Mr. Greg Waller reports
TECK DOUBLES DIVIDEND AND ANNOUNCES DIVIDEND POLICY
Teck Resources Ltd. has established a new dividend policy and, in accordance with that policy, Teck will pay on June 30, 2017, an initial eligible dividend of 10 cents per share on its outstanding Class A common shares and Class B subordinate voting shares, to shareholders of record at the close of business on June 15, 2017.
The new dividend policy reflects Teck's commitment to return cash to shareholders in balance with the needs and opportunities to invest in, and the inherent cyclicality of, its underlying businesses. The policy will be anchored by an annual base dividend of 20 cents per share, which will be declared and paid quarterly, commencing in the third quarter, as five-cent dividends on the last business day of each quarter. Each year the board will review the free cash flow generated by the business, the outlook for business conditions and priorities regarding capital allocation, and determine whether a supplemental dividend should be paid. Any supplemental dividends declared would be paid on the last business day of the calendar year. If declared, supplemental dividends may be highly variable from year to year, given the volatility of commodity prices and the potential need to conserve cash for certain project capital expenditures or other corporate priorities. As always, the payment of dividends is in the discretion of the board and the board will review the dividend policy regularly.
About Teck
Resources Ltd.
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.
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