Bank of America Merrill Lynch Global Metals, Mining & Steel Conference Webcast

Global Metals, Mining & Steel
Conference
May 12, 2015

Forward Looking Information
Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario). 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. These forward-looking statements include statements relating to management’s expectations with respect to executing
Teck’s long-term strategy, reserve and resource life estimates, 2015 production guidance, 2015 estimated profit and estimated EBITDA,
expectation that Teck will have a cash balance of $1 billion at the end of 2015, projected costs for our business units, expectations regarding the
Corridor project, statements regarding the production and economic expectations for the Fort Hills project, including but not limited to free cash
flow projections, estimated netback, operating margin, Alberta oil royalty, net margin, pre-tax cash flow, Teck’s share of go-forward capex, and
the expectation that Fort Hills is expected to have significant free cash flow wide across a range of WTI prices, Fort Hills capital cost projections,
Teck’s marketing and logistics plans, 2015 production and site cost guidance, capital expenditure guidance, management’s expectations with
respect to production, demand and outlook in the markets for coal, copper, zinc and energy, and potential benefits of LNG use in haul trucks.
These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially, which are
described in Teck’s public filings available on SEDAR (www.sedar.com) and EDGAR (www.sec.gov). In addition, the forward-looking statements
in these slides and accompanying oral presentation are also based on assumptions, including, but not limited to, regarding general business and
economic conditions, the supply and demand for, deliveries of, and the level and volatility of prices of, zinc, copper and coal and other primary
metals and minerals as well as oil, and related products, the timing of the receipt of regulatory and governmental approvals for our development
projects and other operations, our costs of production and production and productivity levels, as well as those of our competitors, power prices,
continuing availability of water and power resources for our operations, market competition, the accuracy of our reserve estimates (including with
respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based, conditions in
financial markets, the future financial performance of the company, our ability to attract and retain skilled staff, our ability to procure equipment
and operating supplies, positive results from the studies on our expansion projects, our coal and other product inventories, our ability to secure
adequate transportation for our products, our ability to obtain permits for our operations and expansions, our ongoing relations with our
employees and business partners and joint venturers. Management’s expectations of mine life are based on the current planned production
rates and assume that all resources described in this presentation are developed. Certain forward-looking statements are based on assumptions
regarding the price for Fort Hills product and the expenses for the project, as disclosed in the slides. Assumptions regarding liquidity are based
on the assumption that Teck’s current credit facilities remain fully available. Assumptions regarding our targeted cash balance are based on
current foreign exchange rates and assume that Teck’s 2015 guidance for production, costs and capital expenditures are met. Assumptions
regarding Fort Hills also include the assumption that project development and funding proceed as planned. Assumptions regarding our potential
reserve and resource life assume that all resources are upgraded to reserves and that all reserves and resources could be mined. The foregoing
list of assumptions is not exhaustive.
2

Forward Looking Information
Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices, changes in
market demand for our products, changes in interest and currency exchange rates, acts of foreign governments and the outcome of legal
proceedings, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral
reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with
specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of
government approvals, industrial disturbances or other job action, adverse weather conditions and unanticipated events related to health, safety
and environmental matters), union labour disputes, political risk, social unrest, failure of customers or counterparties to perform their contractual
obligations, changes in our credit ratings, unanticipated increases in costs to construct our development projects, difficulty in obtaining permits,
inability to address concerns regarding permits of environmental impact assessments, and changes or further deterioration in general economic
conditions. We will not achieve the maximum mine lives of our projects, or be able to mine all reserves at our projects, if we do not obtain
relevant permits for our operations. Our Fort Hills project is not controlled by us and construction and production schedules may be adjusted by
our partners. The effect of the price of oil on operating costs will be affected by the exchange
rate between Canadian and U.S. dollars.
Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters
and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual
obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies,
labour disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations
in the cost of energy or supplies.
We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning
assumptions, risks and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information
Form for the year ended December 31, 2014, filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of
Form 40-F.
3

Agenda
Teck Overview & Strategy
Commodity Market Observations
Teck Update
4

5
Producing through multiple price
cycles after capital is recovered,
enhancing returns
Focused on the Americas
& Low Risk, Stable Jurisdictions
Strong Resource Position1
With Sustainable Long-Life Assets
Coal Resources ~100 years
Copper Resources ~30 years
Zinc Resources ~15 years
Energy Resources ~50 years
Attractive Portfolio Of Long-Life Assets & Resources
1. Reserve and resource life estimates refer to the mine life of the longest lived resource in the relevant commodity assuming production
at planned rates and in some cases development of as yet undeveloped projects. See the reserve and resource disclosure in our most
recent Annual Information Form, available on SEDAR and EDGAR, for additional detail regarding underlying assumptions.

Teck has good leverage to stronger zinc and copper
markets, and benefits from the weaker Canadian dollar
The Value of Our Diversified Business Model
Cash Operating Profit 2014
Coal
~1/3rd
Copper
~60%
Zinc
~40%
Base
Metals
~2/3rds
Production
Guidance1
Unit of
Change
Estimated
Profit 2
Estimated
EBITDA2
Coal 27 Mt US$1/tonne $21M /$1∆ $32M /$1∆
Copper 350 kt US$0.01/lb $5M /$.01∆ $8M /$.01∆
Zinc 935 kt US$0.01/lb $8M /$.01∆ $12M /$.01∆
$C/$US C$0.01 $32M /$.01∆ $52M /$.01∆
2015 Leverage to Strong Commodities
1. Mid-point of 2015 guidance ranges. Zinc includes 650,000 tonnes of zinc in concentrate and 285,000 tonnes of refined zinc.
2. Based on $1.20 CAD/USD, and budgeted commodity prices. The effect on our profit and EBITDA will vary with commodity price
and exchange rate movements, and commodity sales volumes .
6

Agenda
Teck Update
7

US Steelmaking Coal Exports Most at Risk
8
Current US exports are ~2.5 times
above historical average levels
US Export HCC Margin Curve
US Steelmaking Coal Exports (ex. Canada)
0
10
20
30
40
50
60
70
Mt
2000-2009 average:
23 Mt
2010-2014 average:
55 Mt
Wood Mackenzie estimates that at
US$102, ~45% of US HCC exports
are cash negative
-100
-80
-60
-40
-20
0
20
40
0 4 7 11 15 18 22 26 29 33 37 40
US$/metrictonne
Million metric tonnes
Source: GTIS, Wood Mackenzie

(3,000)
(2,500)
(2,000)
(1,500)
(1,000)
(500)
0
500
2012 2013 2014 2015 2016 2017 2018 2019 2020
Thousandtonnes
• At 2.7% global demand growth,
680,000t of new supply needed
each year
• Post 2016, production expected to
decline ~280,000t per year
• Structural deficit starts in 2017
• Project developments slowed due
to lower prices, higher capex,
corporate austerity, permitting &
availability of financing
9
Forecast Copper Refined Balance
Long-Term Copper Mine Production Still Needed
Source: ICSG, Teck

10
US¢/lb
thousandtonnes
plotted to
April 24, 2015
Monthly Chinese Zinc Mine Production
LME Zinc Stocks
Zinc Market Positioned for Change
Source: LME, NBS, CNIA
Mt
Mt
plotted to
April 24, 2015
400
500
600
700
800
900
1,000
1,100
1,200
1,300
70¢
75¢
80¢
85¢
90¢
95¢
100¢
105¢
110¢
115¢
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Stocks Price
0
1000
2000
3000
4000
5000
6000
0
100
200
300
400
500
600
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013 2014 2015
• Metal market in deficit
• LME stocks down >700 kt over 27
months; sub-500 kt first since 2010
• ‘Off-market’ inventory position to work
down also
• Large periodic increases indicate
significant off-market inventories
flowing through the LME to
consumers
• Chinese zinc mine production is flat to
down in the last 27 months

Agenda
Teck Update
11

Focus on Cost Management & Operational Performance
• Ongoing focus on cost management & operational performance
• Positive cash flows after sustaining capex at all operations
• Solid financial position
12

0
10
20
30
40
50
60
70
80
90
2012 2013 2014 2015
Guidance
(Mid)
Operating Capitalized Stripping
C$/t
13
Delivering Results in Unit Cost Management
Copper Cash Costs3
Achieved significant unit cost reductions,
and expect further reductions in 2015
Steelmaking Coal All-In Costs1
2
1. All-in costs are site costs, inventory write-downs and capitalized stripping, excluding depreciation.
2. Operating costs are site costs and inventory write-downs.
3. By-product credits currently reduce cash costs by ~US$0.30/lb.
0.00
0.50
1.00
1.50
2.00
2.50
2012 2013 2014 2015
Guidance
(Mid)
Before by-product credits
After by-product credits
US$/lb

Investment Grade Credit Rating
14
October 1, 2014 April 17, 2015
Teck’s 10-Year Bond Spreads
Ten year bond spreads tightened following stable outlook
0
100
200
300
400
500
bps
Teck 3.75% 02/23
Jan 30th: S&P rating
BBB- stable outlook

15
Source: Teck Resources Limited
1. Estimates are based on exchange rates as shown, expected bitumen netbacks, and assumed operating costs of C$25 per barrel
including sustaining capital.
2. Per barrel of bitumen.
3. Go-forward capital is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013), denominated in
Canadian dollars and on a fully-escalated basis.
4. Pre-tax free cash flow yield during capital recovery period.
The Fort Hills project is expected to have significant
free cash flow yield across a range of WTI prices
Fort Hills Free Cash Flow Yield4
Sensitivity to WTI Price
Potential Contribution
from Fort Hills
$70 WTI &
$0.80
CAD/USD
$90 WTI &
$0.90
CAD/USD
Teck’s share of annual production
(36,000 bpd)
13 Mbpa 13 Mbpa
Estimated netback2 ~$54/bbl ~$63/bbl
Estimated operating margin2 ~$29/bbl ~$38/bbl
Alberta oil royalty – Phase 1
(prior to capital recovery) 2 ~$2/bbl ~$4/bbl
Estimated net margin2 ~$26/bbl ~$34/bbl
Annual pre-tax cash flow ~$350 M ~$444 M
Teck’s share of go-forward capex3 ~$2,940 M ~$2,940 M
Free cash flow yield4 ~12% ~15%
0%
5%
10%
15%
20%
25%
60 70 80 90 100 110 120
FreeCashFlowYield
WTI $/bbl
$0.90 CAD/USD
$0.80 CAD/USD
Fort Hills’ Economics Robust1

16
Market Access Strategy
• Diversify market destinations
− Target 20,000 barrels/day East Coast
− Target 20,000 barrels/day Gulf Coast
− Balance sold at Hardisty or Chicago
• Common carrier and secondary pipeline capacity
market
• Maintain rail as a back-up option as required
Export Pipeline Opportunities
• Energy East (Europe, Asia, USGC, NEUS)
• Flanagan South (USGC) possible “Open Season”
in Q4 2015
• West Coast (Asia)
Hardisty Tankage Update
• Terminalling service agreement signed for
500,000 barrels dedicated storage at Hardisty
Fort Hills – Teck Logistics & Marketing

Summary
Attractive portfolio of long-life assets & resources
Good leverage to strong zinc & copper markets
Executing well & controlling the controllables
Solid financial position
Investment grade credit rating
17

Diversified Portfolio of Key Commodities
North
America
20%
Europe
18%
Latin
America
3%
China
26%
Asia excl. China
33%
Source: Teck Resources Limited; 2014 revenue20
Diversified Global Customer Base
Coking coal CopperZinc LeadMoly SilverGermanium Indium

Original Guidance Actual Results
Steelmaking Coal
Coal production 26–27 Mt  26.7 Mt Record coal production
Coal site costs C$55-60 /t  C$54 /t1
Coal transportation costs C$38-42 /t  C$38 /t
Combined coal costs C$93-102 /t  C$92 /t
Combined coal costs US$84-92 /t  US$84 /t
Copper
Copper production 320–340 kt  333 kt Record thru-put at Antamina
Copper cash unit costs2
US$1.70-190 /lb  US$1.65 /lb
Zinc
Zinc in concentrate production3
555-585 kt  660 kt Record at Red Dog
Refined zinc production 280–290 kt x 277 kt Higher production 2H14
(1H14: 133 kt; 2H14 143 kt)
Capital Expenditures4
$1,905M  $1,498M Significant capex reduction
Solid Delivery Against 2014 Guidance
1. Including inventory adjustments.
2. Net of by-product credits.
3. Including co-product zinc production from our copper business unit.
4. Excluding capitalized stripping.
21

Actual 2014 2015 Guidance
Steelmaking Coal
Coal production 26.7 Mt 26.5-27.5 Mt
Coal site costs C$54 /t1
C$49-53 /t
Coal transportation costs C$38 /t C$37-40 /t
Combined coal costs C$92 /t C$86-93 /t
Combined coal costs US$84 ~US$69-74 /t2
Copper
Copper production 333 kt 340-360 kt
Copper cash unit costs3
US$1.65 /lb US$1.45-1.55 /lb
Zinc
Zinc in concentrate production4
660 kt 635-665 kt
Refined zinc production 277 kt 280–290 kt
2015 Production & Site Cost Guidance
22
1. Including inventory adjustments.
2. At $1.25 CAD/USD.
3. Net of by-product credits.
4. Including co-product zinc production from our copper business unit.

23
($M) Sustaining
Major
Enhancement
New Mine
Development Sub-total
Capitalized
Stripping Total
Coal $100 $45 $ - $145 $490 $635
Copper 200 15 105 320 225 545
Zinc 180 - - 180 60 240
Energy - - 910 910 - 910
Corporate 10 - - 10 - 10
TOTAL $490 $60 $1,015 $1,565 $775 $2,340
Total capex of ~$1.6B, plus capitalized stripping
2014A $511 $165 $822 $1,498 $715 $2,213
2015 Capital Expenditures Guidance

Coal
Well established
with capital efficient
growth options
Strong platform combined with diverse portfolio of options
allows us to be selective in terms of commodity and timing
Completed In Construction Pre-Sanction
Copper
Strong platform
with substantial
growth options
Zinc
World-class resource
combined with
integrated assets
Energy
Building a new
business through
partnership
Trail Acid Plant
HVC Mill Optimization
Pend Oreille Restart
Fort Hills
Elk Valley Brownfield
(4 Mpta)
24
Staged Growth Pipeline
Red Dog Satellite
Orebodies
San Nicolas (Cu-Zn)
Elk Valley Brownfield
(up to 10 Mpta)
Quintette/Mt. Duke
Frontier
Lease 421
QB Phase 2
Relincho
Mesaba
Zafranal
HVC/Antamina Brownfield
Galore/Schaft Creek
Cirque
Growth Options

Operation Expiry Dates
Line Creek In Negotiations - May 31, 2014
Coal Mountain In Negotiations - December 31, 2014
Antamina July 23, 2015
Carmen de Andacollo
September 30, 2015
December 31, 2015
Elkview October 31, 2015
Quebrada Blanca
October 30, 2015
November 30, 2015
January 31, 2016
Fording River April 30, 2016
Highland Valley Copper September 30, 2016
Trail May 31, 2017
Cardinal River June 30, 2017
Quintette April 30, 2018
Collective Agreements
25

Note: Based on public filings
Teck Resources Limited
March 3, 2015
Shares Held Percent Voting Rights
Class A Shareholdings
Temagami Mining Company Limited 4,300,000 45.97% 28.62%
SMM Resources Inc (Sumitomo) 1,469,000 15.71% 9.78%
Caisse de depot et placement du Quebec 1,587,600 16.97% 10.57%
Public 1,996,870 21.35% 13.29%
9,353,470 100.00% 62.27%
Class B Shares
Temagami Mining Company Limited 860,000 0.15% 0.06%
SMM Resources Inc (Sumitomo) 295,800 0.05% 0.02%
China Investment Corporation (Fullbloom) 101,304,474 17.87% 6.74%
Public 455,788.822 80.41% 30.34%
566,852,293 100.00% 37.73%
Total Shares
Temagami Mining Company Limited 5,160,000 0.90% 28.68%
SMM Resources Inc (Sumitomo) 1,764,800 0.31% 9.80%
China Investment Corporation (Fullbloom) 101,304,474 17.58% 6.74%
Public 457,785,692 79.45% 43.63%
576,205,763 100.00% 100.00%
Share Structure & Principal Shareholders
26

• Common corporate structure in
Canada
• May not confirm to typical
governance expectations, but
can still have strong
governance practices
• Family-controlled issuers can
benefit from a longer-term
outlook and unique governance
structure
Source: The Impact of Family Control on the Share Price Performance of Large Canadian Publicly-Listed Firms (1998-2012)
by Clarkson Centre for Board Effectiveness (Rotman School of Management, University of Toronto)
Canadian family-controlled issuers outperformed peers
over the past 15 years, greatly benefitting minority shareholders
Cumulative Average Growth Rate
Family-Controlled Public Issuers
27

Teck has been a strong
investment in recent years
Long-term investments in Teck have
outperformed non-family and materials firms
Family-Controlled Public Issuers;
Teck Share Price Performance
28
Source: The Impact of Family Control on the Share Price Performance of Large Canadian Publicly-Listed Firms (1998-2012)
by Clarkson Centre for Board Effectiveness (Rotman School of Management, University of Toronto)

Source: NBS & CEIC.
Lower GDP growth rate on a higher base
= strong absolute growth
In absolute terms, China’s GDP growth is
approximately double that of 10 years ago
China’s Growth: Less is More!
30
• Incremental GDP in 2015 is
expected to be similar to
last year, in absolute terms
• 2014: ~RMB3,764 billion
• 2015: ~RMB3,824 billion
• Nature of growth changing
from fixed asset intensive to
more consumer spending,
impacting material
consumption growth-1%
1%
3%
5%
7%
9%
11%
13%
15%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
The increase of GDP at 2010 constant prices
in RMB (bn)
Increment of GDP, Rmb bn (lhs) GDP real growth (rhs)
RMBBillion

China
Japan
Korea
0
10
20
30
40
50
60
70
80
90
100
1953 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008
%
Source: Dragonomics
With the right policies, China still has the potential to boost incomes
China’s GDP ~20% of the US’s
on a per capital basis in 2010
Substantial Economic Growth
Requires Decades to Achieve
31
Per Capita GDP Relative to the US at PPP

Country
20-Year Period
Beginning When Country’s
Per Capital GDP Was 21% of US’s
Average Annual GDP
Growth Rate
Over a 20-Year Period
Japan 1951-1971 9.2
Singapore 1967-1987 8.6
Taiwan 1975-1995 8.3
Korea 1977-1997 7.6
Other Asian economies show that China could
continue to grow significantly for some time
Substantial Potential For
Continuous Robust Growth in China
32

Steelmaking Coal
Business Unit & Markets

AUS$
Stronger US dollar favours producers outside of the US
Source: Argus, Bank of Canada
• >30 Mt cutbacks announced, slowly
being implemented
• Require additional cutbacks to
achieve market balance
• US coal production high end of cost
curve and no currency benefit
• Continued closure announcements
promising for last half of 2015
Coal Prices By Currency
Argus FOB Australia
CDN$
US$
Met Coal Market Slowly Rebalancing;
FX Assisting Producers Outside USA
plotted to
April 27, 2015
34
85
95
105
115
125
135
145
$/tonne

0
2
4
6
8
10
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Traditional Steel Markets
• China slowing
• Japan stable
• South Korea slight growth
Rest of the World
• Europe stable
• India good growth
• US flat
Monthly Hot Metal Production
Source: WSA, based on data reported by countries monthly; NBS
Mt
35
Update to March 2015
45
55
65
75
Global Hot Metal Production
Japan
India
South Korea
Europe
China
USA

• China’s hot metal production continues
to grow
- 2004: 258 Mt
- 2014: 712 Mt, representing 2.5x the 2004 level and
~60% of global output
- 2019E (CRU International) ~840 Mt
• Excluding China, global hot metal
production remains significant at ~40%
of the total
Hot Metal Production Growth
Source: WSA, based on data reported by countries annually; NBS; CRU International36
Global Hot Metal Production
A Look Back and Forward
350
550
750
950
1,150
1,350
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
China
Americas
CIS
JKT
India
Europe
Other
2019f
Growth from 2014 to 2019 (CRU Nov 2014) Global ex. China China
Mt

Source: WSA, NBS, Wood Mackenzie, CRU
1. Europe includes 12 countries.
Crude Steel Production Continues to Grow
37
Crude steel production to grow at
~1.5-2.5% CAGR between 2014 and 2019
Ex-China seaborne demand for
steelmaking coal is forecasted to increase
by ~25 Mt in the same period
Crude Steel Production 2014-2019Crude Steel Production 2014 (Mt)
Global 1,662 (+1.2% YoY)
China 823 (+0.9% YoY)
Global, ex-China 839 (+1.5% YoY)
JKT 205 (+3% YoY)
Europe1 208 (+1.3% YoY)
India 83 (+2.3% YoY)

Xinjiang
Tibet
Qinghai
Sichuan
Inner Mongolia
Henan
Shanxi
Guangxi
Guandong
Fujian
Zhejiang
Jiangsu
Shandong
Laioning
Jilin
Heilongjiang
Guizhou
Hunan
Hubei
Jiangxi
Anhui
Shaanxi
Gansu
Ningxia
Qinghai
Sichuan
Yunnan
Beijing
Hebei
WISCO Fangchenggang Project
• Major infrastructure in place. WISCO Fangchenggang Steel
Company established in Sep to wholly manage the project.
• Cold roll line to be commissioned in H1 2015. Other lines are
scheduled to start successively within the year.
• Blast furnaces (BFs) in the originally approved plan. Billet
rolling line only at this time. No timeline for BFs currently.
• Targeting 5 Mt steel products in 2016 and 10 Mt in 2017.
Baosteel Zhanjiang Project
• The environment evaluation was approved in Dec 2014
(~8.8Mt crude steel, 8.2Mt pig iron and 3.2Mt coke).
• BF #1 to be commissioned in 2015.
Ningde Steel Base
• Proposed but no progress yet.
Relocation to China’s coastline facilitates access to seaborne raw materials
Sources: NBS, CISA
Ansteel Baiyunquan Project
• Phase 1 (~ 5.4 Mt pig iron, 5.2 Mt crude
steel and 5 Mt steel products) in 2013.
• Phase 2 (5.4 Mt BF) planned but no
progress yet.
Capital Steel Caofeidian Project
• Planned 20 Mtpa steel capacity.
• Phase 1 (10 Mt) completed in 2010.
• Phase 2 (10 Mt) under preparation but no
progress yet.
Shandong Steel Rizhao Project
• Planned 21.35 Mt crude steel.
• Phase 1 (8.5 Mt) approved in Feb 2013
• Construction started in Sep 2014 and
scheduled to commission by the end of
2016.
Chinese Steel Industry Moving to the Coast
38
40%
45%
50%
55%
60%
65%
70%
0
100
200
300
400
500
600
700
800
900
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Mt
Total Coastal Provinces Coastal %

China Met Coal Still Struggling
Government support for domestic coal producers
• Import tax increase (Australia exempt under FTA)
• Export tax reduction
- Not large enough to stimulate exports
• Resource tax reform
- Higher rates in larger coal producing provinces
• Overall, changes not meaningfully supportive
Shanxi logistics improving
• Improved road transport efficiency (eliminating inspections)
• Extra-provincial trade fees cancelled
• Improved rail transportation capacity
39
China’s supportive actions
preventing a meaningful price recovery

60.0
15.4
13.2
75.4
47.7
14.8
6.9
68.8
0
10
20
30
40
50
60
70
80
Seaborne Landborne Stock change
at six ports
Import
demand
Mt
2013 2014
Mixed Views on China Coking Coal Imports
40
2019F
China's Coking Coal Imports
and Stock Change at Ports
Imports down by <10% when combined with inventory drawdowns;
stocks at ports near record lows
China Rolling 12-Month Coking Coal Imports
2019 Forecast: 50~95 Mt
0
10
20
30
40
50
60
70
80
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Mt
Seaborne Mongolia
Source: GTIS, Wood Mackenzie, CRU, Mysteel

We Are a Leading Steelmaking Coal Supplier
To Steel Producers Worldwide
41
North
America
~5%
Europe
~15%China
~25%
High quality, consistency, reliability, long-term supply
Asia excl. China
~50%
Source: Teck Resources Limited; 2014
Latin
America
~5%
Proactively realigning sales with changing market

0
50
100
150
200
250
300
350
Q12010
Q22010
Q32010
Q42010
Q12011
Q22011
Q32011
Q42011
Q12012
Q22012
Q32012
Q42012
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
Q32014
Q42014
Q12015
US$/tonne
Teck Realized Price (US$) Benchmark Price
Average realized price discount to
benchmark is a function of:
1. Product mix: over 90% is hard
coking coal
2. Carry over sales volumes
3. Direction of quarterly benchmark
prices and spot prices
- Q2 2015 benchmark for
premium products is
US$109.50/t
Hard Coking Coal Benchmark Price
Premium Steelmaking Coal Product
42
Average realized price discount of ~8%
96%
88%
93%
94%
92%

0
20
40
60
80
100
120
2014 2015E
US$/t
Site Costs Transportation Inventory Write-Down
Capitalized Stripping Sustaining Capital
105
93
Teck costs lower than most major competitors
Total Cash Cost 2015 vs. 2014
Steelmaking Coal Costs
43
(US$/t)
2014
($1.10
CAD/USD)
2015E*
($1.20
CAD/USD)
Site1 $49 $43
Transportation 35 $32
IFRS Total $84 $75
Capitalized Stripping $15 $15
Full Cash Cost $99 $90
Sustaining Capex $6 $3
Total Cash Cost $105 $93
* Based on the mid-point of 2015 guidance.
1. Includes inventory write-down.
IFRS
Costs

Significant Long-Term Coal Growth Potential
44
Potential Production Increase Scenarios
Teck’s large resource base
supports several options for
growth:
• Quintette restart (up to 4 Mtpa)
fully permitted
• Brownfields expansions
- Elkview expansion
- Fording River expansion
- Greenhills expansion
• Capital efficiency and operating
cost improvements will be key
drivers
-
10
20
30
40
50
Production(Mt)
FRO GHO CMO EVO LCO
CRO QCO 28 Mt 40 Mt
Time Conceptual
Potential to grow production when market conditions are favourable

>75 Mt of West Coast Port Capacity Planned
Teck Portion at 40 Mt
45
• Exclusive to Teck
• Recently expanded to 12.5 Mt
• Planned growth to 18.5 Mt
Westshore Terminals
Neptune Coal Terminal
Ridley Terminals
West Coast Port Capacity
• Current capacity: 18 Mt
• Expandable to 25 Mt
• Teck contracted at 3 Mt
• Teck is largest customer at 19 Mt
• Large stockpile area
• Recently expanded to 33 Mt
• Planned growth to 36 Mt
MillionTonnes(Nominal)
Teck’s share of capacity exceeds current
production plans, including Quintette
12.5
18
33
6
7
3
0
5
10
15
20
25
30
35
40
Neptune Coal
Terminal
Ridley
Terminals
Westshore
Terminals
Current Capacity Planned Growth

0%
20%
40%
60%
80%
100%
CO2 NOx Particulate SOx
Diesel Natural Gas
LNG for Haul Trucks Project
• Pilot project underway to evaluate running Teck haul trucks on a blend
of diesel and LNG
- Expected to be running in 2015
• Has the potential to reduce our haul truck fleet fuel bill by $27M
annually and lower our CO2 emissions by 35,000 tonnes per year
46
Comparison of Fuel Cost
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
LNG / Diesel Liter Diesel / Liter
Gas Cost Liquifaction Carbon Tax Delivery Diesel
PriceperLiter
Comparison of Emissions
%ofDieselEmissions

• Around the world, and
especially in China, blast
furnaces are getting larger
and increasing PCI rates
• Coke requirements for stable
blast furnace operation are
becoming increasingly higher
• Teck coals with high hot and
cold strength are ideally suited
to ensure stable blast furnace
operation
• Produce some of the highest
hot strengths in the world50 60 70 80 90 100
South Africa
Japan (Sorachl)
Japan
(Yubarl)
U.S.A.
Canada Other
Teck HCC
Australia
Japan
South Africa
Australia
(hard coking)
and Canada
U.S.A.
Australia
(soft coking)
10
20
30
40
50
60
70
80
Drum Strength Dl 30 (%)
CSR
Teck HCC
47
Coking Coal Strength
High Quality Hard Coking Coal

Copper

Base Metal Stocks Low on Days Consumption
49
Zinc
Reported Stocks
17 days of
consumption
Copper
Reported Stocks
10 days of
consumption
Lead
Reported Stocks
8 days of
consumption
Source: LME, ICSG, ILZSG
* Charts as of April 15, 2015.
75¢
85¢
95¢
105¢
115¢
2013 86.6¢ US/lb
2014 98.2¢ US/lb
2015 94.8¢ US/lb
2014
2015
LME ZINC Prices
225¢
245¢
265¢
285¢
305¢
325¢
345¢
2013 332.1¢ US/lb
2014 311.2¢ US/lb
2015 264.9¢ US/lb
2015
2014
LME COPPER Prices
75¢
80¢
85¢
90¢
95¢
100¢
105¢
2013 97.1¢ US/lb
2014 95.1¢ US/lb
2015 82.6¢ US/lb
2015
2014
LME LEAD Prices
0
100
200
300
400
500
600
700
800
900
1,000
Jan Feb Mar Apr May Jun Jul AugSep Oct NovDec
Thousands
Stocks fell 241,875t or 25.9%
in 2014
Stocks have fallen 190,875t
or 27.6% in 2015
LME ZINC Stocks
0
100
200
300
400
Thousands
Stocks fell 189,400t
or 51.7% in 2014
Stocks have risen 160,225t
or 90.5% in 2015
LME COPPER Stocks
0
100
200
300
400
Jan Feb Mar Apr May Jun Jul AugSep Oct NovDec
Thousands
Stocks rose 7,526t
or 3.5% in 2014
Stocks have risen 10,950t
or 4.9% in 2015
LME LEAD Stocks

0
200
400
600
800
1000
0¢
100¢
200¢
300¢
400¢
500¢
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
LME Stocks Price
US¢/lb
thousandtonnes
plotted to
April 24, 2015
Source: LME
Copper Prices & Stocks
50
LME Daily Copper Prices & Stocks

Copper Concentrate TC/RC
0¢
10¢
20¢
30¢
40¢
50¢
60¢
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Spot Realised TC/RC
51
TC/RC–NominalUS¢/lb
Source: CRU
plotted to
March 2015
Copper Concentrate TC/RC

-950
-859
-776
-851
-945
-584
-839
-973
-831
-1,060
-495
-1,200
-1,000
-800
-600
-400
-200
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2015
YTD
Thousandtonnes0
100
200
300
400
500
600
700
800
900
plotted to
Feb. 2015
Copper Market Balance Trending DownThousandtonnes
Surplus only 0.6% of
global demand
52
Mine Guidance
Wood Mackenzie Forecast
2015 Refined Copper Surplus
Mine guidance being revised downwards;
mine disruptions still significant
Source: Wood Mackenzie

Significant Chinese Copper Demand Remains
-
200
400
600
800
1,000
1,200
1,400
1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 2030
0%
5%
10%
15%
20%
25%
30%
1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 2030
Annual Avg.
13%
Annual Avg.
5%
Annual Avg. Growth
330 Mt/yr
Annual Avg. Growth
505 Mt/yr
Thousandtonnes
53
…But Will Add Significantly
in Additional Tonnage Terms
Annual Growth Rate of Chinese Copper
Consumption to Slow Dramatically…
China expected to add almost as much to global demand
in the next 15 years as the past 25 years
Source: CRU, Wood Mackenzie, Teck

0
100
200
300
400
500
600
700
800
900
1,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Cathode Concs Scrap Blister/Semis
000’stonnes(content)
China Now Accounts for >49% of Global Copper Consumption
Source: Antaike
China’s Copper Imports Remain Strong
54
Updated to
March 2015

Zinc Prices & Stocks
0
200
400
600
800
1,000
1,200
1,400
0¢
50¢
100¢
150¢
200¢
250¢
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Stocks Price
56 Source: LME
US¢/lb
thousandtonnes
plotted to
April 24, 2015
LME Daily Zinc Prices & Stocks

Zinc Treatment Charges
$0
$100
$200
$300
$400
$500
$600
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Spot Annual Realised
57
US$/dmt
Source: Teck, CRU
plotted to
March 2015
Zinc Spot TCs vs. Realized Annual TCs

Committed Zinc Supply Insufficient for Demand
• We expect mine supply
increases to allow for growth in
refined supply of 1.2 million
tonnes between 2014 and 2020
• Over this same period we
expect refined demand to
increase 3.7 million tonnes or
about 4%/yr
• The market has been in deficit
since 2014, but large inventory
has funded the deficit
• Metal market moving into
significant deficit with further
closures, but inventories are
depleting
58
(3,000)
(2,500)
(2,000)
(1,500)
(1,000)
(500)
0
500
2012 2013 2014 2015 2016 2017 2018 2019 2020
Thousandtonnes
Forecast Zinc Refined Balance
Source: Teck

400
500
600
700
800
900
1,000
1,100
1,200
50¢
60¢
70¢
80¢
90¢
100¢
110¢
120¢
Stocks Price
59
0
200
400
600
800
1,000
1,200
1,400
0¢
50¢
100¢
150¢
200¢
250¢
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Stocks Price
US¢/lb
thousandtonnes
plotted to
April 24, 2015
US¢/lb
thousandtonnes
• LME stocks down ~600 kt over 24 months
• Large inventory position still to work down but we are under 500kt for the first time
since early 2010
• Large, sudden increases indicate there are also significant off-market inventories
flowing through the LME to consumers
LME Zinc Stocks – Since Dec 2012
plotted to
April 24, 2015
LME Zinc Stocks - 11 Years
Zinc Inventories Declining
Source: LME

60
China
6%
USA
19%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Galvanized Steel as % Crude ProductionChina Zinc Demand 2014
Construction
15%
Transportation
20%
Other
5%
Consumer Goods
30%
Infrastructure
30%
Chinese Zinc Demand to Outpace Supply
Source: Teck
If China were to galvanize crude steel at half the rate of the US using the same rate of
zinc/tonne, a further 2.1 Mt would be added to global zinc consumption

Significant Zinc Mine Reductions;
Large Short-Term Losses, More Long Term
-600
-500
-400
-300
-200
-100
0
Century
RampuraAgucha
Lisheen
RedDog
Skorpion
Pomorzany
Brunswick
Perseverance
Wolverine
Zyryanovsk
MaeSod
Paragsha
61
-600
-500
-400
-300
-200
-100
0
Century
RampuraAgucha
Lisheen
Skorpion
Rosebery
RedDog
Pomorzany-Olkusz
Brunswick
Cayeli
Perseverance
Wolverine
Jaguar
Zyryanovsk
Akhzal(Aktogask)
KiddCreek
Bracemac-McLeod
Source: ICSG, Wood Mackenzie Teck, Company Reports
2013-2017 2013-2020

Energy

Building An Energy Business
Strategic diversification
Large truck & shovel mining
projects
World-class resources
Long-life assets
Mining-friendly jurisdiction
Competitive margins
Minimizing execution risk
Tax effective








63
Mined bitumen is in Teck’s ‘sweet spot’

Diesel & Crude Oil Prices
Spread has widened; Delay in changes in crude oil prices
flowing through to diesel prices
Diesel Prices vs. WTI Prices 2007-2015
Source: Alberta Transportation, OPIS.64
$-
$20
$40
$60
$80
$100
$120
$140
$160
Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
CAD$/L
Alberta ULSD Rack Rate (CAD$/L) WTI (CAD$/L)
Average Diesel Premiums:
2007-2015: C$0.23/litre
2011-2015: C$0.28/litre
Plotted to 3/2015

• Significant value created
over long term
• 60% of PV of cash flows
beyond year 5
• IRR of 50-year project is
only ~1% higher than a
20-year project
• Options for debottlenecking
and expansion
50-year assets provide for superior returns
operating through many price cycles
The Real Value of Long-Life Assets
65
Fort Hills Project Indicative Rolling NPV1
1. Indicative NPV assumes US$95 WTI, $1.05 Canadian/US dollar exchange rate, and costs as disclosed with the Fort Hills sanction
decision (October 30, 2013).

1. GLJ Petroleum Consultants, December 2014.
2. There is no certainty that it will be commercially viable to produce any portion of the contingent bitumen resources. For more information
about contingent bitumen resources, see Teck’s annual information form dated March 2, 2015 available at www.sedar.com.
3. Sproule, December 2014.
World-Class Energy Reserves & Resources
No Exploration Risk – No Large Finding Costs
Bitumen Reserves
Teck’s Share
(million bbl) Proved Probable Proved Plus Probable
Fort Hills
1
414 200 614
Contingent Bitumen Resources2
Project Teck’s Share
(million bbl) Low Best High Low Best High
Fort Hills
1
30 139.4 763.1 6 27.9 152.6
Frontier
3
2,360 3,047 3,465 2,360 3,047 3,465
Lease 421
Total 2,390 3,186.4 4,228 2,366 3,074.9 3,617.6
Still to be declared
World Class Energy Reserves & Resources
66

Fort Hills Is One of the Best
Undeveloped Oil Sands Mining Leases
Ore grade is a function of the bitumen quantity in the deposit
TV:BIP is a ratio of the total volume of bitumen in place to the total
volume of material required to be moved (like a strip ratio)
Strip Ratio vs. Ore Grade
Source: Teck
9.5
10
10.5
11
11.5
12
8910111213
OreGrade(wt%bitumen)
TV:BIP
Fort Hills
Frontier
• >3 billion bbls of proven plus probable
reserves of bitumen
- Production 180,000 barrels per day
(bpd) of bitumen
- Teck’s share is significant at 36,000
bpd; equivalent to 13 million barrels
per year (Mbpy)
• World-class resource
- Average ore grade of 11.4%
- Strip ratio of 1.5:1 and TV:BIP of 10.5
• Consistent production year-over-year
through multiple decades
- Scheduled to produce first oil as early
as Q4 2017
- Expect 90% of planned production
capacity within 12 months
67

Fort Hills Is Part Of A New Breed
Of Mineable Oil Sands Projects
68
Mine & Extraction
Diluted Bitumen
(Doesn’t meet commercial pipeline specs)
Heavy Crude Conversion
Refinery With Coker
Simple RefineryOn-Site Upgrader
($10-15B)
New mining projects produce clean, high-quality bitumen and receive a
heavy oil price (discounted), but don’t have to invest in an upgrader
‘PFT’ Diluted Bitumen
(Meets commercial pipeline specs)
Export Pipeline
Synthetic Oil
Legacy Oil Sands Mining Projects (~30 Years Ago)
Oil Sands Mining Projects Today
Naphtha froth
treatment process
Paraffinic froth treatment
‘PFT’ process
Mine & Extraction

Minimizing Execution Risk
In The Fort Hills Project
• Cost-driven schedule
- “Cheaper rather than sooner”
• Disciplined engineering
approach
• “Shovel Ready”
• Global sourcing of engineering
and module fabrication
• Balanced manpower profileSuncor has completed 4
projects of ~$20 billion over last
5 years, all at or under budget
Benefiting from Suncor’s operational
and project development experience
69

• Focusing on productivity improvements
- Reduced pressure on skilled labour and contractors
• Benefiting from availability of fabricators for major
equipment
• Seeking project cost reductions
- Exploring performance improvements with
contractors and suppliers
- Building cost savings and improved productivity
expectations into current contract negotiations
- Reviewing all indirect costs
70
Lower Oil Price Environment Provides Opportunities
for the Fort Hills Project
“Major projects in construction such as Fort Hills…will move forward as
planned and take full advantage of the current economic environment.
These are long-term growth projects that are expected to provide
strong returns when they come online in late 2017.”
- Suncor, January 13, 2015
Enhanced ability to deliver on time and on budget

Secondary Extraction
Primary Extraction
Utilities & Cogen
Admin Complex
Robson Lodge
Construction Trailers
River Water Intake
Flare Area
Tailings Area
Ore Prep Plant
Overall Fort Hills Site Photo
71

1. All costs and capital are based on Suncor’s estimates.
2. Go-forward capital is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013),
denominated in Canadian dollars and on a fully-escalated basis.
Competitive Costs1 for Fort Hills
Project Capital: ~C$13.5 billion
Teck Capital:
• Fully-escalated capital investment:
~C$2.94B over four years (2014-2017),
including earn-in of C$240M
• Estimated spending in 2015: C$850M of
incurred costs, based on Suncor’s
planned project spending
Operating & Sustaining Costs:
• C$25 to $28/bbl total
• Sustaining C$3-5/bbl (included in above)
• Excludes diluent purchase
72
To be financed by a combination of cash balance,
free cash flow and $3B unused line of credit
Fully Escalated
Go-Forward Capital2
$0
$20
$40
$60
$80
$100
$120
$140
Project 1 Project 2 Fort Hills
CostsinC$ThousandsperBarrel/day
Capital Cost Per Flowing Barrel
Full project cost
including spent to date:
C$84

Source: Alberta Energy bitumen valuation methodology (http://www.energy.alberta.ca/OilSands/1542.asp)
* Based on example exchange rate of $1.25 CAD/USD
Bitumen Netback Calculation Example*
Teck seeks to secure dedicated transportation capacity for
Fort Hills volumes to key markets to minimize WCS discount
Bitumen Netback Calculation Model
73
US$75.00
C$56.50
C$75.00
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
~75%
Bitumen
~25%
Diluent
Typical Diluted Bitumen
(Dilbit) Blend
Western Canadian Select
(WCS) at Hardisty
WTI
Bitumen
Netback
US$60 C$42.75
US$75 C$56.50
US$90 C$70.25

Heavy Oil Price Differential
74
West Texas Intermediate (WTI) &
Western Canadian Select (WCS) Prices
WTI-WCS Differential
Source: Bloomberg, Teck Resources Limited
Fort Hills project economics benefit from
recent narrowing of the WTI-WCS differential
Plotted to
4/27/20154
Plotted to
4/27/2015
Long-term WTI-WCS
differential
$0
$20
$40
$60
$80
$100
$120
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
WTI Cushing WCS Hardisty
US$/barrel
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Differential…
US$/b
arrel

Netback2
$56.50/bbl
Cash Margin
$31.50
Cash Costs
$25.00
LME Price
US$3.00/lb
Cash Margin
US$1.75
Cash Costs
US$1.25
Competitive Bitumen Margins1
Typical Bitumen Producer
56%
Margin
Low Quartile Cost Copper Mine
58%
Margin
75
Fort Hills’ cash margins are expected to be
comparable to the lowest cost mining operations
1. Excludes royalties.
2. Assuming US$75 WTI, $15 differential WTI to WCS and $0.80 USD/CAD

Wood Buffalo
Extension
Norlite
Diluent Pipeline
East Tank Farm
Blending w/Condensate
Cheecham
Terminal
Hardisty
Terminal
Wood Buffalo
Pipeline
Athabasca
PipelineWaupisoo
Pipeline
Edmonton
Terminal
Fort Hills
Mine Terminal
Northern Courier
Hot Bitumen Pipeline
Committed Energy Logistics Solutions in Alberta
76
Pipeline Operator
Nominal
Capacity
(kbpd)
Teck
Capacity
(kbpd)
Status
Northern Courier Hot Bitumen TransCanada 202 40.4 Construction
East Tank Farm - Blending Suncor 292 58.4 Construction
Wood Buffalo Blend Pipeline Enbridge 550 65.3 Operating
Wood Buffalo Extension Enbridge 550 65.3 Regulatory
Norlite Diluent Pipeline Enbridge 130 18.0 Regulatory
Teck
Options
Export Pipeline
Rail
Local Market
Pipeline Legend
Bitumen
Blend
Diluent
Existing
New
Kirby
Terminal
Terminal Operator
Nominal
Capacity
(k barrels)
Teck
Capacity
(kbpd)
Status
Hardisty Blend Tankage
Gibson
Energy
500 500 Construction

Dedicated Storage Tank at Gibson Terminal in Hardisty, AB
Battle
River
Station
(ENB)
Inbound
Pipeline
Teck Pipe & Tank
77
Fort Hills’ Dedicated Storage Tank
1. Planned connection to TransCanada Energy East is via modification of existing Keystone connection.
1

Bank of America Merrill Lynch Global Metals, Mining & Steel Conference Webcast

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (12)

Similar to Bank of America Merrill Lynch Global Metals, Mining & Steel Conference Webcast

Similar to Bank of America Merrill Lynch Global Metals, Mining & Steel Conference Webcast (20)

More from TeckResourcesLtd

More from TeckResourcesLtd (20)

Recently uploaded

Recently uploaded (14)

Bank of America Merrill Lynch Global Metals, Mining & Steel Conference Webcast