Mr. Fraser Phillips reports

TECK ANNOUNCES COMPLETION OF SALE OF MINORITY INTEREST IN STEELMAKING COAL BUSINESS

Teck Resources Ltd. today closed the sale of a minority interest in its steelmaking coal business, Elk Valley Resources (EVR), to Nippon Steel Corp. (NSC) and POSCO.

NSC has acquired a 20-per-cent interest in EVR in exchange for its prior 2.5-per-cent interest in Elkview operations plus $1.3-billion (U.S.) in cash paid at closing to Teck and $400-million (U.S.) paid subsequently to Teck out of cash flows from EVR. POSCO has exchanged its 2.5-per-cent interest in Elkview operations and its 20-per-cent interest in the Greenhills joint venture, for a 3-per-cent interest in EVR.

Closing of the sale of the remaining interest (77 per cent) in EVR to Glencore PLC is expected to occur in the third quarter of 2024, subject to the satisfaction of customary conditions, including receipt of approvals under the Investment Canada Act and competition approvals in several jurisdictions.

For more information on the full sale of Teck's steelmaking coal business, see the Nov. 13, 2023, news release.

About Teck Resources Ltd.

As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc and steelmaking coal. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's 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.

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