Teck Resources Unveils Post-Coal Business Structure, Promotes New Executives

Teck Resources TECK, one of Canada's leading mining companies, has announced a new business structure to accelerate its transition into a pure-play energy transition metals company. Following the sale of its steelmaking coal unit to Glencore, the company has restructured to expand its production of metals like copper.

"This new structure will ensure Teck is optimally positioned to operate safely, efficiently and responsibly while capitalizing on profitable growth opportunities and enhancing value for our shareholders and all stakeholders," stated Jonathan Price, Teck's President and CEO.

Per the new structure, Teck will function through two main regional business units: North America and Latin America – leveraging the company's substantial copper assets and ensuring operational efficiency.

• North America: This unit includes the Highland Valley copper operation in British Columbia, the Red Dog zinc operation in Alaska, and the Trail Operations in British Columbia. It also oversees significant copper growth projects such as Galore Creek and Schaft Creek in British Columbia and the New Range project in Minnesota.
• Latin America: This unit comprises the Carmen de Andacollo and Quebrada Blanca copper operations in Chile and Teck's interests in the Antamina mine in Peru. Additionally, it includes the Zafranal project in Peru, the San Nicolas project in Mexico, and the NuevaUnión project in Chile.

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Teck has promoted several senior vice presidents to executive vice president roles, solidifying the company's executive ranks.

• Ian Anderson has been appointed as Executive Vice President (EVP) and Chief Commercial Officer. Anderson will oversee margin enhancement through optimized sales and procurement strategies.
• Shehzad Bharmal will become the EVP and Chief Operating Officer (COO), responsible for driving safety, operational excellence, and asset optimization across the North American and Latin American business units.
• Jeff Hanman is now EVP and Chief Strategy Officer, focusing on developing and activating corporate strategy and transformation initiatives. His role will be pivotal in positioning Teck as a leading producer of energy transition metals.
• Nic Hooper has been named EVP and Chief Corporate Development Officer. Hooper will manage corporate development, portfolio optimization, and exploration activities, ensuring Teck capitalizes on new growth opportunities.
• Karla Mills assumes the role of EVP and Chief Project Development Officer. She will oversee the delivery of Teck's portfolio of copper growth projects, ensuring excellence and adherence to project timelines and budgets.
• Crystal Prystai continues as EVP and Chief Financial Officer, responsible for the overall financial management, including capital allocation to fund growth, maintaining a resilient balance sheet, and returning cash to shareholders.
• Charlene Ripley has been appointed EVP and Chief Legal and Sustainability Officer. Ripley will maintain Teck's sustainability performance and oversee legal, risk, and compliance functions.
• Dean Winsor transitions to EVP and Chief People Officer, tasked with human resources management, talent development, and fostering a diverse, respectful, and inclusive workplace.

"This executive leadership team brings to their portfolio an incredible breadth of experience and I look forward to working with them to unlock the full value of our premium energy transition metals portfolio and leading copper growth pipeline," said Price.

All changes are effective from September 1, 2024.

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