Teck Temporarily Suspends Construction Activities for QB2 Project in Response to COVID-19
19 March 2020 - 12:00AM
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK)
("Teck”) announced today a temporary suspension of construction
activities at its Quebrada Blanca Phase 2 (QB2) project to ensure
employee safety and support Chilean efforts to limit transmission
of COVID-19.
This suspension will be for an initial two-week period, at which
point Teck will re-assess the status of the project in light of the
rapidly evolving COVID-19 situation. The suspension will affect a
total of approximately 15,000 workers on the QB2 project.
“Considering the significant size and scale of the QB2 project,
and the fact that workers on the project commute in large numbers
from all over Chile, this is the right decision to protect the
health and safety of workers and their families, and to support the
Chilean government efforts to halt the spread of COVID-19,” said
Don Lindsay, President and CEO, Teck. “In the days ahead, we will
be putting a plan in place to be ready to restart construction as
soon as possible, subject to further developments in the response
to COVID-19. I want to thank all workers for their understanding
and their continued focus on health and safety during this
challenging time.”
The orderly suspension of construction activities is effective
immediately, and the workforce will demobilize over the coming
days. There have been no confirmed cases of COVID-19 associated
with QB2 employees or contractors to date.
Teck will be providing a QB2 Project Update during the annual
Investor and Analyst Day conference call on April 1.
The Quebrada Blanca Phase 2 (QB2) Project is one of the world’s
largest undeveloped copper resources. Teck holds an indirect 60%
interest in Compañía Minera Teck Quebrada Blanca SA (“QBSA”) which
owns QB2. Sumitomo Metal Mining Co., Ltd. and Sumitomo Corporation
together have a collective 30% indirect interest in QBSA. ENAMI, a
Chilean state agency, has a 10% non-funding interest in QBSA.
Forward-Looking StatementsThis press release
contains certain forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and forward-looking information as defined in the Securities Act
(Ontario). Forward-looking statements and information can be
identified by the use of words such as “expects”, “intends”, “is
expected”, “potential” or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”,
“should”, “would”, “might” or “will” be taken, occur, or be
achieved. Forward-looking statements in this news release include
statements regarding the duration of the suspension period, timing
of restart of the project, and duration of demobilization period.
These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated. These
statements speak only as of the date of this news release.
These statements are based on a number of assumptions,
including, but not limited to, assumptions regarding no mandated
extension to the initial suspension period, appropriateness of the
initial suspension period, ability to demobilize promptly and
ability to restart the project.
Factors that may cause actual results to vary include, but are
not limited to, additional measures imposed by regulatory
authorities to implement or extend suspension of activities,
determinations by the company to extend the suspension, and
difficulties in demobilization or restart of construction due to
various factors, including lack of availability of manpower or
equipment.
Certain of these risks are described in more detail in the
annual information form of Teck and in its public filings with
Canadian securities administrators and the U.S. Securities and
Exchange Commission. Teck does not assume the obligation to revise
or update these forward-looking statements after the date of this
document or to revise them to reflect the occurrence of future
unanticipated events, except as may be required under applicable
securities laws.
About TeckTeck is a diversified resource
company committed to responsible mining and mineral development
with major business units focused on copper, steelmaking coal, zinc
and energy. Headquartered in Vancouver, Canada, its shares are
listed on the Toronto Stock Exchange under the symbols TECK.A and
TECK.B and the New York Stock Exchange under the symbol TECK. Learn
more about Teck at www.teck.com or follow @TeckResources.
Teck Media Contact:Chad PedersonManager,
Communications Planning604.699.5013chad.pederson@teck.com
Teck Investor Contact:Fraser PhillipsSenior
Vice President, Investor Relations and Strategic
Analysis604.699.4621fraser.phillips@teck.com
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