Teck Announces New Collective Agreement at Trail Operations and Related Charge to Earnings
09.06.2012 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/08/12 -- Teck Resources Limited ("Teck") (TCK.A and TCK.B, NYSE: TCK) announced today that the unionized employees at Trail Operations have ratified a new five-year agreement commencing June 1, 2012 through May 31, 2017, replacing an agreement that expired on May 31, 2012."Discussions with Locals 480 and 9705 of the United Steelworkers were positive and productive," said Greg Belland, General Manager at Trail Operations. "We are pleased to have reached a new collective agreement with our employees."
As a result of the new collective agreement at Trail Operations, Teck expects to incur a one-time, after-tax charge to earnings in the second quarter of approximately $34 million related to a signing bonus and enhancements to pension and post-retirement benefits of which about three quarters will be a non-cash accrual.
Forward-Looking Statements
This 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 include statements regarding Teck's expectations regarding the timing and size of the after-tax earnings charge associated with the new collective bargaining agreement. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual result to be materially different from any future result expressed or implied by the forward-looking statements.
Factors that may cause actual results to vary include, but are not limited to, assumptions used to calculate the estimated charge being revised. 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 Teck
Teck 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 TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK.
Contacts:
Teck Resources Limited - Media Contact
Marcia Smith
SVP, Sustainability & Corporate Affairs
604.699.4616
marcia.smith@teck.com
Teck Resources Limited - Media Contact
Carol Vanelli Worosz
Communications Manager
250.364.4113
Carol.VanelliWorosz@teck.com
Teck Resources Limited - Investor Contact
Greg Waller
VP Investor Relations & Strategic Analysis
604.699.4014
greg.waller@teck.com
www.teck.com