|
|
| Type |
Public |
| Traded as |
TSX: TCK.A, TCK.B
NYSE: TCK
S&P/TSX 60 component |
| Industry |
Metals and Mining |
| Founded |
1906 Consolidated Mining and Smelting Company of Canada |
| Headquarters |
Vancouver, Canada |
| Key people |
Norman B. Keevil, Chair
Donald R. Lindsay, President & CEO
Ronald A. Millos, CFO |
| Products |
Zinc, gold, copper, coal, oil |
| Revenue |
C$11.514 Billion (2011)[1] 24.8% |
| Net income |
C$2.768 Billion (2011)[1]43% |
| Total assets |
C$34.219 Billion (2011)[1]17.8% |
| Total equity |
C$17.893 Billion (2011)[1]12.57% |
| Employees |
13,500 (2011)[2] |
| Divisions |
Teck Metals Ltd.(since July 20, 2001, Vancouver)
Teck Cominco Peru S.A(Lima)
Minera Torre de Oro, S.A. de C.V(Mexico) |
| Website |
www.teck.com |
Teck Resources Limited known as Teck Cominco until late 2008, is a Canadian metals and mining company. Canada's largest diversified resources company, it was formed from the amalgamation of Teck and Cominco in 2001.[3]
History[edit]
Cominco started in 1906 as The Consolidated Mining and Smelting Company of Canada, formed by the amalgamation of several units controlled by the Canadian Pacific Railway. CM&S, or "Smelters" as it was often called by investors, changed its name to Cominco in 1966. Cominco's core Sullivan Mine in Kimberley, British Columbia which began production of lead, zinc, silver and tin in 1909, would operate for more than 90 years until its ore reserves exhausted in 2001.
Teck began as Teck-Hughes Gold Mines Limited in 1913, to develop a gold discovery by prospectors Sandy McIntyre and James Hughes at Kirkland Lake, Ontario. The Teck-Hughes Mine would produce for 50 years until 1965. The Beaverdell Mine, purchased by Teck in 1969, went back even further to 1898, and produced silver until 1991.
The association between Teck and Cominco began in 1986, when Teck and two industry partners acquired a shareholding from CP Limited, and culminated with the merging of the two companies in July 2001.
On May 8, 2006, Teck Cominco offered to purchase Inco for $16 billion, but CVRD eventually purchased it for $17 billion.
On July 29, 2008 Teck Cominco announced an agreement with Fording Canadian Coal Trust, which owned a 60% stake in the Elk Valley Coal Partnership, to purchase 100% of its assets. Teck Cominco had been the minority owner of the Elk Valley Coal Partnership, with a 40% stake. The facilities are located near Fernie, British Columbia. The purchase was closed on October 30, 2008, with a final cost of $14-billion USD. Elk Valley Coal Corporation will be renamed Teck Coal Limited. The purchase resulted in Teck taking on $9.8-billion USD in debt; the company has suspended dividends, cut spending, and is selling some assets to save money.[4] On January 9, 2009, the company also announced a plan to cut 13% of their total workforce, amounting to 1,400 jobs, saving the company $85 million. Coal production targets were also lowered by 20% in response to declining worldwide demand forsteel, in the midst of the global financial crisis.[5]
Teck Cominco logo before 2008 rebranding.
Beginning October 1, 2008, Teck Cominco began rebranding itself as Teck.[6] The legal name of the company was changed to Teck Resources Ltd. on 23 April 2009 after being approved by shareholders the previous day.[7]
In July 2009, China Investment Corporation bought a 17% stake in Teck for C$1.74bn.[8]
In 2012, the Company announced record earning, record profit and record production, thus ending the year 2011 with $4.4 billion in cash. Besides expanding into Energy sector, the company was also executing two major projects in Chile and planning a $600 million restart of its Quintette Mine near Tumbler Ridge, British Columbia.[9]