VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2012) - Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) ("Teck") announced today that the unionized employees at Cardinal River Operations have ratified a new five-year agreement commencing July 1, 2012 through June 30, 2017, replacing an agreement that expired on June 30, 2012.
"Discussions with the United Mineworkers of America Local 1656 were collaborative," said Mark Brown, General Manager at Cardinal River Operations. "We are very pleased to have a new five-year agreement."
As a result of the new collective agreement at Cardinal River Operations, Teck expects to incur a one-time, after-tax charge to profit in the third quarter of approximately $4 million; $1 million of which will be a non-cash accrual.
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, nature and size of the after-tax profit 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.
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.