmaking Coal Supplier Competitively positioned to supply steel producers worldwide Sales Distribution CHINA 2013: ~30% EUROPE 2017: ~15% 2013: ~15% INDIA 2017: ~20% 2019: ~10% 2013: ~5% 2019: ~15% 2020: ~15% AMERICAS 2017: ~10% 2020: ~15% 2019: ~15% ~5% 2020: ~15% ASIA EXCL.
Slide 82: High-Quality Steelmaking Coal Business
High-Quality Steelmaking Coal Business • 811 million tonnes1 of reserves support 26 to 27 million tonnes of long term annual production • The Neptune Bulk Terminals upgrade to secure >18.5 Mt of exclusive port capacity ‒ Lower cost and more reliable port access for steelmaking coal ‒ Established inf
Slide 83: Steelmaking Coal Business Operating Strategy
Steelmaking Coal Business Operating Strategy 26 to 27 million tonnes of long term annual production capacity • Increase margins not volumes • Maximize synergies in the Elk Valley, BC, Canada • Optimize supply chain • Productivity focus • Sustain strong cash flow on a restructured cost base 83
Slide 84: Steelmaking Coal Unit Costs
Steelmaking Coal Unit Costs Unit Costs1 in 2020 Operating Cost1 Breakdown in 2020 Depreciation Labour 34% and Amortization Contractors and Consultants 13% 24% Operating Costs Operating Supplies 16% 47% Repairs and Maintenance Parts 19% Transportation Energy 14% 29% Other 4% Total 100% 84
Slide 85: Setting Up for Strong Long-Term Cash Flows in Steelmaking Coal
Setting Up for Strong Long-Term Cash Flows in Steelmaking Coal Executing on four pillars to transform cost structure and optimize margins 1. Decline in strip ratio 2. Strategically replaced high-cost tonnes with low-cost tonnes 3. RACE21TM transformation ‒ Lowering operating costs and increasing EBI
Slide 86: Steelmaking Coal Continues To Deliver Strong Returns
Steelmaking Coal Continues To Deliver Strong Returns Truck Productivity4 (SHM%) 110% 105% 105% 103% 102% Strong cash flow generation1 101% 100% 99% Mid-Point Change Estimated Effect Estimated Effect 100% 2021 Production on Annualized on Annualized 95% 92% Guidance2 Profit3 EBITDA3 90% Coal 26.0 Mt U
Slide 87: Sustain Production Capacity and Productivities In Steelmaking Coal
Sustain Production Capacity and Productivities In Steelmaking Coal Maintaining historical dollar per tonne Sustaining Capital, Excluding Water Treatment1 ($/t) sustaining investment levels 2010-2016: Average spend of ~$11 per tonne1 • Swift at Fording River and Line Creek • Reinvestment in 5 shovels
Slide 88: Teck’s Pricing Mechanisms
Teck’s Pricing Mechanisms Coal sales book generally moves with the market SALES MIX Pricing Mechanisms (%) • ~40% quarterly contract price • ~60% shorter than quarterly pricing mechanisms (including “spot”) 30% Index Linked PRODUCT MIX 70% Fixed • ~75% of production is high-quality HCC Price • ~25%
Slide 89: Quality and Basis Spreads
Quality and Basis Spreads Impact on Teck’s average realized steelmaking coal prices HCC / SHCC Prices and Spread1 (US$/t) HCC Seaborne / China Domestic Prices 350 and Spread2 (US$/t) 100 350 100 300 300 75 75 50 250 250 25 200 200 50 0 150 150 (25) 100 100 25 (50) 50 50 (75) 0 0 0 (100) Oct-16 Oct-1
Slide 90: West Coast Port Capacity
West Coast Port Capacity NEPTUNE COAL TERMINAL • World class design and equipment for enhanced reliability Teck’s Contracted West Coast • Capacity growth to >18.5 Mtpa Port Capacity (Nominal Mt) • ~$150M infrastructure investment in upstream supply chain • 100% ownership of coal capacity 6 Ridley Te
Slide 91: Neptune Facility Upgrade Update
Neptune Facility Upgrade Update Final stage of construction • Achieved 90% overall completion at end of January 2021 • All major equipment has been installed • Significant new facilities have been placed into operation and are performing to plan • First coal through the upgraded facility is expected
Slide 92: Endnotes: Steelmaking Coal
Endnotes: Steelmaking Coal Slide 70: Steelmaking Coal Market 1. Ten-year steelmaking coal prices are calculated from January 1, 2011. Inflation-adjusted prices are based on Statistics Canada’s Consumer Price Index. Source: Argus, Teck. As at February 19, 2021. Slide 71: Steelmaking Coal Facts 1. Sou
Slide 93: Endnotes: Steelmaking Coal
Endnotes: Steelmaking Coal Slide 82: High-Quality Steelmaking Coal Business 1. As at December 31, 2020, Teck portion, excluding oxide. Based on Teck’s 2020 Annual Information Form. Slide 84: Steelmaking Coal Unit Costs 1. Steelmaking coal unit costs are reported in Canadian dollars per tonne. Non-GA
Slide 94: Copper Business Unit & Markets
Copper Business Unit & Markets
Slide 95: Supply Continues to be at Risk; Copper Demand Improves
Supply Continues to be at Risk; Copper Demand Improves • Demand for imported cathode into China stronger each quarter YOY in 2020 • Demand outlook ex-China improving • 2021 mine production remains at risk with ongoing disruptions • Concentrate market tightness continues into 2021, COVID-19 restricti
Slide 96: Copper Market
Copper Market Raw materials weigh on downstream production Scrap Demand Increases on Higher Copper Price1 • Demand for raw materials and mine 3,000 disruptions kept concentrate demand high 2,000 ‒ Mine production cuts over 1.4 Mt vs. RMB/Mt 1,000 smelter cuts of ~400 kt - ‒ Chinese smelters and rod
Slide 97: Global Copper Mine Production Increasing Slowly
Global Copper Mine Production Increasing Slowly Mine Production Set To Increase 2.2 Mt By 20241 Global Copper Mine Production2 (kt contained) Includes: Mine kmt 22,000 Kamoa – Kakula 535 20,000 PT – Freeport (vs 2019) 435 Quebrada Blanca 2 300 18,000 Quellaveco to 2024 275 16,000 Cobre Panama 252 Ch
Slide 98: Copper Disruptions Continue To Impact Mines
Copper Disruptions Continue To Impact Mines TC/RCs Spot and Annual Falling1 (US$/lb) Disruptions (kt)2; $120 2005 2007 2009 2011 2013 2015 2017 2019 2021 $110 0 $100 -200 7.0% $90 -400 Run Rate $80 -600 $70 2.7% -800 $60 3.6% $50 -1,000 4.0% $40 -1,200 $30 -1,400 $20 6.5% -1,600 Reported to Date -1,
Slide 99: Rapid Growth in Chinese Copper Smelter Capacity
Rapid Growth in Chinese Copper Smelter Capacity China added 3.2 Mt since 2019 (2.1 Mt still ramping up) Chinese Copper Mine Growth1 +2.1 Mt of New Smelting Capacity2 (kt) (kt blister) 400 400 2021 2022 2023 2020 2021 – 2023 300 137kt 130 kt 25 kt 300 510 kt 1,615 kt 200 200 100 100 0 0 99
Slide 100: Copper Supply
Copper Supply Chinese imports shift to concentrates to feed smelter capacity increases Chinese Scrap/Blister Imports Fall2 Chinese Imports Shift to Concentrates3 (Copper content, kt) (Copper content, kt) 2,500 12,000 2,000 10,000 1,500 8,000 6,000 1,000 4,000 500 2,000 0 0 2013 2014 2015 2016 2017 2
Slide 101: Copper Metal Stocks
Copper Metal Stocks Raw material shortages increase cathode demand • Exchange stocks have fallen 440kt since March Daily Copper Prices (US$/mt) and Stocks1 (kt) 2020, now equivalent to 3.0 days of global consumption – lowest level in a decade $12,000 1,800 1,600 • SHFE stocks have decreased ~310kt s
Slide 102: Long Life and Stable Assets in Copper
Long Life and Stable Assets in Copper Antamina Highland Valley Carmen de Andacollo Quebrada Blanca • Performing well with • Harder ores impacting • Production rates • Performing well with workforce returning to throughput maintained production extended to end normal levels • 2021 guidance of 128,000
Slide 103: Operations Improvement and Cash Flow Focus in Copper
Operations Improvement and Cash Flow Focus in Copper Productivity & Cost Management Focused Investment Priorities • Focus on reliability and maintenance • Key water, tailings and regulatory projects and cross site sharing drive sustaining capital requirements • RACE21TM and continuous • Near-term hi
Slide 104: Copper Unit Costs
Copper Unit Costs Unit Costs1 in 2020 Operating Cost1 Breakdown in 2020 Depreciation Labour 30% and Amortization Contractors and Consultants 11% 24% Operating Royalties OperatingCosts Costs Operating Supplies 16% 68% 47% 2% Repairs and Maintenance Parts 16% Transportation 6% Energy 20% Other 6% Tota
Slide 105: Endnotes: Copper
Endnotes: Copper Slide 96: Copper Market 1. Source: Shanghai Metal Market. 2. Source: Wood Mackenzie. Slide 97: Global Copper Mine Production Increasing Slowly 1. Source: Data compiled by Teck based on information from Wood Mackenzie and Company Reports (average production first 10 years). 2. Source
Slide 106: Zinc Business Unit & Markets
Zinc Business Unit & Markets Teck
Slide 107: Zinc Mines Return
Zinc Mines Return Zinc mine supply still at risk, pressure on smelters continues • COVID-19 and poor financials resulted in numerous mine suspensions and closures, eliminating significant production in 2020 • While mines restarted after COVID shutdowns, many SA mines are still slow to return, result
Slide 108: Zinc Market
Zinc Market Raw materials shortages and improving demand support prices Steel Demand in China Supporting Zinc Price1 • Demand for raw materials and mine disruptions due to COVID-19 kept concentrate demand strong Operating Rates % 100 ‒ Mine production in 2020 estimated decline >1Mt, 75 while smelter
Slide 109: Chinese Mine and Smelter Production
Chinese Mine and Smelter Production Mine production flat while smelter production increases Chinese Mine Production Down 1% Since 20181 Chinese Refined Production Up 9% Since 20182 (kt Contained) (kt Contained) 7,000 7,000 6,000 6,000 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 0 0 2
Slide 110: Global Mine Production Remains Under Pressure
Global Mine Production Remains Under Pressure Ongoing risk to supply growth in 2021 Estimated Chinese Zinc Mine Growth Changes in Mine Production Since Q1 20182 Rarely Achieved1 (Kmt Contained) New Mines China Mines ROW Mines Change 600 1,000 495 0 400 360 350 392 -1,000 270 300 -2,000 250 237 200 2
Slide 111: Stocks Continue to Decrease While Refined Production Increases in China
Stocks Continue to Decrease While Refined Production Increases in China De-stocking Continues Additional Zinc Metal Chinese Stocks at Record Lows1,2 (kt) Required to Fill the Gap3 (kt) 1,600 1,600 1,400 1,400 1,213 1,179 1,247 1,200 1,200 1,000 1,000 800 770 788 800 627 627 600 600 503 400 400 200 2
Slide 112: Zinc Supply
Zinc Supply Mine production expected to grow in 2021, but remains at risk due to COVID-19 • Following the return of Chinese mine production Zinc Mine Production1 (kt contained) after COVID-19 shutdowns, increasing smelter 16,000 production kept China reliant on imported 14,000 concentrate • Chinese
Slide 113: Zinc Concentrate Treatment Charges
Zinc Concentrate Treatment Charges Treatment Charges1 (USD/dmt) 350 300 250 200 Spot TCs down -77% 150 vs. Feb 2020 peak 100 50 0 Spot TC Benchmark TC 113
Slide 114: Zinc Metal Stocks
Zinc Metal Stocks COVID-19 related decrease in demand resulting in minor inventory build • Deficits over past 5 years drove down stocks, Daily Zinc Prices1,2 (US$/mt) with total stocks at only 10 days of global and Stocks1,2 (kmt) consumption compared to a normal 19 days 4,000 2,500 • Despite demand
Slide 115: Largest Global Net Zinc Mining Companies
Largest Global Net Zinc Mining Companies Teck is the Largest Net Zinc Miner1(kt) Provides significant exposure to a rising zinc price 400 Public Company 350 Teck Private Company 300 250 200 150 100 50 0 115
Slide 116: Integrated Zinc Business
Integrated Zinc Business Red Dog Trail • Operations maintained with travel restrictions • Operations performing well and modified schedules • 2021 guidance of 300,000 to 310,000 tonnes • Temporary water-related restrictions removed refined zinc from mine plan • Refined lead and silver production sim
Slide 117: Operations Improvement and Cash Flow Focus in Zinc
Operations Improvement and Cash Flow Focus in Zinc Productivity Focused Investment Priorities • Focus on asset management and cross • Key water, tailings and regulatory projects site sharing drive sustaining capital requirements • RACE21TM and continuous • Near term higher sustaining spending from i
Slide 118: Red Dog Sales Seasonality
Red Dog Sales Seasonality • Operates 12 months Zinc Sales 1 (%) • Ships ~ 4 months 40% 32% 31% 30% • Shipments to inventory in Canada 20% 21% 16% and Europe; Direct sales to Asia 10% • ~65% of zinc sales in second half 0% Q1 Q2 Q3 Q4 of year • ~100% of lead sales in second half Lead Sales1 (%) of ye
Slide 119: Red Dog Net Cash Unit Cost Seasonality
Red Dog Net Cash Unit Cost Seasonality Five-Year Average Red Dog Net Cash Unit Costs1 (US$/lb) 0.60 0.40 0.20 - Q1 Q2 Q3 Q4 • Seasonality of Red Dog unit costs largely due to lead sales during the shipping season • Higher net cash unit costs expected in 2021 compared to 2020 due primarily to lower p
Slide 120: Zinc Unit Costs
Zinc Unit Costs Unit Costs1 in 2020 Depreciation and Amortization Operating Cost1 Breakdown in 2020 13% Depreciation Labour 35% and Amortization Royalties Operating Contractors and Consultants 10% 11% 24% Costs Operating OperatingCosts Operating Supplies 11% 38% Costs 68% 47% Repairs and Maintenance
Slide 121: Red Dog in Bottom Quartile of Zinc Cost Curves
Red Dog in Bottom Quartile of Zinc Cost Curves Higher zinc prices reduce risk of economic closures Total Cash + Capex Cost Curve 20201 (US¢/lb) 200 2020 Costs Based on Current Prices Current Spot LME Price 180 160 140 120 100 80 60 40 20 RED DOG 0 0% 25% 50% 75% 100% 121
Slide 122: Red Dog Extension Project
Red Dog Extension Project Long Life Asset Looking Northwest • Aktigiruq exploration target of 80-150 Mt @ 16-18% Zn + Pb1 Su-Lik Anarraaq Aktigiruq • Anarraaq Inferred Resource2: 19.4 Mt @14.4% Zn, 4.2% Pb Quality Project • Premier zinc district Paalaaq • Significant mineralized system Aqqaluk • Hig
Slide 123: Endnotes: Zinc
Endnotes: Zinc Slide 108: Zinc Market 1. Source: Shanghai Metal Market. 2. Source: Based on information from the International Zinc Study Group Data. Slide 109: Chinese Mine and Smelter Production 1. Source: Data compiled by Teck based on information from BGRIMM, CNIA, Antaike. 2. Source: Data compi
Slide 124: Energy Business Unit & Markets
Energy Business Unit & Markets
Slide 125: Energy Benchmark Pricing
Energy Benchmark Pricing Calendar NYMEX WTI Price1 , WTI/WCS Basis Differential at Hardisty2 and WTI/WCS Basis Differential at the US Gulf Coast3 (US$/bbl) 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 - (10) (10) Jan-17 Jun-17 Nov-17 Apr-18 Sep-18 Feb-19 Jul-19 Dec-19 May-20 Oct-20 Mar-21 Calen
Slide 126: Fort Hills is A Modern Oil Sands Mine
Fort Hills is A Modern Oil Sands Mine Production @ 100% • Higher quality partially de-carbonized Paraffinic (kbpd) Froth Treatment (PFT) product; lower greenhouse 250 De-bottleneck potential gas (GHG) emissions Best monthly • Partners commenced a phased re-start of the 200 production rate second tra
Slide 127: Canada is a Leader in ESG
Canada is a Leader in ESG The world benefits from Fort Hills low carbon intensity product during transition to renewables Yale’s Environmental Performance Index World Oil Producers Of Top 10 Oil Reserve Countries Ranked By Corruption and Volume1 80 60 40 20 0 Canada should be a supplier of choice to
Slide 128: Best In Class Low Carbon Intensity Production
Best In Class Low Carbon Intensity Production Our Fort Hills blend can displace carbon intensive crudes • Emissions intensity of Canadian oil sands Total Life Cycle Emissions Intensity has declined by 25% - estimated (kg CO2e/bbl refined product – gasoline/diesel) reduction of 15% to 20% by 2030 • P
Slide 129: Continuous Improvement in Emissions Intensity
Continuous Improvement in Emissions Intensity Fort Hills emissions performance has been outstanding to date • Recent analysis by IHS Markit shows 15% improvement in emissions intensity of mined dilbit PFT in 2018 - Includes emissions during Fort Hills ramp-up to full production where emissions are t
Slide 130: Fort Hills GHG Emissions
Fort Hills GHG Emissions Emissions Boundaries Upstream (Direct) Emissions Downstream (Indirect) Emissions Well to Wheels Image Source: IHS Markit; edited by Teck. 130
Slide 131: Fort Hills Blend Widely Accepted In Market
Fort Hills Blend Widely Accepted In Market A preferred feedstock and supplier of choice We produce a high quality refinery feedstock Teck’s Delivery Location (kbpd) • Low GHG intensity: <50% of US crude supply Teck Blend: • Including in-situ and upgraded synthetic 36.5 kbpd Our sales mix provides di
Slide 132: Sufficient Pipeline Capacity as of 2022/2023
Sufficient Pipeline Capacity as of 2022/2023 Differentials to improve on completed export capacity Near term: Western Canada Crude Oil • Rail shipments reduced in 2020 on Takeaway Capacity1 shut-in production, increasing in 2021 6 Pipeline development progressing: Rail • Enbridge: 370 kbpd (Q4 2021)
Slide 133: Endnotes: Energy
Endnotes: Energy Slide 125: Energy Benchmark Pricing 1. The WTI CMA is an average of the daily settle quoted price for WTI prices for future deliveries for the trading days during a calendar month. Source: CME Group. As at February 22, 2021. 2. WCS at Hardisty: an index value determined during the t
Slide 134: Non-GAAP Financial Measures
Non-GAAP Financial Measures
Slide 135: Non-GAAP Financial Measures
Non-GAAP Financial Measures Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This document refers to a number of Non-GAAP Financial Measures which are not measures recognized under IFRS
Slide 136: Non-GAAP Financial Measures
Non-GAAP Financial Measures Net cash unit costs – Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product, the margin for the mine on a per unit basis
Slide 137: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Profit (Loss) and Adjusted Profit Three months ended Three months ended Year ended Year ended (C$ in millions) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Profit (loss) attributable to shareholders $ (464) $ (1,835) $ (864) $
Slide 138: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Basic Earnings (Loss) Per Share to Adjusted Basic Earnings (Loss) Per Share Three months ended Three months ended Year ended Year ended (Per share amounts) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Basic earnings (loss) per
Slide 139: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Diluted Earnings (Loss) Per Share to Adjusted Diluted Earnings Per Share Three months ended Three months ended Year ended Year ended (Per share amounts) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Diluted earnings (loss) per s
Slide 140: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Net Debt to Adjusted EBITDA Ratio Twelve months ended Twelve months ended (C$ in millions) December 31, 2019 December 31, 2020 Profit (loss) $ (588) $ (944) Finance expense net of finance income 218 268 Provision for (recovery of) income taxes 120 (192)
Slide 141: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Net Debt to Adjusted EBITDA Ratio - Continued Twelve months ended Twelve months ended (C$ in millions) December 31, 2019 December 31, 2020 Total debt at period end (D) $ 4,834 (C) $ 6,947 Less: cash and cash equivalents at period end (1,026) (450) Net de
Slide 142: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of EBITDA and Adjusted EBITDA Three months ended Three months ended Year ended Year ended (C$ in millions) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Profit (loss) $ (473) $ (1,855) $ (944) $ (588) Finance expense net of finance
Slide 143: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Gross Profit Before Depreciation and Amortization Three months ended Three months ended Year ended Year ended (C$ in millions) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Gross profit $ 505 $ 460 $ 1,333 $ 3,340 Depreciation a
Slide 144: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Gross Profit (Loss) Margins Before Depreciation Three months ended Three months ended Year ended Year ended (C$ in millions) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Revenues Copper (A) $ 820 $ 592 $ 2,419 $ 2,469 Zinc (B)
Slide 145: Non-GAAP Financial Measures
Non-GAAP Financial Measures Copper Unit Cost Reconciliation Three months ended Three months ended Year ended Year ended (C$ in millions, except where noted) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Revenue as reported $ 820 $ 592 $ 2,419 $ 2,469 By-product revenue (A)
Slide 146: Non-GAAP Financial Measures
Non-GAAP Financial Measures Zinc Unit Cost Reconciliation (Mining Operations)1 Three months ended Three months ended Year ended Year ended (C$ in millions, except where noted) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Revenue as reported $ 739 $ 745 $ 2,700 $ 2,968 Less
Slide 147: Non-GAAP Financial Measures
Non-GAAP Financial Measures Zinc Unit Cost Reconciliation (Mining Operations)1 - Continued Three months ended Three months ended Year ended Year ended (C$ in millions, except where noted) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Payable pounds sold (millions) (E) 281.7
Slide 148: Non-GAAP Financial Measures
Non-GAAP Financial Measures Steelmaking Coal Unit Cost Reconciliation Three months ended Three months ended Year ended Year ended (C$ in millions, except where noted) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Cost of sales as reported $ 825 $ 864 $ 3,098 $ 3,410 Less: T
Slide 149: Non-GAAP Financial Measures
Non-GAAP Financial Measures Energy Operating Netback, Bitumen & Blended Bitumen Price Realized Reconciliations Three months ended Three months ended Year ended Year ended (C$ in millions, except where noted) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Revenue as reported
Slide 150: Non-GAAP Financial Measures
Non-GAAP Financial Measures Energy Operating Netback, Bitumen & Blended Bitumen Price Realized Reconciliations - Continued Three months ended Three months ended Year ended Year ended (C$ in millions, except where noted) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Per barr
Slide 151: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Free Cash Flow (C$ in millions) 2003 to Q4 2020 Cash Flow from Operations $48,150 Debt interest and finance charges paid (5,820) Capital expenditures, including capitalized stripping costs (28,602) Payments to non-controlling interests (NCI) (649) Free C
Slide 152: Investor Meetings
Investor Meetings March 8-9, 2021