Teck Resources Ltd 6-K, filed Feb 3, 2020
Teck Resources Ltd (TECK)
About this 6-K
Teck Resources Ltd filed this 6-K on February 3, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
Dated: February 3, 2020
Commission File Number: 001-13184
TECK RESOURCES LIMITED
(Exact name of registrant as specified in its charter)
Suite 3300 – 550 Burrard Street, Vancouver, British Columbia V6C 0B3
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Teck Resources Limited<br><br> <br>(Registrant) | ||
|---|---|---|
| Date: <br> February 3, 2020 | By: | /s/ Amanda Robinson |
| Amanda Robinson | ||
| Corporate Secretary |
EXHIBIT INDEX
| Exhibit Number | Description |
|---|---|
| 99.1 | Press Release dated February 3, 2020 |
| 99.2 | Press Release dated February 3, 2020 |
EXHIBIT 99.1
| For Immediate Release<br><br> <br>20-7-TR | Date: | February 3, 2020 |
|---|
Teck and AES Gener Announce Renewable Energy Agreement
Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) and The AES Corporation (NYSE: AES) announced today that their Chilean affiliates, Compañía Minera Teck Quebrada Blanca S.A. ("CMTQB") and AES Gener S.A (AES Gener), have entered into a long-term power purchase agreement for the Quebrada Blanca Phase 2 copper project ("QB2") in Chile, enabling the transition to renewable energy for approximately half the power required for operation of QB2.
Under this arrangement, CMTQB will source 118 Megawatts (MW) for Quebrada Blanca Phase 2 from AES Gener’s growing renewable portfolio of wind, solar and hydroelectric energy, in addition to the 21 MW of solar power already contracted from AES Gener. Once effective, more than 50% of QB2’s total operating power needs are expected to be from renewable sources.
The transition to renewable power will replace QB2’s previous fossil fuel power sources which will avoid approximately 800,000 tonnes of greenhouse gas (GHG) emissions annually. That is equivalent to the emissions of about 170,000 combustion engine passenger vehicles – equal to permanently parking more than half of all the cars in the City of Vancouver or all the cars in the Tarapacá Region of Chile where QB2 is located.
“Switching to renewable power for QB2 is part of Teck’s ongoing work to reduce emissions, achieve carbon neutrality across our business, and support global action on climate change,” said Don Lindsay, President and CEO of Teck. “This agreement secures reliable, long-term power for our major copper growth project at no additional cost, while helping to reduce our environmental footprint. We will continue to explore further opportunities to increase the use of renewable energy as part of Teck’s ongoing focus on decarbonisation.”
“We are proud to work with our customers in the transition to a low-carbon energy future,” said Andrés Gluski, President and CEO of AES. “We have a long-term relationship with Teck and are happy to support their evolving energy needs.”
“Securing zero-carbon, renewable power for QB2 is part of Teck’s commitment to environmental responsibility in every aspect of our business,” said Chris Dechert, Vice President, South America, Teck. “QB2 will be a major producer of copper, a critical material for building the low-carbon economy.”
“At AES Gener, we are contributing to the mining sector´s goal of being more sustainable while supporting the decarbonisation of the Chilean energy matrix. With our Greentegra strategy and our Coal
to Green solution, we enable our customers to become greener and more competitive by replacing coal-based energy sources with renewables," said Ricardo Manuel Falú, AES Gener’s Chief Executive Officer.
QB2 is one of the world’s largest undeveloped copper resources. It is currently under construction and when complete, will be a premier asset with low operating costs, an initial mine life of 28 years and significant potential for further growth. In addition to renewable power, QB2 will also feature the first large-scale use of desalinated seawater for mining in the Tarapacá Region of Chile, in place of freshwater use.
This week, Teck announced a goal of becoming carbon neutral across its operations and activities by 2050. This objective builds on Teck’s progress on climate action to date, including implementing projects and initiatives to reduce GHG emissions at its operations by 289,000 tonnes since 2011 – the equivalent to taking over 88,000 combustion engine cars off the road – and 81% of Teck’s current total electricity consumption is from renewable energy sources.
Similarly, AES is committed to reducing its carbon intensity by 50% by 2022 and 70 percent by 2030, compared to a 2016 baseline. Aligned with that goal, AES Gener is leading the decarbonisation efforts in Chile, with the largest amount of renewable energy capacity under construction in that country.
The renewable power arrangement will come into effect as early as January 2022 and will run through October 2042. CMTQB's other arrangements with AES Gener, totaling 122 MW of power, are not impacted.
The terms of the agreement are confidential.
Forward-Looking Statements - Teck
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 and information can be identified by the use of words such as "expects", "intends", "is expected", "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur, or be achieved. Forward-looking statements include statements regarding anticipated reduction in GHG emissions; future decarbonisation initiatives, QB2 mine life and significant potential for further growth; the expectation that QB2 will be a major producer of copper; and Teck’s goal of becoming carbon neutral across its operations and activities by 2050.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, ultimate sources of power under the QB2 power arrangements; cost of decarbonisation and other climate impact initiatives; delays in construction or operation of the QB2 project; permitting issues or changes in laws or regulations regarding the QB2 project or expansions; failures in performance by contractual counterparties, and other risk factors as detailed from time to time in Teck's reports filed with Canadian securities administrators and the U.S. Securities and Exchange Commission. QB2 mine life and expansion potential are based on current operation plans, which are subject to change.
Certain of these risks are described in more detail in the annual information form of Teck and in its public filings with Canadian securities administrators and the U.S. Securities and Exchange Commission. Teck
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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 TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global power company. We provide affordable, sustainable energy to 14 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world’s changing power needs. Our 2018 revenues were $11 billion and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp
About AES Gener
AES Gener (Santiago Stock Exchange: AES Gener) is a leading generation company with operations in Chile, Argentina and Colombia. In May 2018, AES Gener launched its Greentegra strategy, in order to accelerate a safer and greener energy future and become South America´s Energy Solution Provider of Choice. It is committed to the decarbonisation of Chile's energy matrix and is currently the company with the largest amount of renewable energy capacity under construction in Chile: Alto Maipo (hydro), second phase of Andes Solar (solar), Los Olmos and Mesamávida (wind projects), and the virtual reservoir project with battery storage. AES Gener is the leader in battery storage technology in Latin America with 52 MW in operations and has a portfolio of 3,900 MW of renewable projects under development.
Teck Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
chris.stannell@teck.com
Teck Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations and Strategic Analysis
604.699.4621
fraser.phillips@teck.com
Teck Chile Media Contact:
Pamela Chait, Manager, Corporate Affairs
56.2.224645422
pamela.chait@teck.com
AES Media Contact:
Gail Chalef, Senior Manager, Global Press and Media Relations
+1-703-682-6428, office
gail.chalef@aes.com
AES Investor Relations contact:
Ahmed Pasha, Vice-president, Investor Relations
+1 703-682-6451
Ahmed.pasha@aes.com
AES Gener Media Contact:
Adriana Roccaro, Corporate Affairs
+56 226808947
adriana.roccaro@aes.com
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EXHIBIT 99.2
| For Immediate Release<br><br> <br>20-8-TR | Date: | February 3, 2020 |
|---|
Teck Announces Goal of Carbon Neutrality by 2050
Vancouver, B.C. – As part of our commitment to climate action and responsible resource development, Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced an objective to be carbon neutral across all operations and activities by 2050.
This objective demonstrates Teck’s support of the transition to a low-carbon economy and worldwide efforts to meet the goal of the Paris Agreement to limit global temperature increase. It also aligns with commitments by Canada and Chile – which are home to the majority of Teck’s operations – to be carbon neutral by 2050.
“Setting the objective to be carbon neutral by 2050 is an important step forward in our commitment to reducing emissions and taking action on climate change,” said Don Lindsay, President and CEO. “Climate change is a global challenge that our company and our industry need to contribute to solving. We will pursue the technologies and measures necessary to reduce carbon emissions across our business, while continuing to responsibly provide the metals and minerals necessary for the world’s transition to a low-carbon economy.”
Teck has set out an initial roadmap to achieve carbon neutrality by first avoiding emissions and then eliminating or minimizing emissions. This will include looking at alternative ways of moving materials at our mines, using cleaner power sources, and implementing efficiency improvements, among other measures. See the Backgrounder below for more detail.
Teck is also investing in the metals needed for the transition to a low-carbon economy by significantly increasing copper production through the construction of our Quebrada Blanca Phase 2 Project in Chile. Copper is an essential material for low-carbon technology, including electric vehicles and renewable power generation.
Becoming carbon neutral by 2050 builds on our work to date in reducing emissions and advocating for climate policies. Since 2011, Teck has implemented projects and initiatives to reduce greenhouse gas (GHG) emissions at our operations by 289,000 tonnes, which is the equivalent to taking over 88,000 combustion engine cars off the road.
For more information on our approach to climate action, visit our Taking Action on Climate Change page.
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 TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.
Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations and Strategic Analysis
604.699.4621
fraser.phillips@teck.com
Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
chris.stannell@teck.com
BACKGROUNDER
Teck has set an ambitious objective of achieving carbon neutrality across all its operations and activities by 2050. Teck starts from a strong position to work towards carbon neutrality, building on our track record of taking action to reduce our carbon footprint and improve energy use at our operations.
Teck’s progress on reducing carbon emissions and supporting climate action to date include:
| • | 81% of all electricity use sourced from renewable, zero-carbon power sources |
|---|---|
| • | 289,000 tonne reduction in greenhouse gas (GHG) emissions at our operations since 2011, which is the equivalent to taking over 88,000 combustion engine cars off the road |
| --- | --- |
| • | Among the world’s lowest carbon intensities for our steelmaking coal, copper, and refined zinc and lead production |
| --- | --- |
| • | Signatory to the Paris Pledge for Action and member of the Carbon Pricing Leadership Coalition |
| --- | --- |
| • | Released the 2019 Portfolio Resilience in the Face of Climate Change report, aligned with the Task Force on Climate-related Financial Disclosures (TCFD),<br> outlining our approach to scenario planning |
| --- | --- |
| • | Founding member of Canada’s Oil Sands Innovation Alliance (COSIA). To date, COSIA members have spent over $200 million to evaluate and develop GHG reduction technologies |
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| • | Collaborating with the International Council of Mining and Metals (ICMM) to reduce GHG emissions from large mobile mining equipment |
| --- | --- |
| • | Carbon price costed into majority of business – paid over $500 million CDN in carbon taxes in Canada since 2008 |
| --- | --- |
Initial Roadmap to Carbon Neutrality
Teck will deploy a range of measures, technologies and approaches to achieve our goal of being carbon neutral by 2050. At a high level, this will include looking at alternative ways of moving materials at our mines, using cleaner power sources, and implementing efficiency improvements.
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We have set out an initial roadmap to achieve carbon neutrality by first avoiding emissions and then eliminating or minimizing emissions. Based on this approach, we have prioritized our most significant emissions sources and most mature technologies, among other factors.
The most significant sources of emissions across our business today and in the future are from power supply and mobile equipment, such as haul trucks. To decarbonize these emission sources and ultimately achieve our goal of carbon neutrality, we will advance the following options:
| • | Increase procurement of electricity for operations from clean energy sources such as solar |
|---|---|
| • | Replace internal combustion engine vehicles through the adoption of zero-emissions alternatives |
| --- | --- |
| • | Use low-carbon alternatives for moving material at sites, such as replacing diesel haul trucks with electric or low-carbon trucks, or using electricity-powered conveyors |
| --- | --- |
| • | Use lower emission alternatives for stationary combustion processes (eg: steelmaking coal dryers) |
| --- | --- |
| • | Assess the potential for using emerging technologies such as carbon capture and storage |
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| • | Work with industry partners (ICMM, COSIA, etc.) to advance carbon reduction technologies for mining |
| --- | --- |
| • | Set interim milestone goals to 2025 and 2030 to track our progress towards achieving carbon neutrality by 2050 |
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We are actively evaluating solutions that are commercially competitive today and monitoring earlier stage technologies as they mature towards commercial viability.
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