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Global Metals and Mining
Conference
December 2, 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 the long-life our assets, estimated profit and estimated EBITDA, our expectation regarding market supply and
demand in the commodities we produce, our statement that we are in a strong financial position, our expected year-end cash balance, 2016 total
spending reduction expectations, capital and operating cost savings, our level of liquidity, statements regarding our credit rating, the availability of or
credit facilities and other sources of liquidity, reserve and resource life estimates, 2015 production and cost guidance, 2015 capital expenditure guidance,
our statements that we have a strong growth pipeline, potential benefits of LNG use in haul trucks, all projections for Project Corridor, statements
regarding the production and economic expectations for the Fort Hills project, including but not limited to operating and sustaining cost projections,
sustaining capital projection, free cash flow projections, estimated netback, operating margin, Alberta oil royalty, net margin, Teck’s share of go-forward
capex, mine life, Fort Hills capital cost projections, transportation capacity and our ability to secure transport for our Fort Hills production, and
management’s expectations with respect to production, demand and outlook in the markets for coal, copper, zinc and energy.
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 liquidity are also 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. Assumptions regarding the Corridor project include that the transaction closes as planned and that the project is built and operated in
accordance with the conceptual preliminary design from a preliminary economic assessment.
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 Corridor project will be jointly owned. 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
Long-Term Strategy
Diversification to expand opportunity set
Long life assets
Low half of the cost curve
Appropriate scale
Low risk jurisdictions
5
• Headquartered in Vancouver,
Canada, with operations in the
Americas
• Strategy focused on long life assets
in stable jurisdictions
• Sustainability: Key to managing
risks and developing opportunities
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
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.
6
Coal
35%
Copper
55%
Zinc
45%
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 YTD Q3 2015
Production
Guidance2
Unit of
Change
Estimated
Profit 3
Estimated
EBITDA3
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 Commodities & FX1
1. As of December 31, 2014.
2. Shows mid-point of 2015 guidance ranges at the start of the year. Current mid-point of guidance ranges are 25.5 Mt coal and
347.5 kt copper. Zinc includes 650kt of zinc in concentrate and 285kt of refined zinc.
3. 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.
Base
Metals
65%
7
Agenda
Teck Overview & Strategy
Commodity Market Observations
Teck Update
8
Years
PeaktoTroughCycle%Change
12%
-20%
14%
-12%
11%
-10%
547%
-17%
1%
-25%
21%
-12%
22%
-18%
347%
-26%
188%
-55%
94%
-73%
2
4
3
2
4
2
17
4
1
5
2 2
1 1
5
2 2
1
2
5
0
5
10
15
20
25
30
35
40
45
50
-500%
-300%
-100%
100%
300%
500%
700%
Steelmaking Coal Price Cycles -
Current Cycle Long and Deep
• Up cycles in green and down cycles in orange; plotted against duration in years on the right scale
• Peak-to-trough price moves during the cycle in blue; plotted against the left axis
• Up cycles tend to be longer, with higher percentage gains
Source: Wood Mackenzie, USGS, WBMS, Teck9
Steelmaking Coal Will Slowly Rebalance
• Excess supply continues to pressure prices & margins
• US exports ~2.5 times above historical average
• Reduced imports into China, although some evidence of destocking
• Stronger fundamentals ex-China
Tighter Market ex-ChinaUS Steelmaking Coal Exports (ex. Canada)
0
10
20
30
40
50
60
70
2000-2009
average: 23 Mt
2010-2014
average: 55 Mt
Source: GTIS, CRU
Mt
-25
-20
-15
-10
-5
0
5
10
China EU Latin
America
India JKTSeabornemet.coalimportschange,Mt
Looking further ahead, seaborne met. coal demand
from China will be supportive of a market rebalancing
10
• Up cycles in green and down cycles in orange; plotted against duration in years on the right scale
• Peak-to-trough price moves during the cycle in blue; plotted against the left axis
• Up cycles tend to be longer, with higher percentage gains
Copper Price Cycles –
Current Cycle Deepest since 1920’s
72.3%
-37.2%
132.5%
-56.7%
45.2%
-68.4%
284.4%
-12.6%
115.3%
-27.9%
91.6%
-11.7%
50.4%
-14.7%
53.8%
-34.5%
97.9%
-30.1%
51.0%
-45.2%
332.9%
-26.4%
68.2%
-46.4%
5
4
6
4
8
3
16
1
7
5
9
2 2
4
2
6
3
4
2
4
8
2 2
5
0
5
10
15
20
25
30
35
40
-500%
-400%
-300%
-200%
-100%
0%
100%
200%
300%
400%
Years
PeaktoTroughCycle%Change
Source: Wood Mackenzie, USGS, WBMS, Teck11
Copper Prices Rarely Trade
Deep Into the Cost Curve
Copper Price vs. Average and Marginal C1 Cost
0
2,000
4,000
6,000
8,000
10,000
12,000
Copper price ($/t) Marginal C1 cost (90%, $/t) Average C1 cost (50%, $/t)
US$/t
Source: Morgan Stanley, Wood Mackenzie
plotted to
November 18, 2015
12
Copper Costs Higher than Understood
Source: Bernstein Research
Bernstein Estimated Margin After Sustaining Capex
(5,000)
(4,000)
(3,000)
(2,000)
(1,000)
-
1,000
2,000
3,000
4,000
5,000
6,000
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
Margin(US$/tonne)
Cumulative Copper Production (kt)
At US$2.00 Copper At US$2.40 Copper
At US$2.40
6,239kt
72nd Percentile
At US$2.00
4,270kt
49th Percentile
13
• Up cycles in green and down cycles in orange; plotted against duration in years on the right scale
• Peak-to-trough price moves during the cycle in blue; plotted against the left axis
• Up cycles tend to be longer, with higher percentage gains
Zinc Price Cycles –
Current Cycle Longest Since 1920’s
Years
PeaktoTroughCycle%Change
Source: Wood Mackenzie, USGS, WBMS, Teck
50%
-25%
50%
-26%
168%
-49%
12%
-40%
42%
-10%
8%
-55%
125%
-29%
193%
-10%
48%
-41%
26%
-24%
26%
-11%
25%
-7%
188%
-20%
44%
-14%
26%
-22%
116%
-36%
11%
-21%
21%
-8%
26%
-20%
9%
-31%
311%
-51%
36%
-32%
5
2
4
2 2
3
1 1
2
5
1
3
5
1
10
1
2
3
2 2 2
1
5
2
7
3 3
1
2 2
3
2
1 1
2
1 1 1
2 2
4
3
4
5
0
5
10
15
20
25
-500%
-400%
-300%
-200%
-100%
0%
100%
200%
300%
400%
1901-1906
1906-1908
1908-1912
1912-1914
1914-1916
1916-1919
1919-1920
1920-1921
1921-1923
1923-1928
1928-1929
1929-1932
1932-1937
1937-1938
1938-1948
1948-1949
1949-1951
1951-1954
1954-1956
1956-1958
1958-1960
1960-1961
1961-1966
1966-1968
1968-1975
1975-1978
1978-1981
1981-1982
1982-1984
2000-2002
1986-1989
1989-1991
1991-1992
1992-1993
1993-1995
1995-1996
1996-1997
1997-1998
1998-2000
2000-2002
2002-2006
2006-2009
2009-2011
2011-2016
14
Spot TCs vs. Realized Annual TCs
LME Zinc Stocks – Since Dec 2012
Zinc Market Poised for Change
• Supply situation fundamentally
unchanged
• Growth in zinc demand expected
to outpace supply
• Recent decline in demand growth
caused inventory drawdown to
slow
• Terminal markets absorbing
unreported stock flows
400
500
600
700
800
900
1,000
1,100
1,200
50¢
60¢
70¢
80¢
90¢
100¢
110¢
120¢
Stocks Price
US¢/lb
thousandtonnes
plotted to
Nov. 18, 2015
US$/dmt
plotted to
October 2015
Source: Teck, CRU
$0
$100
$200
$300
$400
$500
$600
Spot Annual
15
Agenda
Teck Overview & Strategy
Commodity Market Observations
Teck Update
16
Responding to Difficult Market Conditions
• Further cost reductions achieved & focus on resetting our
cost base
− Gross profit1 up 5% in steelmaking coal
• ~C$1B in cash generated via two precious metal
streaming agreements
• Strong financial position, with a cash balance2 of ~$1.8B
− Exceeds the ~$1.5B of remaining Fort Hills capex
− Expect to achieve year-end cash balance of ~$1.8B3
• Further capital and operating cost reductions announced
1. Before depreciation and amortization.
2. As at October 21, 2015.
3. Assumes current commodity prices, C$/US$ exchange rate of 1.33 ,Teck’s 2015 guidance for production, costs and
capital expenditures., existing US$ debt levels and no unusual transactions.
17
46
34
35
28
3
2
Q3 2014 Q3 2015
Delivering Results in Cost Management
1. Does not include deferred stripping or capital expenditures.
2. As compared with Q3 2014.
3. After by-product credits.
4. Includes co-product zinc production in our copper business unit.
24%
Steelmaking Coal Unit Costs1
(US$/tonne)
64
84
Site
Transport
Inventory
Q3 2014 Q3 2015
1.64
1.44
Copper Total Cash Unit Costs1,3
(US$/lb)
xx%
12%
Coal unit costs1
US$64/t
Reduction of US$20/t2
Copper cash unit costs1,3
US$1.44/lb
Reduction of US$0.20/lb2
18
Ongoing Focus on Conserving Capital
And Lowering Operating Costs
• Achieved >$650M in sustainable cost reductions from 2012-2014, and
targeting an additional ~$100M in 2015
• Implementing additional measures:
− Cut the dividend to $0.10/share on an annualized basis
− $300M of operating cost savings
− $350M of capital spending reductions and deferrals
− Elimination of 1,000 additional positions, including senior management
− Suspension of the Coal Mountain Phase 2 project
Expect to achieve a total spending reduction of $650M in 2016
19
$0
$250
$500
$750
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
$3,000
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
US$M
20
1. As at October 21, 2015.
2. Assumes current commodity prices, C$/US$ exchange rate of 1.31 ,Teck’s 2015 guidance for production, costs and capital
expenditures., existing US$ debt levels and no unusual transactions
Strong Financial Position1
• ~$1B in cash generated via two precious metal
streaming agreements
• Current cash balance1 of ~$1.8B
− Exceeds the ~$1.5B of remaining Fort Hills capex
• No debt due until 2017
• Opportunities to further strengthen liquidity
2017
Q1: US$300M
Q3: US$300M
Expect to achieve year-end cash balance of ~$1.8B2
Credit Facilities
Note
Amount
($M)
Commitment Maturity
Letters of Credit
Drawn / Limit ($M)
Available
($M)
1 US 3,000 Committed July 2020 None / US 1,000 US 3,000
2 US 1,200 Committed June 2017 None / None US 1,200
3 C 1,500 Uncommitted n/a C 1,150 C 350
Total1 C 1,150 C 5,810
• Unsecured; any borrowings rank pari passu with outstanding public notes
• Only financial covenant is debt to debt-plus-equity of <50%
• Availability not affected by commodity price changes
• No requirement to maintain a particular credit rating
Available for general corporate purposes
1. Assumes C$/US$ exchange rate of 1.30.21
Positioned to Weather The Market Downturn
& Emerge Stronger and More Diversified
Attractive portfolio of long-life assets & resources
Good leverage to base metals markets
Attractive positions on commodity cost curves &
focus on resetting our cost base
<20 months from start of commissioning at Fort Hills
Strong cash balance, ample credit facilities &
opportunities to further strengthen liquidity
22
Additional Information
• In 2011, we launched our formal
sustainability strategy
• Organized around 6 focus areas
representing our most material
sustainability challenges
and opportunities
• Set short-term (2015) and long-term
(2030) goals and vision for each
area
• On track to achieve all of our 2015
goals this year
Our Sustainability Strategy
25
Received the PDAC
2014 Environmental
and Social
Responsibility Award
Best 50 Corporate
Citizens in Canada
2015
On the Dow Jones
Sustainability World Index
six years in a row
One of top 100 most
sustainable companies
in the world and one of
Canada’s most
sustainable companies
Top 50 Socially
Responsible
Corporations in
Canada
Received the Globe
Foundation Environment
Award in 2014
26
External Recognition
Diversified Portfolio of Key Commodities
North
America
20%
Europe
18%
Latin
America
3%
China
26%
Asia excl. China
33%
27
Diversified Global Customer Base
Coking coal CopperZinc LeadMoly SilverGermanium Indium
Source: Teck; 2014 revenue
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.
28
Actual 2014 Current 2015 Guidance
Steelmaking Coal
Coal production 26.7 Mt 25-26 Mt
Coal site costs C$54 /t1
Coal transportation costs C$38 /t
Combined coal costs C$92 /t C$83-86 /t
Combined coal costs US$84 ~US$64-66 /t2
Copper
Copper production 333 kt 345-350 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
Production & Site Cost Guidance
1. Including inventory adjustments.
2. At $1.30 CAD/USD.
3. Net of by-product credits.
4. Including co-product zinc production from our copper business unit.
29
($M) Sustaining
Major
Enhancement
New Mine
Development Sub-total
Capitalized
Stripping Total
Coal $75 $30 $ - $105 $395 $500
Copper 200 15 105 320 225 545
Zinc 180 - - 180 60 240
Energy - - 910 910 - 910
Corporate 10 - - 10 - 10
TOTAL $465 $45 $1,015 $1,525 $680 $2,205
Total capex of ~$1.5B, plus capitalized stripping
2014A $511 $165 $822 $1,498 $715 $2,213
Current 2015 Capital Expenditures Guidance
30
0.00
0.50
1.00
1.50
2.00
2.50
2012 2013 2014 YTD Q3
2015
Before by-product credits
After by-product credits
US$/lb
Delivering Results in Cost Management
Copper Cash Costs3
Achieved significant unit cost reductions,
and expect further reductions in 2015
Steelmaking Coal Total Site Costs1
2
1. Total site costs included site costs expensed, 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$0.25/lb.
0
10
20
30
40
50
60
70
80
90
2012 2013 2014 YTD Q3
2015
Operating Capitalized Stripping
C$/t
31
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)
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
32
Operation Expiry Dates
Coal Mountain In Negotiations - December 31, 2014
Antamina In Negotiations - July 23, 2015
Elkview In Negotiations - October 31, 2015
Fording River April 30, 2016
Highland Valley Copper September 30, 2016
Trail May 31, 2017
Cardinal River June 30, 2017
Quebrada Blanca
October 30, 2017
November 30, 2017
January 31, 2018
Quintette April 30, 2018
Line Creek May 31, 2019
Carmen de Andacollo
September 30, 2019
December 31, 2019
Collective Agreements
33
Teck Stock Price vs. Bloomberg Commodity Price Index (2000-present)
Commodity Prices Impact Stock Price
$0
$10
$20
$30
$40
$50
$60
$70
80
100
120
140
160
180
200
220
240
260
Bloomberg Commodity Index (Left Axis) Teck (Right Axis) Plotted to November 9 ,2015
34
Steelmaking Coal
Business Unit & Markets
AUS$
Stronger US dollar favours producers outside of the US
Source: Argus, Bank of Canada
• ~50 Mt cutbacks announced with
over 50% expected to be
implemented by the end of 2015
• Require additional cutbacks to
achieve market balance
• US coal production high end of cost
curve and no currency benefit
Coal Prices By Currency
Argus FOB Australia
CDN$
US$
Met Coal Market Slowly Rebalancing;
FX Assisting Producers Outside USA
plotted to
November 19, 2015
70
80
90
100
110
120
130
140
150
$/tonne
36
45
55
65
75
China
0
3
6
9
12
15
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
Jun-15
Sep-15
Traditional Steel Markets
• China slowing
• JKT overall stable
• EU stable
Rest of the World
• India good growth
• Brazil good growth
• US slowing
Monthly Hot Metal Production
Source: WSA, based on data reported by countries monthly; NBS
Mt
Update to Sep 2015
Global Hot Metal Production
JKT
India
Europe
USA
Brazil
37
Source: WSA, NBS, Wood Mackenzie, CRU
1. Europe includes 12 countries.
Crude steel production to grow at
~1-2% CAGR between 2014 and 2019
Ex-China seaborne demand for
steelmaking coal is forecasted to increase
by ~2% CAGR in the same period
Crude Steel Production 2014-2019Crude Steel
Production (Mt)
2014
2015 Sep YTD
annualized
Global* 1,647 (+1.2% YoY) 1,621 (-1.6% YoY)
China 823 (+0.9% YoY) 814 (-1.0% YoY)
Global, ex-China* 825 (+1.5% YoY) 807 (-2.2% YoY)
JKT 205 (+3% YoY) 197 (-3.8% YoY)
Europe 208 (+1.3% YoY) 205 (-1.4% YoY)
India 83 (+2.3% YoY) 90 (+8.6% YoY)
* Global production includes production only for the countries which report
on monthly basis
Crude Steel Production Continues to Grow
38
• Minimal export growth from Australia
while others pull back
- Australian and Canadian imports to
Europe pushing out US supplies
- Exports to China reduced from all 3
supply areas
• China seaborne imports offset production
curtailments
US Steelmaking Coal Exports
Australian Steelmaking Coal Exports
Sep YTD 2015 Growth: Seaborne Steelmaking Coal
Exports vs. China Seaborne Imports
Source: GTIS; T.Parker
20
25
30
35
Sep-14
YTD
EU & CIS China S.America India JKT Others Sep-15
YTD
Mt
Production Cuts Offset by China’s Imports
Canada Steelmaking Coal Exports
130
135
140
145
Sep-14
YTD
India EU & CIS S.America Others JKT China Sep-15
YTD
Mt
14
16
18
20
22
24
26
Sep-14
YTD
China S.America JKT India EU & CIS Others Sep-15
YTD
Mt
-6.6
-2.5
2.1
-6.6
-8
-6
-4
-2
0
2
4
USA Canada Australia China
Mt
39
Source: Teck estimates based on public announcements
* Production cuts are total market curtailments including sustaining cuts (mine idlings) and period cuts (guidance reductions).
Curtailments Production Curtailments
By Region
Cumulative Production Curtailments
• ~50 Mt cutbacks announced with over 50% expected to be implemented
by the end of 2015
• Require additional cutbacks to achieve market balance
• Low prices also impacting major players
• US coal production high end of cost curve and no currency benefit
Steelmaking Coal Market Curtailments
0
10
20
30
40
50
60
2014 2015 2016 2017 2018+
MtMt
0 10 20 30
Australia
USA
Canada
New
Zealand
Others
Period Cuts/Guidance Adj
Sustaining Cuts
Mt
40
Relocation to China’s coastline facilitates access to seaborne raw materials
Sources: NBS, CISA
Chinese Steel Industry Moving to the Coast
41
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
• Coke ovens for BF #1 commissioned in July 2015.
• BF #1 will be commissioned as scheduled in September this
year.
Ningde Steel Base
• Proposed but no progress yet.
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, planned with the investment of ~
US$7 billion, is kicked off soon in late Aug
and scheduled to be completed by 2018.
Capacity: hot metal 8.9Mt, crude steel
9.4Mt, steel products 9.0Mt.
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.
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
2015
Milliontonnes
Total Coastal 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
China’s supportive actions are
preventing a meaningful price recovery
42
China Met Coal Still Struggling (cont.)
• Chinese coal companies are in heavy debt, with asset liability ratio now at 67%
vs. <60% in 2010-2012
• Coal mines successfully lowered costs relative to 2014 by cutting wages, raising
productivity, and improving product quality, but further reductions unlikely
• The Government is accelerating elimination of small mines (capacity <90 kt/a)
o Little impact on coal supply short term, as small mines account for <10% of China’s
total coal capacity.
• One KSOE met coal producer in northeastern China closed eight mines in June
2015 due to high cost and resource depletion
Chinese met coal production cuts progressing slowly,
but heading in the right direction
43
We Are a Leading Steelmaking Coal Supplier
To Steel Producers Worldwide
North
America
~5%
Europe
~15%China
~25%
High quality, consistency, reliability, long-term supply
Asia excl. China
~50%
Source: Teck; 2014
Latin
America
~5%
Proactively realigning sales with changing market
44
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
Q22015
Q32015
US$/tonne
Teck Realized Price (US$) Benchmark Price
Discount to the benchmark price
is a function of:
1. Product mix: >90% hard coking coal
2. Direction of quarterly benchmark
prices and spot prices
- Q4 2015 benchmark for
premium products is US$89/t
Historical Average Realized Prices
Average Realized Price in Steelmaking Coal
Average realized price discount: ~8-9%
Average realized % of benchmark: 91-92% (range: 88%-96%)
96%
88%
93%
94%
92% YTD
91%
45
• Temporary closures in Q3 2015 of ~3
weeks at all 6 mines to align production
and inventories with market conditions
• Quarterly production reduced ~1.5 Mt
• Annual cost guidance lowered
• Capitalized stripping guidance reduced
• Continuing to meet all contracted and
committed coal sales for our entire suite
of products
Disciplined approach to managing production to market conditions and
cost focus to ensure our mines are well-positioned when markets improve
Teck Response to Coal Market Conditions
Quarterly Benchmark vs. Argus Spot Price
100
125
150
175
200
225
250
275
300
325
350
$/tonne
46
0
20
40
60
80
100
120
US$/t
Site Costs Transportation
Inventory Write-Down Capitalized Stripping
Sustaining Capital
106
78
Teck costs lower than most major competitors
Total Cash Cost YTD Q3 2015 vs. 2014
a
47
US$/t
2014
(C$1.10
/ US$)
YTD
Q3 2015
(C$1.26
/ US$)
Site1 $50 $36
Transportation 35 $28
IFRS Total $85 $64
Capitalized Stripping $15 $12
Full Cash Cost $100 $76
Sustaining Capex $6 $2
Total Cash Cost $106 $78
1. Includes inventory write-downs.
IFRS
Costs
Steelmaking Coal Costs
2014 YTD Q3 2015
Significant Long-Term Coal Growth Potential
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
48
>75 Mt of West Coast Port Capacity Planned
Teck Portion at 40 Mt
• 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
49
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
- Starting 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
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
50
• 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
51
Coking Coal Strength
High Quality Hard Coking Coal
Copper
Business Unit & Markets
Base Metal Stocks Low on Days Consumption
Source: LME, ICSG, ILZSG
* Charts as of November 19, 2015.
53
Historic Copper Metal Prices & StocksUS¢/lb
thousandtonnes
plotted to
Nov. 18, 2015
Daily Copper Prices & Stocks
Source: LME, ICSG, ILZSG
0
200
400
600
800
1000
1200
1400
0¢
50¢
100¢
150¢
200¢
250¢
300¢
350¢
400¢
450¢
500¢
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
LME Stocks Comex SHFE Price
54
16,000
16,500
17,000
17,500
18,000
18,500
5% Disruption net of Projects
Market Adjustment
2017 Adjusted
15,000
15,500
16,000
16,500
17,000
17,500
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
2015 Adjusted
Market Adjustment
5% Disruption
• Down 584,000 tonnes from February
2013 estimates
• Down 1,044 kt from April 2014 estimates
• New project production down by 55%
Copper Mine Production
Forecasts Continue to Decline
Source: Wood Mackenzie
thousandtonnescontainedcopper
2015 2016
15,500
16,000
16,500
17,000
17,500
18,000
18,500
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
5% Disruption & Projects
Market Adjustment
2016 Adjusted
2017
• Down 544 kt from April 2015 estimates
• New project production down by 22%
thousandtonnescontainedcopper
thousandtonnescontainedcopper
55
-950
-859
-776
-851
-945
-584
-839
-973
-831
-968
-1,011
-1,000
-900
-800
-700
-600
-500
-400
-300
-200
-100
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2015
YTD
Thousandtonnes
0¢
10¢
20¢
30¢
40¢
50¢
60¢
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Standard Spot High Grade Spot
Realised TC/RC
Disruptions Continue in Copper
Significant Copper Mine Production Disruptions Copper Concentrate TC/RC
plotted to
October 2015
plotted to
October 2015
Source: Teck, CRU56
Ore Grade Trends
Ongoing decline will put upward pressure on unit costs
Source: Wood Mackenzie57
Margin Compression at Its Lowest Point
Worse than During the Global Financial Crisis
Source: Wood Mackenzie58
Wood Mac Still Forecasting Demand Growth
59
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)
Net Copper Imports Down 9% in Q1 2015; YTD Now Equivalent to 2014
Source: NBS
Chinese Copper Imports
Switch from Cathode to Concentrates
Updated to
September 2015
60
Significant Chinese Copper Demand Remains
…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
-
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.
11.9%
Annual Avg.
3.3%
Annual Avg. Growth
356 Mt/yr
Annual Avg. Growth
400 Mt/yr
Thousandtonnes
61
China Power Grid Spending Down on
Anti Corruption Campaign – Starting to Improve
China Floor Space Under Construction Down &
Sales Up, as Lower Interest Rates Take Effect
Source: China Electricity Council, NBS, China IOL, China Association of Automobile Manufacturers
* Data to August 2015
China Air Conditioner Inventory
Drawing Down & Sales Improving
China Auto Manufacturing Slows
Due to Slower Economy and High Sales in 2014
0
500
1,000
1,500
2,000
2,500
2009 2010 2011 2012 2013 2014 2015
ousadsThousandUnits
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2009 2010 2011 2012 2013 2014 2015
Production Sales Inventory
ThousandUnits
%,YoY
-40
-20
0
20
40
60
80
100
2009 2010 2011 2012 2013 2014 2015
Area under construction Sales
0
10,000
20,000
30,000
40,000
50,000
60,000
2010 2011 2012 2013 2014 2015
RMBmn
Chinese Copper Demand Indicators
Mostly Negative – But Some Bright Spots
62
0
100
200
300
400
500
600
700
800
900
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Global Copper Cathode Balances
Wood Mackenzie’s Outlook is Trending Down
‘000stonnescopper
Surplus only 0.9% of
Global Demand
0
100
200
300
400
500
600
700
800
900
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Wood Mackenzie 2015F Refined Surplus Wood Mackenzie 2016F Refined Surplus
Surplus only 2% of
Global Demand
‘000stonnescopper
Source: Wood Mackenzie63
• At 2% global demand growth, 400 kt
of new supply needed annually
• Structural deficit starts in 2018
• Project developments slowed due to
lower prices, higher capex, corporate
austerity, permitting & availability of
financing
Forecast Copper Refined Balance
Long-Term Copper Mine Production Still Needed
Source: WM, CRU, ICSG, Teck
(3,000)
(2,500)
(2,000)
(1,500)
(1,000)
(500)
0
500
1,000
2012 2013 2014 2015 2016 2017 2018 2019 2020
Thousandtonnes
64
Building Partnerships: Corridor Project
Teck and Goldcorp have combined Relincho
and El Morro projects and formed a 50/50
joint venture company
• Committed to building strong, mutually
beneficial relationships with
stakeholders and communities
Capital smart partnership
• Shared capital, common infrastructure
• Shared risk, shared rewards
Benefits of combining projects include:
• Longer mine life
• Lower cost, improved capital efficiency
• Reduced environmental footprint
• Enhanced community benefits
• Greater returns over either standalone
project
65
Corridor Project Summary
Initial Capital
$3.0 - $3.5
billion
Copper Production1
190,000
tonnes per year
Gold Production1
315,000
ounces per year
Mine Life
32+
years
Copper in Reserves2
16.6
billion pounds
Gold in Reserves2
8.9
million ounces
Note: Conceptual based on preliminary design from the PEA
1. Average production rates are based on the first full ten years of operations
2. Total copper and gold contained in mineral reserves as reported separately by Teck and Goldcorp; refer to Appendix A in Additional Information.
3. Capital estimate for Phase 1a based on preliminary design shown in 2015 dollars on an unescalated basis66
Desalination
Desalination
Power
Mine and Mill
Mine
Port
Relincho
Site
El Morro
Site
Before Project Corridor – Duplicate infrastructure
Pipelines
Power Line
and Mill
Pipelines:
Water
Pipelines:
Water &
Concentrate
Tailings
Tailings
Power
Port
Source: “Project Location.” -28.395839, -70.486738, 4679ft. Google Earth.
February 8, 2015. April 23, 2015.
67
Mine
Tailings
Desalination
Port
Mine and Mill
Project Corridor – Common infrastructure
Conveyor & Utilities
Power Pipelines:
Water
Pipeline
Power Line
Conveyor & Utilities
Road
Source: “Project Location.” -28.395839, -70.486738, 4679ft. Google Earth.
February 8, 2015. April 23, 2015.
68
Copper Development Projects in the
Americas
Corridor is one of the largest open pit copper development projects in the Americas on
the basis of copper contained in Proven and Probable Reserves
-
5,000
10,000
15,000
20,000
25,000
Radomiro
Tomic
Corridor
ElArco
Quebrada
BlancaII
Quellaveco
AguaRica
Relincho
ElMorro
Casino
SchaftCreek
GaloreCreek
RioBlanco
CopperEquivalentinReserves(Mlbs)
Copper-equivalent contained in Reserves (Mlbs)
(North & South American Copper Projects)
Note: Copper equivalent reserves calculated using $3.25/lb Cu and $1,200/oz Au. Does not include copper resource projects that are
currently in construction
Source: SNL Metals & Mining, Thomson One Analytics, and company disclosures.
69
Capital Smart – Phased Development
Phase 1a
Initial Production of Relincho ores
Phase 1b
Transition to El Morro ores
Phase 2
Transition to Relincho ores
• Low cost to first ore;
high grade, low strip
starter pit
• Initial mill throughput
of ~90 ktpd
• Transition to higher
grade El Morro ore
• Mill throughput of ~110
ktpd due to softer ore
• Option to blend ores
and expand throughput
• Transition back to
Relincho ore once El
Morro is depleted
• Potential expansion to
a mill throughput of
175 ktpd
Phase 1 development concept is a single line mill (90 -110 ktpd)
which produces higher metal production than either standalone project
Average production of 190,000 tonnes copper and 315,000 ounces gold
per year over first 10 years of operation
Note: Conceptual based on preliminary design from the PEA
Phased Development
70
Corridor Project
Appendix A: Reserve and Resource Disclosure
The following mineral reserve and resource information is as at December 31, 2014. All mineral resources disclosed below are reported
exclusive of mineral reserves.
El Morro — Reserves (100% basis) (1)(3)(5)
El Morro — Resources (100% basis)(1)(2)(4)(5)
Notes:
1) All Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Definition Standards.
2) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
3) Goldcorp has estimated El Morro mineral reserves assuming commodity prices of US$1,300 per ounce of gold and US$3.00 per pound of
copper.
4) El Morro’s mineral resources are estimated using commodity prices of US$1,500 per ounce of gold and US$3.50 per pound of copper.
5) The mineral reserves and mineral resources are reported at a 0.2% Copper equivalent cut-off grade, with 67.3% gold recovery and 86.6%
copper recovery.
Grade Contained Metal
Category
Tonnes (millions) Gold (g/t) Copper (%) Gold (millions of
ounces)
Copper (millions of pounds)
Proven 321.81 0.56 0.55 5.82 3,876.59
Probable 277.24 0.35 0.43 3.10 2,626.36
Proven + Probable 599.05 0.46 0.49 8.92 6,502.95
Grade Contained Metal
Category
Tonnes (millions) Gold (g/t) Copper (%) Gold (millions of ounces) Copper (millions of pounds)
Measured 19.79 0.53 0.51 0.34 223.33
Indicated 72.56 0.38 0.39 0.88 630.00
Inferred 678.07 0.30 0.35 6.45 5190.00
71
Corridor Project
Appendix A: Reserve and Resource Disclosure
The following mineral reserve and resource information is as at December 31, 2014. All mineral resources disclosed below are reported
exclusive of mineral reserves.
Relincho — Reserves (1)(2)(3)
Relincho — Resources (1)(2)(3)(4)(5)
Notes:
1) All Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Definition Standards.
2) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
3) Teck has estimated Relincho mineral reserves and resources assuming commodity prices of US$2.80 per pound of copper and US$13.70
per pound of molybdenum.
4) Mineral resources are reported separately from, and do not include that portion of the mineral resources reported as reserves.
5) Mineral Resources are contained within a conceptual ultimate pit shell defined with Measured, Indicated and Inferred blocks using the
same economic and technical parameters as used for mineral reserves and are reported considering a variable cut-off grade based on a
marginal value of US$5.59/t.
Grade Contained Metal
Category Tonnes (millions) Copper (%) Molybdenum (%) Copper (millions of
pounds)
Molybdenum (millions of
pounds)
Proven 435.30 0.38 0.016 3,646.75 153.55
Probable 803.80 0.37 0.018 6,556.70 318.97
Proven + Probable 1,239.10 0.37 0.017 10,106.65 464.36
Grade Contained Metal
Category Tonnes (millions) Copper (%) Molybdenum (%) Copper (millions of
pounds)
Molybdenum (millions of
pounds)
Measured 79.90 0.27 0.009 475.60 15.85
Indicated 317.10 0.34 0.012 2,376.89 83.89
Inferred 610.80 0.38 0.013 5,117.02 175.06
72
Corridor Project
Appendix A: Reserve and Resource Disclosure Cont’d
These tables use the terms “Measured”, “Indicated” and “Inferred” Resources. United States investors are advised that while such
terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not
recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and
legal feasibility. A significant amount of exploration must be completed in order to determine whether an Inferred Mineral Resource
may be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of
feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or
Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume
that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
The projected mine life of the combined project from the PEA is based on mineral reserves only and does not include other mineral
resources. The financial analysis under the PEA of Project Corridor assumed commodity prices of US$1,200 per ounce of gold,
US$3.25 per pound of copper and US$10.00 per pound of molybdenum. The projected mine life of the combined project and other
results of the PEA disclosed in this news release have been reviewed and approved by Gil Lawson, P.Eng., Vice President of Geology
and Mine Planning, Goldcorp and Rodrigo Marinho, P.Geo., Technical Director, Reserve Evaluation, Teck, each of whom is a qualified
person as defined under NI 43-101.
73
Zinc
Business Unit & Markets
Historic Zinc Metal Prices & Stocks
Daily Zinc Prices & Stocks
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
0¢
50¢
100¢
150¢
200¢
250¢
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
LME SHFE Price
US¢/lb
thousandtonnes
plotted to
November 19, 2015
Source: LME, SHFE75
0
1,000
2,000
3,000
4,000
5,000
6,000
0
100
200
300
400
500
600
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013 2014 2015
Monthly Chinese Zinc Mine Production
LME Zinc Stocks
Zinc Mine Production
Undersupplied, Even With Lower Growth
400
500
600
700
800
900
1,000
1,100
1,200
50¢
60¢
70¢
80¢
90¢
100¢
110¢
120¢
Stocks Price
plotted to
Nov. 18, 2015
plotted to
September, 2015
• Metal market in deficit
• LME stocks down >700 kt over 27
months; sub-500 kt recently for the
first time 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 down
in the last 27 months
US¢/lb
thousandtonnes
Source: LME, NBS, CNIA76
• Down 719 kt from October 2014
estimates
• Down 958 kt from October 2014
estimates
Zinc Mine Production
Wood Mackenzie’s Outlook is Trending Down
thousandtonnescontainedzinc
2015 2016 2017
• Down 446 kt from April 2015 estimates
• New project production down by 22%
thousandtonnescontainedzinc
thousandtonnescontainedzinc
12,000
12,500
13,000
13,500
14,000
14,500
15,000
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
12,000
12,500
13,000
13,500
14,000
14,500
15,000
12,000
12,500
13,000
13,500
14,000
14,500
15,000
Source: Wood Mackenzie77
2013-2020 2013-2020
Significant Zinc Mine Reductions
Large Short-Term Losses, More Long Term
-500
-400
-300
-200
-100
0
Century
RampuraAgucha
Tara
Lisheen
Skorpion
Rosebery
RedDog
Pomorzany-Olkusz(inclBulk)
Brunswick
Endeavor
Cayeli
Perseverance
0
100
200
300
400
500
Gamsberg
McArthurRiver
DugaldRiver
Antamina
Bisha
SindesarKhurd
ShalkiyaRestart
Kyzyl-Tashtygskoe
AguasTenidas
WenshanDulong
Penasquito
ZawarMines
SanCristobal
Sanguikou
Taifeng
Duddar
Santander
Garpenberg
CaribouReactivation
Source: ICSG, Wood Mackenzie Teck, Company Reports78
LME Zinc Stocks – Since Dec 2012LME Zinc Stocks - 11 Years
Zinc Inventories Declining
400
500
600
700
800
900
1,000
1,100
1,200
50¢
60¢
70¢
80¢
90¢
100¢
110¢
120¢
Stocks Price
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
Nov. 18, 2015
US¢/lb
thousandtonnes
• LME stocks down ~730 kt over 24 months
• Large inventory position still to work down but we were recently 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
plotted to
Nov. 18, 2015
Source: LME79
Zinc Cost Curve
Wood Mackenzie Zinc Cost League 2015
(8.6 Mt of 13.3 Mt market estimated)
Wood Mackenzie Zinc Cost League 2015, With
Teck Estimates for Some Uncosted Chinese Mines
(12.3 Mt of 13.3 Mt estimated)
0
20
40
60
80
100
120
140
160
180
0% 20% 40% 60% 80% 100%
Cents/lb
Zinc LME Price –
Nov. 18, 2015
0
20
40
60
80
100
120
140
160
180
0% 20% 40% 60% 80% 100%
Cents/lb
Zinc LME Price -
Nov. 18, 2015
Source: Wood Mackenzie80
• Down 108 kt from October 2014
estimates, taking the market from
surplus into a deficit of 197 kt
• Down 314 kt from October 2014
estimates, taking the market further into
deficit of 639 kt
thousandtonnescontainedzinc
2015 2016 2017
• Up 273 kt from April 2015 estimates
• Wood Mackenzie expects 300 kt of
projects will come online in 2017 due to
higher prices
thousandtonnescontainedzinc
thousandtonnescontainedzinc
(300)
(200)
(100)
0
100
200
300
400
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
(800)
(600)
(400)
(200)
0
200
400
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
(500)
(400)
(300)
(200)
(100)
0
100
200
300
400
Zinc Concentrate Balances
Wood Mackenzie’s 2015 and 2015 Outlooks Trending Down
Source: Wood Mackenzie81
Zinc Metal Market Mostly in Deficit Since 2013
-800
-600
-400
-200
0
200
400
2013 2014 2015 2016 2017
WoodMac CRU
Market View – Wood Mackenzie & CRU
• Zinc metal deficit forecasted for 2016
and 2017
• Mine production increases of 5.8% and
4.5% respectively expected for 2016 and
2017, as higher prices bring a large
amount of Chinese mine production
online and Glencore brings production
back in 2017
• Deficits of almost 500kt/year in 2016 and
2017 will still result in large draw down of
stocks
Zinc Metal Balance
Source: Wood Mackenzie, CRU82
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
83
• Cheaper imports of HDG have subdued
demand growth for zinc in the US
• US Sheet Mills filed a petition with the
Department of Commerce in June 2015
• Demand for refined zinc seems to be
picking up going in 2H 2015
• Premiums have decreased due to the large
amount of metal stocks available and lower
US demand
0
50
100
150
200
250
300
350
400
450
Thousandtonnes
Europe Asia China North America Others
Galvanized Sheet US Imports
Imports Affecting US Refined Zinc Demand
Source: GTIS84
• Deficit reduced by 256 kt from October
2014 estimates, to 161 kt
• Down increased by 29 kt from October
2014 estimates, to 309 kt
• Increase due to production cuts,
resulting in insufficient concentrate
available to smelters and less refined
production in 2016.
thousandtonnes
2015 2016 2017
• Deficit increased significantly by 205 kt
from April 2015 estimates, to 429 kt
thousandtonnes
thousandtonnescontainedzinc
Refined Zinc Balances
Wood Mackenzie’s Outlook is Trending Down
(500)
(450)
(400)
(350)
(300)
(250)
(200)
(150)
(100)
(50)
0
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
(450)
(400)
(350)
(300)
(250)
(200)
(150)
(100)
(50)
0
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
(500)
(450)
(400)
(350)
(300)
(250)
(200)
(150)
(100)
(50)
0
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Source: Wood Mackenzie85
Committed Supply Insufficient for Demand
Forecast Zinc Refined Balance
Source: Teck
• We expect insufficient mine supply to
constrain refined production, allowing
a refined metal supply increases of
only 94 kt between 2014 and 2020
• Over this same period we expect
refined demand to increase 2.5 Mt
tonnes
• Market in deficit since 2014, but large
inventory has funded the deficit
• Metal market moving into significant
deficit with further mine closures and
inventories are depleting
(2,500)
(2,000)
(1,500)
(1,000)
(500)
0
500
2013 2014 2015 2016 2017 2018 2019 2020
Thousandtonnes
86
Energy
Business Unit & Markets
Global Oil Market to Rebalance
$0
$20
$40
$60
$80
$100
$120
$140
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
US$/bbl
plotted to
August 2015
Source: EIA Short-Term Energy Outlook, July 2015
Forecast
-3
0
3
6
82
86
90
94
98
102
2010-Q1
2011-Q1
2012-Q1
2013-Q1
2014-Q1
2015-Q1
2016-Q1
MMbod
MMbpd
Implied stock change and balance (right axis)
World production (left axis)
World consumption (left axis)
2014-2015: Price drop due market imbalance
• Supply growing
− OPEC: highest ever production at 31.7 MMbpd; more
supply from Iran & Iraq
− Non-OPEC: production growing faster than global
demand; abnormally high US inventories
• Demand growth eased in 2014
− Slowing growth (especially non-OECD)
− Economic uncertainty in China
+2016: More balanced market expected
• Demand growth stronger than non-OPEC production
• Decline rates of existing fields require >5 Mbpd new
production annually
West Texas Intermediate (WTI) Price
World Production & Consumption Balance
88
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








89
Mined bitumen is in Teck’s ‘sweet spot’
• 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
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).
90
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
- Targeting first oil in Q4 2017
- Expect 90% of planned production
capacity within 12 months
91
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
92
• 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
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
93
Teck’s Sanction Capital2
~$2.94
billion
Teck’s Estimated 2015 Spend
$850
million
Teck’s Remaining Capital3
~$1.5
billion
Operating & Sustaining Costs3
$25-28
per barrel of bitumen
Sustaining Capital3
$3-5
per barrel of bitumen
Teck’s Share of Production
13,000,000
bitumen barrels per year
1. All costs and capital are based on Suncor’s estimates.
2. Sanction 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. Includes earn-in of $240M.
3. As of October 21, 2015.
4. Sustaining capital is included in operating & sustaining costs.
Mine life: 50 years
Fort Hills By The Numbers1
94
Royalties based on pre-capital payout.
* WTI/WCS Differential based on forecast from Lee & Doma Energy Consulting: 2017/2018 Fort Hills Startup, Constrained Pipe/Excess Rail
**Tidewater Premium based on average premium pricing for USGC market via Keystone and Flanagan South Pipelines
Source: Alberta Energy bitumen valuation methodology (http://www.energy.alberta.ca/OilSands/1542.asp)
1. Estimates are based on C$/US$ exchange rates as shown, expected bitumen netbacks, operating costs of C$25 per barrel (including
sustaining capital of C$3-5 per barrel) and Phase 1 (pre-capital payout) royalties.
Cash Margin1 Calculation Example: Prior to Capital Recovery
Teck seeks to secure dedicated transportation capacity for
Fort Hills volumes to key markets to minimize WCS discount
Fort Hills Bitumen Netback Calculation Model
$60
$55.50
$37
$10-$11
$13
$-
$10
$20
$30
$40
$50
$60
$70
$11
$10
$15.50
$7-9
$1.25
$22
$3
$1-2 $2-3
95
Source: Shorecam, Net Energy, Lee & Doma
Western Canadian Select (WCS)
Average Monthly WTI-WCS Differential
Western Canadian Select (WCS) Is The Benchmark
Price For Canadian Heavy Oil At Hardisty, Alberta
WCS differential to West Texas Intermediate (WTI)
• Contract settled monthly as differential to Nymex WTI
• Long term differential of Nymex WTI minus $10-20 US/bbl
• Based on heavy/light differential, supply/demand, alternate
feedstock accessibility, refinery outages and export capability
− Narrowed in 2014/2015 due to export capacity growth, rail
capacity increases, and short term production outages
• Recently improved export capability to mitigate volatility
− Further export capacity subject to rigorous regulatory review;
potential impact to WCS differentials.
$-
$5
$10
$15
$20
$25
$30
$35
$40
$45
WCS Differential (US$/bbl)
Plotted to
Oct. 2015
Long-term WCS Differential
$16.60
$23.12
$15.69
WTI (US/bbl) $40 $50 $60 $70 $80 $90 $100
WCS Differential to
Nymex WTI (US/bbl)
-$13.00 -$14.50 -$15.50 -$17.00 -$18.00 -$19.50 -$20.50
*Forecast Assumptions: Fort Hills Startup 2017/2018 with supply/demand model exiting Western Canada in a
constrained pipe/excess rail transportation model, per Lee & Doma Energy Consulting.
FORECAST*
96
Source: Shorecam, Net Energy, Lee & Doma
Diluent (C5+) Pricing
Average Monthly WTI/Diluent (C5+) Differential
Diluent (C5+) at Edmonton, Alberta Is The Benchmark
Contract For Diluent Supply For Oil Sands
Diluent (C5+) differential to West Texas Intermediate
(WTI)
• Contract settled monthly as differential to Nymex WTI
• Based on supply/demand, seasonal demand (high in winter,
low in summer), import outages
• Long-term Diluent (C5+) differential of Nymex WTI +/- $5
US/bbl
Diluent (C5+) “Pool” in Edmonton is a common stream
of a variety of qualities
• Diluent (C5+) pool comprised of local and imported Natural
Gas Liquids
WTI (US/bbl) $40 $50 $60 $70 $80 $90 $100
Diluent (C5+) Differential
to Nymex WTI (US/bbl)
+$2.50 +$1.50 +$0.50 -$0.50 -$1.50 -$2.50 -$3.50
*Forecast Assumptions: Fort Hills Startup 2017/2018, using 2015 CAPP Western Canadian oil production forecast, Diluent
(C5+) differentials per Lee & Doma Energy Consulting
($10)
($5)
$0
$5
$10
$15
$20
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
US/bbl
WTI/C5+ Diff Long -term C5+ Diff
FORECAST*
97
Diversified Market Access Strategy
Teck Marketing Plan for
50 kbpd Diluted Bitumen Blend
Cushing
Flanagan
Houston
Kitimat
Hardisty
Edmonton
Saint John
N.E.
US
US
Gulf Coast
Europe
Asia
TransCanada Energy East (Europe, Asia, US Gulf Coast, N.E. US)
Teck can enter long-term commitments
Enbridge Northern Gateway (Asia)
Keystone, Keystone XL (US Gulf Coast)
Enbridge Flanagan South (US Gulf Coast)
Vancouver
TransMountain Pipeline (Asia)
Steele City
Asia
Europe
Asia
Superior
Sufficient Export Capacity In Place
• Includes Pipeline And Rail Capability
• No shut in risk, but price risk likely
Targeting Long Term Market Access
• US Gulf Coast And Deep Water Ports
• Entered into commercial agreements:
• 425 kbbls Hardisty storage capacity
• Pipeline capacity opportunities:
• Keystone/Keystone XL/Flanagan South to
US Gulf
• TransMountain expansion to Vancouver
• Energy East to East Coast
Non-committed barrels sold spot at
Hardisty or nominated on common
carriage pipeline
98
Sufficient Transportation Capacity
In Western Canada
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
kbbls/day
2015 CAPP Supply Forecast 2014 CAPP Supply Forecast
Total Pipeline & Local Refining Total Pipeline, Local Refin ing & Rail
Constrained
Pipe&
BalancedRail
Constrained Pipe &
Excess Rail
Excess
Pipe
Balanced
Pipe
2 New Pipelines
Enbridge Expansions
Western Canadian Transport Supply & Demand
Assumptions
• Fort Hills first oil late 2017
• Enbridge mainline capacity expansions
move forward
• Two of the proposed new export pipelines
are put in place between 2019-2022
− Providing incremental capacity of 1.0-1.6
MM bbls/day
− Based on three potential new pipelines:
• TransMountain TMX
• Keystone XL
• Energy East
− Northern Gateway delayed
Source: CAPP (Canadian Association of Petroleum Producers), Lee& Doma, Teck
Sufficient pipeline & rail capacity to accommodate all production
Fort Hills’ First Oil
Constrained
Pipe&
BalancedRail
99
East Tank Farm
Blending w/Condensate
Bitumen & Blend Logistics Operator
Nominal
Capacity
(kbpd)
Status
Northern Courier Hot Bitumen TransCanada 202 Construction: ~30% complete
East Tank Farm - Blending Suncor 292 Construction: ~25% complete
Wood Buffalo Blend Pipeline Enbridge 550 Operating
Wood Buffalo Extension Enbridge 550 Construction - field crew mobilized
Hardisty Blend Tankage Gibsons 450 Construction - Tank pad civil work
Wood Buffalo
Extension
Norlite
Diluent Pipeline
Cheecham
Terminal
Hardisty
Terminal
Wood Buffalo
Pipeline
Athabasca
Twin PipelineWaupisoo
Pipeline
Edmonton
Terminal
Fort Hills
Mine Terminal
Northern Courier
Hot Bitumen Pipeline
Teck
Options
Export Pipeline
Rail
Local Market
Pipeline Legend
Bitumen
Blend
Diluent
Existing
New
Kirby
Terminal
Diluent Logistics Operator
Nominal Capacity
(k barrels)
Status
Norlite Diluent Pipeline Enbridge 130
Construction - first pipe spread
complete
Committed Logistics Solutions in Alberta
100

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Goldman Sachs Global Metals and Mining Conference

  • 1. Global Metals and Mining Conference December 2, 2015
  • 2. 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 the long-life our assets, estimated profit and estimated EBITDA, our expectation regarding market supply and demand in the commodities we produce, our statement that we are in a strong financial position, our expected year-end cash balance, 2016 total spending reduction expectations, capital and operating cost savings, our level of liquidity, statements regarding our credit rating, the availability of or credit facilities and other sources of liquidity, reserve and resource life estimates, 2015 production and cost guidance, 2015 capital expenditure guidance, our statements that we have a strong growth pipeline, potential benefits of LNG use in haul trucks, all projections for Project Corridor, statements regarding the production and economic expectations for the Fort Hills project, including but not limited to operating and sustaining cost projections, sustaining capital projection, free cash flow projections, estimated netback, operating margin, Alberta oil royalty, net margin, Teck’s share of go-forward capex, mine life, Fort Hills capital cost projections, transportation capacity and our ability to secure transport for our Fort Hills production, and management’s expectations with respect to production, demand and outlook in the markets for coal, copper, zinc and energy. 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 liquidity are also 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. Assumptions regarding the Corridor project include that the transaction closes as planned and that the project is built and operated in accordance with the conceptual preliminary design from a preliminary economic assessment. 2
  • 3. 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 Corridor project will be jointly owned. 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
  • 4. Agenda Teck Overview & Strategy Commodity Market Observations Teck Update 4
  • 5. Long-Term Strategy Diversification to expand opportunity set Long life assets Low half of the cost curve Appropriate scale Low risk jurisdictions 5
  • 6. • Headquartered in Vancouver, Canada, with operations in the Americas • Strategy focused on long life assets in stable jurisdictions • Sustainability: Key to managing risks and developing opportunities 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 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. 6
  • 7. Coal 35% Copper 55% Zinc 45% 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 YTD Q3 2015 Production Guidance2 Unit of Change Estimated Profit 3 Estimated EBITDA3 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 Commodities & FX1 1. As of December 31, 2014. 2. Shows mid-point of 2015 guidance ranges at the start of the year. Current mid-point of guidance ranges are 25.5 Mt coal and 347.5 kt copper. Zinc includes 650kt of zinc in concentrate and 285kt of refined zinc. 3. 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. Base Metals 65% 7
  • 8. Agenda Teck Overview & Strategy Commodity Market Observations Teck Update 8
  • 9. Years PeaktoTroughCycle%Change 12% -20% 14% -12% 11% -10% 547% -17% 1% -25% 21% -12% 22% -18% 347% -26% 188% -55% 94% -73% 2 4 3 2 4 2 17 4 1 5 2 2 1 1 5 2 2 1 2 5 0 5 10 15 20 25 30 35 40 45 50 -500% -300% -100% 100% 300% 500% 700% Steelmaking Coal Price Cycles - Current Cycle Long and Deep • Up cycles in green and down cycles in orange; plotted against duration in years on the right scale • Peak-to-trough price moves during the cycle in blue; plotted against the left axis • Up cycles tend to be longer, with higher percentage gains Source: Wood Mackenzie, USGS, WBMS, Teck9
  • 10. Steelmaking Coal Will Slowly Rebalance • Excess supply continues to pressure prices & margins • US exports ~2.5 times above historical average • Reduced imports into China, although some evidence of destocking • Stronger fundamentals ex-China Tighter Market ex-ChinaUS Steelmaking Coal Exports (ex. Canada) 0 10 20 30 40 50 60 70 2000-2009 average: 23 Mt 2010-2014 average: 55 Mt Source: GTIS, CRU Mt -25 -20 -15 -10 -5 0 5 10 China EU Latin America India JKTSeabornemet.coalimportschange,Mt Looking further ahead, seaborne met. coal demand from China will be supportive of a market rebalancing 10
  • 11. • Up cycles in green and down cycles in orange; plotted against duration in years on the right scale • Peak-to-trough price moves during the cycle in blue; plotted against the left axis • Up cycles tend to be longer, with higher percentage gains Copper Price Cycles – Current Cycle Deepest since 1920’s 72.3% -37.2% 132.5% -56.7% 45.2% -68.4% 284.4% -12.6% 115.3% -27.9% 91.6% -11.7% 50.4% -14.7% 53.8% -34.5% 97.9% -30.1% 51.0% -45.2% 332.9% -26.4% 68.2% -46.4% 5 4 6 4 8 3 16 1 7 5 9 2 2 4 2 6 3 4 2 4 8 2 2 5 0 5 10 15 20 25 30 35 40 -500% -400% -300% -200% -100% 0% 100% 200% 300% 400% Years PeaktoTroughCycle%Change Source: Wood Mackenzie, USGS, WBMS, Teck11
  • 12. Copper Prices Rarely Trade Deep Into the Cost Curve Copper Price vs. Average and Marginal C1 Cost 0 2,000 4,000 6,000 8,000 10,000 12,000 Copper price ($/t) Marginal C1 cost (90%, $/t) Average C1 cost (50%, $/t) US$/t Source: Morgan Stanley, Wood Mackenzie plotted to November 18, 2015 12
  • 13. Copper Costs Higher than Understood Source: Bernstein Research Bernstein Estimated Margin After Sustaining Capex (5,000) (4,000) (3,000) (2,000) (1,000) - 1,000 2,000 3,000 4,000 5,000 6,000 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Margin(US$/tonne) Cumulative Copper Production (kt) At US$2.00 Copper At US$2.40 Copper At US$2.40 6,239kt 72nd Percentile At US$2.00 4,270kt 49th Percentile 13
  • 14. • Up cycles in green and down cycles in orange; plotted against duration in years on the right scale • Peak-to-trough price moves during the cycle in blue; plotted against the left axis • Up cycles tend to be longer, with higher percentage gains Zinc Price Cycles – Current Cycle Longest Since 1920’s Years PeaktoTroughCycle%Change Source: Wood Mackenzie, USGS, WBMS, Teck 50% -25% 50% -26% 168% -49% 12% -40% 42% -10% 8% -55% 125% -29% 193% -10% 48% -41% 26% -24% 26% -11% 25% -7% 188% -20% 44% -14% 26% -22% 116% -36% 11% -21% 21% -8% 26% -20% 9% -31% 311% -51% 36% -32% 5 2 4 2 2 3 1 1 2 5 1 3 5 1 10 1 2 3 2 2 2 1 5 2 7 3 3 1 2 2 3 2 1 1 2 1 1 1 2 2 4 3 4 5 0 5 10 15 20 25 -500% -400% -300% -200% -100% 0% 100% 200% 300% 400% 1901-1906 1906-1908 1908-1912 1912-1914 1914-1916 1916-1919 1919-1920 1920-1921 1921-1923 1923-1928 1928-1929 1929-1932 1932-1937 1937-1938 1938-1948 1948-1949 1949-1951 1951-1954 1954-1956 1956-1958 1958-1960 1960-1961 1961-1966 1966-1968 1968-1975 1975-1978 1978-1981 1981-1982 1982-1984 2000-2002 1986-1989 1989-1991 1991-1992 1992-1993 1993-1995 1995-1996 1996-1997 1997-1998 1998-2000 2000-2002 2002-2006 2006-2009 2009-2011 2011-2016 14
  • 15. Spot TCs vs. Realized Annual TCs LME Zinc Stocks – Since Dec 2012 Zinc Market Poised for Change • Supply situation fundamentally unchanged • Growth in zinc demand expected to outpace supply • Recent decline in demand growth caused inventory drawdown to slow • Terminal markets absorbing unreported stock flows 400 500 600 700 800 900 1,000 1,100 1,200 50¢ 60¢ 70¢ 80¢ 90¢ 100¢ 110¢ 120¢ Stocks Price US¢/lb thousandtonnes plotted to Nov. 18, 2015 US$/dmt plotted to October 2015 Source: Teck, CRU $0 $100 $200 $300 $400 $500 $600 Spot Annual 15
  • 16. Agenda Teck Overview & Strategy Commodity Market Observations Teck Update 16
  • 17. Responding to Difficult Market Conditions • Further cost reductions achieved & focus on resetting our cost base − Gross profit1 up 5% in steelmaking coal • ~C$1B in cash generated via two precious metal streaming agreements • Strong financial position, with a cash balance2 of ~$1.8B − Exceeds the ~$1.5B of remaining Fort Hills capex − Expect to achieve year-end cash balance of ~$1.8B3 • Further capital and operating cost reductions announced 1. Before depreciation and amortization. 2. As at October 21, 2015. 3. Assumes current commodity prices, C$/US$ exchange rate of 1.33 ,Teck’s 2015 guidance for production, costs and capital expenditures., existing US$ debt levels and no unusual transactions. 17
  • 18. 46 34 35 28 3 2 Q3 2014 Q3 2015 Delivering Results in Cost Management 1. Does not include deferred stripping or capital expenditures. 2. As compared with Q3 2014. 3. After by-product credits. 4. Includes co-product zinc production in our copper business unit. 24% Steelmaking Coal Unit Costs1 (US$/tonne) 64 84 Site Transport Inventory Q3 2014 Q3 2015 1.64 1.44 Copper Total Cash Unit Costs1,3 (US$/lb) xx% 12% Coal unit costs1 US$64/t Reduction of US$20/t2 Copper cash unit costs1,3 US$1.44/lb Reduction of US$0.20/lb2 18
  • 19. Ongoing Focus on Conserving Capital And Lowering Operating Costs • Achieved >$650M in sustainable cost reductions from 2012-2014, and targeting an additional ~$100M in 2015 • Implementing additional measures: − Cut the dividend to $0.10/share on an annualized basis − $300M of operating cost savings − $350M of capital spending reductions and deferrals − Elimination of 1,000 additional positions, including senior management − Suspension of the Coal Mountain Phase 2 project Expect to achieve a total spending reduction of $650M in 2016 19
  • 20. $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 $2,500 $2,750 $3,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 US$M 20 1. As at October 21, 2015. 2. Assumes current commodity prices, C$/US$ exchange rate of 1.31 ,Teck’s 2015 guidance for production, costs and capital expenditures., existing US$ debt levels and no unusual transactions Strong Financial Position1 • ~$1B in cash generated via two precious metal streaming agreements • Current cash balance1 of ~$1.8B − Exceeds the ~$1.5B of remaining Fort Hills capex • No debt due until 2017 • Opportunities to further strengthen liquidity 2017 Q1: US$300M Q3: US$300M Expect to achieve year-end cash balance of ~$1.8B2
  • 21. Credit Facilities Note Amount ($M) Commitment Maturity Letters of Credit Drawn / Limit ($M) Available ($M) 1 US 3,000 Committed July 2020 None / US 1,000 US 3,000 2 US 1,200 Committed June 2017 None / None US 1,200 3 C 1,500 Uncommitted n/a C 1,150 C 350 Total1 C 1,150 C 5,810 • Unsecured; any borrowings rank pari passu with outstanding public notes • Only financial covenant is debt to debt-plus-equity of <50% • Availability not affected by commodity price changes • No requirement to maintain a particular credit rating Available for general corporate purposes 1. Assumes C$/US$ exchange rate of 1.30.21
  • 22. Positioned to Weather The Market Downturn & Emerge Stronger and More Diversified Attractive portfolio of long-life assets & resources Good leverage to base metals markets Attractive positions on commodity cost curves & focus on resetting our cost base <20 months from start of commissioning at Fort Hills Strong cash balance, ample credit facilities & opportunities to further strengthen liquidity 22
  • 24. • In 2011, we launched our formal sustainability strategy • Organized around 6 focus areas representing our most material sustainability challenges and opportunities • Set short-term (2015) and long-term (2030) goals and vision for each area • On track to achieve all of our 2015 goals this year Our Sustainability Strategy 25
  • 25. Received the PDAC 2014 Environmental and Social Responsibility Award Best 50 Corporate Citizens in Canada 2015 On the Dow Jones Sustainability World Index six years in a row One of top 100 most sustainable companies in the world and one of Canada’s most sustainable companies Top 50 Socially Responsible Corporations in Canada Received the Globe Foundation Environment Award in 2014 26 External Recognition
  • 26. Diversified Portfolio of Key Commodities North America 20% Europe 18% Latin America 3% China 26% Asia excl. China 33% 27 Diversified Global Customer Base Coking coal CopperZinc LeadMoly SilverGermanium Indium Source: Teck; 2014 revenue
  • 27. 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. 28
  • 28. Actual 2014 Current 2015 Guidance Steelmaking Coal Coal production 26.7 Mt 25-26 Mt Coal site costs C$54 /t1 Coal transportation costs C$38 /t Combined coal costs C$92 /t C$83-86 /t Combined coal costs US$84 ~US$64-66 /t2 Copper Copper production 333 kt 345-350 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 Production & Site Cost Guidance 1. Including inventory adjustments. 2. At $1.30 CAD/USD. 3. Net of by-product credits. 4. Including co-product zinc production from our copper business unit. 29
  • 29. ($M) Sustaining Major Enhancement New Mine Development Sub-total Capitalized Stripping Total Coal $75 $30 $ - $105 $395 $500 Copper 200 15 105 320 225 545 Zinc 180 - - 180 60 240 Energy - - 910 910 - 910 Corporate 10 - - 10 - 10 TOTAL $465 $45 $1,015 $1,525 $680 $2,205 Total capex of ~$1.5B, plus capitalized stripping 2014A $511 $165 $822 $1,498 $715 $2,213 Current 2015 Capital Expenditures Guidance 30
  • 30. 0.00 0.50 1.00 1.50 2.00 2.50 2012 2013 2014 YTD Q3 2015 Before by-product credits After by-product credits US$/lb Delivering Results in Cost Management Copper Cash Costs3 Achieved significant unit cost reductions, and expect further reductions in 2015 Steelmaking Coal Total Site Costs1 2 1. Total site costs included site costs expensed, 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$0.25/lb. 0 10 20 30 40 50 60 70 80 90 2012 2013 2014 YTD Q3 2015 Operating Capitalized Stripping C$/t 31
  • 31. 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) 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 32
  • 32. Operation Expiry Dates Coal Mountain In Negotiations - December 31, 2014 Antamina In Negotiations - July 23, 2015 Elkview In Negotiations - October 31, 2015 Fording River April 30, 2016 Highland Valley Copper September 30, 2016 Trail May 31, 2017 Cardinal River June 30, 2017 Quebrada Blanca October 30, 2017 November 30, 2017 January 31, 2018 Quintette April 30, 2018 Line Creek May 31, 2019 Carmen de Andacollo September 30, 2019 December 31, 2019 Collective Agreements 33
  • 33. Teck Stock Price vs. Bloomberg Commodity Price Index (2000-present) Commodity Prices Impact Stock Price $0 $10 $20 $30 $40 $50 $60 $70 80 100 120 140 160 180 200 220 240 260 Bloomberg Commodity Index (Left Axis) Teck (Right Axis) Plotted to November 9 ,2015 34
  • 35. AUS$ Stronger US dollar favours producers outside of the US Source: Argus, Bank of Canada • ~50 Mt cutbacks announced with over 50% expected to be implemented by the end of 2015 • Require additional cutbacks to achieve market balance • US coal production high end of cost curve and no currency benefit Coal Prices By Currency Argus FOB Australia CDN$ US$ Met Coal Market Slowly Rebalancing; FX Assisting Producers Outside USA plotted to November 19, 2015 70 80 90 100 110 120 130 140 150 $/tonne 36
  • 36. 45 55 65 75 China 0 3 6 9 12 15 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 Jun-15 Sep-15 Traditional Steel Markets • China slowing • JKT overall stable • EU stable Rest of the World • India good growth • Brazil good growth • US slowing Monthly Hot Metal Production Source: WSA, based on data reported by countries monthly; NBS Mt Update to Sep 2015 Global Hot Metal Production JKT India Europe USA Brazil 37
  • 37. Source: WSA, NBS, Wood Mackenzie, CRU 1. Europe includes 12 countries. Crude steel production to grow at ~1-2% CAGR between 2014 and 2019 Ex-China seaborne demand for steelmaking coal is forecasted to increase by ~2% CAGR in the same period Crude Steel Production 2014-2019Crude Steel Production (Mt) 2014 2015 Sep YTD annualized Global* 1,647 (+1.2% YoY) 1,621 (-1.6% YoY) China 823 (+0.9% YoY) 814 (-1.0% YoY) Global, ex-China* 825 (+1.5% YoY) 807 (-2.2% YoY) JKT 205 (+3% YoY) 197 (-3.8% YoY) Europe 208 (+1.3% YoY) 205 (-1.4% YoY) India 83 (+2.3% YoY) 90 (+8.6% YoY) * Global production includes production only for the countries which report on monthly basis Crude Steel Production Continues to Grow 38
  • 38. • Minimal export growth from Australia while others pull back - Australian and Canadian imports to Europe pushing out US supplies - Exports to China reduced from all 3 supply areas • China seaborne imports offset production curtailments US Steelmaking Coal Exports Australian Steelmaking Coal Exports Sep YTD 2015 Growth: Seaborne Steelmaking Coal Exports vs. China Seaborne Imports Source: GTIS; T.Parker 20 25 30 35 Sep-14 YTD EU & CIS China S.America India JKT Others Sep-15 YTD Mt Production Cuts Offset by China’s Imports Canada Steelmaking Coal Exports 130 135 140 145 Sep-14 YTD India EU & CIS S.America Others JKT China Sep-15 YTD Mt 14 16 18 20 22 24 26 Sep-14 YTD China S.America JKT India EU & CIS Others Sep-15 YTD Mt -6.6 -2.5 2.1 -6.6 -8 -6 -4 -2 0 2 4 USA Canada Australia China Mt 39
  • 39. Source: Teck estimates based on public announcements * Production cuts are total market curtailments including sustaining cuts (mine idlings) and period cuts (guidance reductions). Curtailments Production Curtailments By Region Cumulative Production Curtailments • ~50 Mt cutbacks announced with over 50% expected to be implemented by the end of 2015 • Require additional cutbacks to achieve market balance • Low prices also impacting major players • US coal production high end of cost curve and no currency benefit Steelmaking Coal Market Curtailments 0 10 20 30 40 50 60 2014 2015 2016 2017 2018+ MtMt 0 10 20 30 Australia USA Canada New Zealand Others Period Cuts/Guidance Adj Sustaining Cuts Mt 40
  • 40. Relocation to China’s coastline facilitates access to seaborne raw materials Sources: NBS, CISA Chinese Steel Industry Moving to the Coast 41 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 • Coke ovens for BF #1 commissioned in July 2015. • BF #1 will be commissioned as scheduled in September this year. Ningde Steel Base • Proposed but no progress yet. 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, planned with the investment of ~ US$7 billion, is kicked off soon in late Aug and scheduled to be completed by 2018. Capacity: hot metal 8.9Mt, crude steel 9.4Mt, steel products 9.0Mt. 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. 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 2015 Milliontonnes Total Coastal Coastal %
  • 41. 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 China’s supportive actions are preventing a meaningful price recovery 42
  • 42. China Met Coal Still Struggling (cont.) • Chinese coal companies are in heavy debt, with asset liability ratio now at 67% vs. <60% in 2010-2012 • Coal mines successfully lowered costs relative to 2014 by cutting wages, raising productivity, and improving product quality, but further reductions unlikely • The Government is accelerating elimination of small mines (capacity <90 kt/a) o Little impact on coal supply short term, as small mines account for <10% of China’s total coal capacity. • One KSOE met coal producer in northeastern China closed eight mines in June 2015 due to high cost and resource depletion Chinese met coal production cuts progressing slowly, but heading in the right direction 43
  • 43. We Are a Leading Steelmaking Coal Supplier To Steel Producers Worldwide North America ~5% Europe ~15%China ~25% High quality, consistency, reliability, long-term supply Asia excl. China ~50% Source: Teck; 2014 Latin America ~5% Proactively realigning sales with changing market 44
  • 44. 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 Q22015 Q32015 US$/tonne Teck Realized Price (US$) Benchmark Price Discount to the benchmark price is a function of: 1. Product mix: >90% hard coking coal 2. Direction of quarterly benchmark prices and spot prices - Q4 2015 benchmark for premium products is US$89/t Historical Average Realized Prices Average Realized Price in Steelmaking Coal Average realized price discount: ~8-9% Average realized % of benchmark: 91-92% (range: 88%-96%) 96% 88% 93% 94% 92% YTD 91% 45
  • 45. • Temporary closures in Q3 2015 of ~3 weeks at all 6 mines to align production and inventories with market conditions • Quarterly production reduced ~1.5 Mt • Annual cost guidance lowered • Capitalized stripping guidance reduced • Continuing to meet all contracted and committed coal sales for our entire suite of products Disciplined approach to managing production to market conditions and cost focus to ensure our mines are well-positioned when markets improve Teck Response to Coal Market Conditions Quarterly Benchmark vs. Argus Spot Price 100 125 150 175 200 225 250 275 300 325 350 $/tonne 46
  • 46. 0 20 40 60 80 100 120 US$/t Site Costs Transportation Inventory Write-Down Capitalized Stripping Sustaining Capital 106 78 Teck costs lower than most major competitors Total Cash Cost YTD Q3 2015 vs. 2014 a 47 US$/t 2014 (C$1.10 / US$) YTD Q3 2015 (C$1.26 / US$) Site1 $50 $36 Transportation 35 $28 IFRS Total $85 $64 Capitalized Stripping $15 $12 Full Cash Cost $100 $76 Sustaining Capex $6 $2 Total Cash Cost $106 $78 1. Includes inventory write-downs. IFRS Costs Steelmaking Coal Costs 2014 YTD Q3 2015
  • 47. Significant Long-Term Coal Growth Potential 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 48
  • 48. >75 Mt of West Coast Port Capacity Planned Teck Portion at 40 Mt • 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 49
  • 49. 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 - Starting 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 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 50
  • 50. • 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 51 Coking Coal Strength High Quality Hard Coking Coal
  • 52. Base Metal Stocks Low on Days Consumption Source: LME, ICSG, ILZSG * Charts as of November 19, 2015. 53
  • 53. Historic Copper Metal Prices & StocksUS¢/lb thousandtonnes plotted to Nov. 18, 2015 Daily Copper Prices & Stocks Source: LME, ICSG, ILZSG 0 200 400 600 800 1000 1200 1400 0¢ 50¢ 100¢ 150¢ 200¢ 250¢ 300¢ 350¢ 400¢ 450¢ 500¢ 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LME Stocks Comex SHFE Price 54
  • 54. 16,000 16,500 17,000 17,500 18,000 18,500 5% Disruption net of Projects Market Adjustment 2017 Adjusted 15,000 15,500 16,000 16,500 17,000 17,500 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 2015 Adjusted Market Adjustment 5% Disruption • Down 584,000 tonnes from February 2013 estimates • Down 1,044 kt from April 2014 estimates • New project production down by 55% Copper Mine Production Forecasts Continue to Decline Source: Wood Mackenzie thousandtonnescontainedcopper 2015 2016 15,500 16,000 16,500 17,000 17,500 18,000 18,500 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 5% Disruption & Projects Market Adjustment 2016 Adjusted 2017 • Down 544 kt from April 2015 estimates • New project production down by 22% thousandtonnescontainedcopper thousandtonnescontainedcopper 55
  • 55. -950 -859 -776 -851 -945 -584 -839 -973 -831 -968 -1,011 -1,000 -900 -800 -700 -600 -500 -400 -300 -200 -100 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Thousandtonnes 0¢ 10¢ 20¢ 30¢ 40¢ 50¢ 60¢ 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Standard Spot High Grade Spot Realised TC/RC Disruptions Continue in Copper Significant Copper Mine Production Disruptions Copper Concentrate TC/RC plotted to October 2015 plotted to October 2015 Source: Teck, CRU56
  • 56. Ore Grade Trends Ongoing decline will put upward pressure on unit costs Source: Wood Mackenzie57
  • 57. Margin Compression at Its Lowest Point Worse than During the Global Financial Crisis Source: Wood Mackenzie58
  • 58. Wood Mac Still Forecasting Demand Growth 59
  • 59. 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) Net Copper Imports Down 9% in Q1 2015; YTD Now Equivalent to 2014 Source: NBS Chinese Copper Imports Switch from Cathode to Concentrates Updated to September 2015 60
  • 60. Significant Chinese Copper Demand Remains …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 - 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. 11.9% Annual Avg. 3.3% Annual Avg. Growth 356 Mt/yr Annual Avg. Growth 400 Mt/yr Thousandtonnes 61
  • 61. China Power Grid Spending Down on Anti Corruption Campaign – Starting to Improve China Floor Space Under Construction Down & Sales Up, as Lower Interest Rates Take Effect Source: China Electricity Council, NBS, China IOL, China Association of Automobile Manufacturers * Data to August 2015 China Air Conditioner Inventory Drawing Down & Sales Improving China Auto Manufacturing Slows Due to Slower Economy and High Sales in 2014 0 500 1,000 1,500 2,000 2,500 2009 2010 2011 2012 2013 2014 2015 ousadsThousandUnits 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2009 2010 2011 2012 2013 2014 2015 Production Sales Inventory ThousandUnits %,YoY -40 -20 0 20 40 60 80 100 2009 2010 2011 2012 2013 2014 2015 Area under construction Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 2010 2011 2012 2013 2014 2015 RMBmn Chinese Copper Demand Indicators Mostly Negative – But Some Bright Spots 62
  • 62. 0 100 200 300 400 500 600 700 800 900 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Global Copper Cathode Balances Wood Mackenzie’s Outlook is Trending Down ‘000stonnescopper Surplus only 0.9% of Global Demand 0 100 200 300 400 500 600 700 800 900 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Wood Mackenzie 2015F Refined Surplus Wood Mackenzie 2016F Refined Surplus Surplus only 2% of Global Demand ‘000stonnescopper Source: Wood Mackenzie63
  • 63. • At 2% global demand growth, 400 kt of new supply needed annually • Structural deficit starts in 2018 • Project developments slowed due to lower prices, higher capex, corporate austerity, permitting & availability of financing Forecast Copper Refined Balance Long-Term Copper Mine Production Still Needed Source: WM, CRU, ICSG, Teck (3,000) (2,500) (2,000) (1,500) (1,000) (500) 0 500 1,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 Thousandtonnes 64
  • 64. Building Partnerships: Corridor Project Teck and Goldcorp have combined Relincho and El Morro projects and formed a 50/50 joint venture company • Committed to building strong, mutually beneficial relationships with stakeholders and communities Capital smart partnership • Shared capital, common infrastructure • Shared risk, shared rewards Benefits of combining projects include: • Longer mine life • Lower cost, improved capital efficiency • Reduced environmental footprint • Enhanced community benefits • Greater returns over either standalone project 65
  • 65. Corridor Project Summary Initial Capital $3.0 - $3.5 billion Copper Production1 190,000 tonnes per year Gold Production1 315,000 ounces per year Mine Life 32+ years Copper in Reserves2 16.6 billion pounds Gold in Reserves2 8.9 million ounces Note: Conceptual based on preliminary design from the PEA 1. Average production rates are based on the first full ten years of operations 2. Total copper and gold contained in mineral reserves as reported separately by Teck and Goldcorp; refer to Appendix A in Additional Information. 3. Capital estimate for Phase 1a based on preliminary design shown in 2015 dollars on an unescalated basis66
  • 66. Desalination Desalination Power Mine and Mill Mine Port Relincho Site El Morro Site Before Project Corridor – Duplicate infrastructure Pipelines Power Line and Mill Pipelines: Water Pipelines: Water & Concentrate Tailings Tailings Power Port Source: “Project Location.” -28.395839, -70.486738, 4679ft. Google Earth. February 8, 2015. April 23, 2015. 67
  • 67. Mine Tailings Desalination Port Mine and Mill Project Corridor – Common infrastructure Conveyor & Utilities Power Pipelines: Water Pipeline Power Line Conveyor & Utilities Road Source: “Project Location.” -28.395839, -70.486738, 4679ft. Google Earth. February 8, 2015. April 23, 2015. 68
  • 68. Copper Development Projects in the Americas Corridor is one of the largest open pit copper development projects in the Americas on the basis of copper contained in Proven and Probable Reserves - 5,000 10,000 15,000 20,000 25,000 Radomiro Tomic Corridor ElArco Quebrada BlancaII Quellaveco AguaRica Relincho ElMorro Casino SchaftCreek GaloreCreek RioBlanco CopperEquivalentinReserves(Mlbs) Copper-equivalent contained in Reserves (Mlbs) (North & South American Copper Projects) Note: Copper equivalent reserves calculated using $3.25/lb Cu and $1,200/oz Au. Does not include copper resource projects that are currently in construction Source: SNL Metals & Mining, Thomson One Analytics, and company disclosures. 69
  • 69. Capital Smart – Phased Development Phase 1a Initial Production of Relincho ores Phase 1b Transition to El Morro ores Phase 2 Transition to Relincho ores • Low cost to first ore; high grade, low strip starter pit • Initial mill throughput of ~90 ktpd • Transition to higher grade El Morro ore • Mill throughput of ~110 ktpd due to softer ore • Option to blend ores and expand throughput • Transition back to Relincho ore once El Morro is depleted • Potential expansion to a mill throughput of 175 ktpd Phase 1 development concept is a single line mill (90 -110 ktpd) which produces higher metal production than either standalone project Average production of 190,000 tonnes copper and 315,000 ounces gold per year over first 10 years of operation Note: Conceptual based on preliminary design from the PEA Phased Development 70
  • 70. Corridor Project Appendix A: Reserve and Resource Disclosure The following mineral reserve and resource information is as at December 31, 2014. All mineral resources disclosed below are reported exclusive of mineral reserves. El Morro — Reserves (100% basis) (1)(3)(5) El Morro — Resources (100% basis)(1)(2)(4)(5) Notes: 1) All Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Definition Standards. 2) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. 3) Goldcorp has estimated El Morro mineral reserves assuming commodity prices of US$1,300 per ounce of gold and US$3.00 per pound of copper. 4) El Morro’s mineral resources are estimated using commodity prices of US$1,500 per ounce of gold and US$3.50 per pound of copper. 5) The mineral reserves and mineral resources are reported at a 0.2% Copper equivalent cut-off grade, with 67.3% gold recovery and 86.6% copper recovery. Grade Contained Metal Category Tonnes (millions) Gold (g/t) Copper (%) Gold (millions of ounces) Copper (millions of pounds) Proven 321.81 0.56 0.55 5.82 3,876.59 Probable 277.24 0.35 0.43 3.10 2,626.36 Proven + Probable 599.05 0.46 0.49 8.92 6,502.95 Grade Contained Metal Category Tonnes (millions) Gold (g/t) Copper (%) Gold (millions of ounces) Copper (millions of pounds) Measured 19.79 0.53 0.51 0.34 223.33 Indicated 72.56 0.38 0.39 0.88 630.00 Inferred 678.07 0.30 0.35 6.45 5190.00 71
  • 71. Corridor Project Appendix A: Reserve and Resource Disclosure The following mineral reserve and resource information is as at December 31, 2014. All mineral resources disclosed below are reported exclusive of mineral reserves. Relincho — Reserves (1)(2)(3) Relincho — Resources (1)(2)(3)(4)(5) Notes: 1) All Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Definition Standards. 2) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. 3) Teck has estimated Relincho mineral reserves and resources assuming commodity prices of US$2.80 per pound of copper and US$13.70 per pound of molybdenum. 4) Mineral resources are reported separately from, and do not include that portion of the mineral resources reported as reserves. 5) Mineral Resources are contained within a conceptual ultimate pit shell defined with Measured, Indicated and Inferred blocks using the same economic and technical parameters as used for mineral reserves and are reported considering a variable cut-off grade based on a marginal value of US$5.59/t. Grade Contained Metal Category Tonnes (millions) Copper (%) Molybdenum (%) Copper (millions of pounds) Molybdenum (millions of pounds) Proven 435.30 0.38 0.016 3,646.75 153.55 Probable 803.80 0.37 0.018 6,556.70 318.97 Proven + Probable 1,239.10 0.37 0.017 10,106.65 464.36 Grade Contained Metal Category Tonnes (millions) Copper (%) Molybdenum (%) Copper (millions of pounds) Molybdenum (millions of pounds) Measured 79.90 0.27 0.009 475.60 15.85 Indicated 317.10 0.34 0.012 2,376.89 83.89 Inferred 610.80 0.38 0.013 5,117.02 175.06 72
  • 72. Corridor Project Appendix A: Reserve and Resource Disclosure Cont’d These tables use the terms “Measured”, “Indicated” and “Inferred” Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. A significant amount of exploration must be completed in order to determine whether an Inferred Mineral Resource may be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable. The projected mine life of the combined project from the PEA is based on mineral reserves only and does not include other mineral resources. The financial analysis under the PEA of Project Corridor assumed commodity prices of US$1,200 per ounce of gold, US$3.25 per pound of copper and US$10.00 per pound of molybdenum. The projected mine life of the combined project and other results of the PEA disclosed in this news release have been reviewed and approved by Gil Lawson, P.Eng., Vice President of Geology and Mine Planning, Goldcorp and Rodrigo Marinho, P.Geo., Technical Director, Reserve Evaluation, Teck, each of whom is a qualified person as defined under NI 43-101. 73
  • 74. Historic Zinc Metal Prices & Stocks Daily Zinc Prices & Stocks 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0¢ 50¢ 100¢ 150¢ 200¢ 250¢ 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LME SHFE Price US¢/lb thousandtonnes plotted to November 19, 2015 Source: LME, SHFE75
  • 75. 0 1,000 2,000 3,000 4,000 5,000 6,000 0 100 200 300 400 500 600 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 2015 Monthly Chinese Zinc Mine Production LME Zinc Stocks Zinc Mine Production Undersupplied, Even With Lower Growth 400 500 600 700 800 900 1,000 1,100 1,200 50¢ 60¢ 70¢ 80¢ 90¢ 100¢ 110¢ 120¢ Stocks Price plotted to Nov. 18, 2015 plotted to September, 2015 • Metal market in deficit • LME stocks down >700 kt over 27 months; sub-500 kt recently for the first time 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 down in the last 27 months US¢/lb thousandtonnes Source: LME, NBS, CNIA76
  • 76. • Down 719 kt from October 2014 estimates • Down 958 kt from October 2014 estimates Zinc Mine Production Wood Mackenzie’s Outlook is Trending Down thousandtonnescontainedzinc 2015 2016 2017 • Down 446 kt from April 2015 estimates • New project production down by 22% thousandtonnescontainedzinc thousandtonnescontainedzinc 12,000 12,500 13,000 13,500 14,000 14,500 15,000 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 12,000 12,500 13,000 13,500 14,000 14,500 15,000 12,000 12,500 13,000 13,500 14,000 14,500 15,000 Source: Wood Mackenzie77
  • 77. 2013-2020 2013-2020 Significant Zinc Mine Reductions Large Short-Term Losses, More Long Term -500 -400 -300 -200 -100 0 Century RampuraAgucha Tara Lisheen Skorpion Rosebery RedDog Pomorzany-Olkusz(inclBulk) Brunswick Endeavor Cayeli Perseverance 0 100 200 300 400 500 Gamsberg McArthurRiver DugaldRiver Antamina Bisha SindesarKhurd ShalkiyaRestart Kyzyl-Tashtygskoe AguasTenidas WenshanDulong Penasquito ZawarMines SanCristobal Sanguikou Taifeng Duddar Santander Garpenberg CaribouReactivation Source: ICSG, Wood Mackenzie Teck, Company Reports78
  • 78. LME Zinc Stocks – Since Dec 2012LME Zinc Stocks - 11 Years Zinc Inventories Declining 400 500 600 700 800 900 1,000 1,100 1,200 50¢ 60¢ 70¢ 80¢ 90¢ 100¢ 110¢ 120¢ Stocks Price 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 Nov. 18, 2015 US¢/lb thousandtonnes • LME stocks down ~730 kt over 24 months • Large inventory position still to work down but we were recently 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 plotted to Nov. 18, 2015 Source: LME79
  • 79. Zinc Cost Curve Wood Mackenzie Zinc Cost League 2015 (8.6 Mt of 13.3 Mt market estimated) Wood Mackenzie Zinc Cost League 2015, With Teck Estimates for Some Uncosted Chinese Mines (12.3 Mt of 13.3 Mt estimated) 0 20 40 60 80 100 120 140 160 180 0% 20% 40% 60% 80% 100% Cents/lb Zinc LME Price – Nov. 18, 2015 0 20 40 60 80 100 120 140 160 180 0% 20% 40% 60% 80% 100% Cents/lb Zinc LME Price - Nov. 18, 2015 Source: Wood Mackenzie80
  • 80. • Down 108 kt from October 2014 estimates, taking the market from surplus into a deficit of 197 kt • Down 314 kt from October 2014 estimates, taking the market further into deficit of 639 kt thousandtonnescontainedzinc 2015 2016 2017 • Up 273 kt from April 2015 estimates • Wood Mackenzie expects 300 kt of projects will come online in 2017 due to higher prices thousandtonnescontainedzinc thousandtonnescontainedzinc (300) (200) (100) 0 100 200 300 400 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 (800) (600) (400) (200) 0 200 400 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 (500) (400) (300) (200) (100) 0 100 200 300 400 Zinc Concentrate Balances Wood Mackenzie’s 2015 and 2015 Outlooks Trending Down Source: Wood Mackenzie81
  • 81. Zinc Metal Market Mostly in Deficit Since 2013 -800 -600 -400 -200 0 200 400 2013 2014 2015 2016 2017 WoodMac CRU Market View – Wood Mackenzie & CRU • Zinc metal deficit forecasted for 2016 and 2017 • Mine production increases of 5.8% and 4.5% respectively expected for 2016 and 2017, as higher prices bring a large amount of Chinese mine production online and Glencore brings production back in 2017 • Deficits of almost 500kt/year in 2016 and 2017 will still result in large draw down of stocks Zinc Metal Balance Source: Wood Mackenzie, CRU82
  • 82. 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 83
  • 83. • Cheaper imports of HDG have subdued demand growth for zinc in the US • US Sheet Mills filed a petition with the Department of Commerce in June 2015 • Demand for refined zinc seems to be picking up going in 2H 2015 • Premiums have decreased due to the large amount of metal stocks available and lower US demand 0 50 100 150 200 250 300 350 400 450 Thousandtonnes Europe Asia China North America Others Galvanized Sheet US Imports Imports Affecting US Refined Zinc Demand Source: GTIS84
  • 84. • Deficit reduced by 256 kt from October 2014 estimates, to 161 kt • Down increased by 29 kt from October 2014 estimates, to 309 kt • Increase due to production cuts, resulting in insufficient concentrate available to smelters and less refined production in 2016. thousandtonnes 2015 2016 2017 • Deficit increased significantly by 205 kt from April 2015 estimates, to 429 kt thousandtonnes thousandtonnescontainedzinc Refined Zinc Balances Wood Mackenzie’s Outlook is Trending Down (500) (450) (400) (350) (300) (250) (200) (150) (100) (50) 0 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 (450) (400) (350) (300) (250) (200) (150) (100) (50) 0 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 (500) (450) (400) (350) (300) (250) (200) (150) (100) (50) 0 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Source: Wood Mackenzie85
  • 85. Committed Supply Insufficient for Demand Forecast Zinc Refined Balance Source: Teck • We expect insufficient mine supply to constrain refined production, allowing a refined metal supply increases of only 94 kt between 2014 and 2020 • Over this same period we expect refined demand to increase 2.5 Mt tonnes • Market in deficit since 2014, but large inventory has funded the deficit • Metal market moving into significant deficit with further mine closures and inventories are depleting (2,500) (2,000) (1,500) (1,000) (500) 0 500 2013 2014 2015 2016 2017 2018 2019 2020 Thousandtonnes 86
  • 87. Global Oil Market to Rebalance $0 $20 $40 $60 $80 $100 $120 $140 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 US$/bbl plotted to August 2015 Source: EIA Short-Term Energy Outlook, July 2015 Forecast -3 0 3 6 82 86 90 94 98 102 2010-Q1 2011-Q1 2012-Q1 2013-Q1 2014-Q1 2015-Q1 2016-Q1 MMbod MMbpd Implied stock change and balance (right axis) World production (left axis) World consumption (left axis) 2014-2015: Price drop due market imbalance • Supply growing − OPEC: highest ever production at 31.7 MMbpd; more supply from Iran & Iraq − Non-OPEC: production growing faster than global demand; abnormally high US inventories • Demand growth eased in 2014 − Slowing growth (especially non-OECD) − Economic uncertainty in China +2016: More balanced market expected • Demand growth stronger than non-OPEC production • Decline rates of existing fields require >5 Mbpd new production annually West Texas Intermediate (WTI) Price World Production & Consumption Balance 88
  • 88. 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         89 Mined bitumen is in Teck’s ‘sweet spot’
  • 89. • 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 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). 90
  • 90. 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 - Targeting first oil in Q4 2017 - Expect 90% of planned production capacity within 12 months 91
  • 91. 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 92
  • 92. • 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 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 93
  • 93. Teck’s Sanction Capital2 ~$2.94 billion Teck’s Estimated 2015 Spend $850 million Teck’s Remaining Capital3 ~$1.5 billion Operating & Sustaining Costs3 $25-28 per barrel of bitumen Sustaining Capital3 $3-5 per barrel of bitumen Teck’s Share of Production 13,000,000 bitumen barrels per year 1. All costs and capital are based on Suncor’s estimates. 2. Sanction 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. Includes earn-in of $240M. 3. As of October 21, 2015. 4. Sustaining capital is included in operating & sustaining costs. Mine life: 50 years Fort Hills By The Numbers1 94
  • 94. Royalties based on pre-capital payout. * WTI/WCS Differential based on forecast from Lee & Doma Energy Consulting: 2017/2018 Fort Hills Startup, Constrained Pipe/Excess Rail **Tidewater Premium based on average premium pricing for USGC market via Keystone and Flanagan South Pipelines Source: Alberta Energy bitumen valuation methodology (http://www.energy.alberta.ca/OilSands/1542.asp) 1. Estimates are based on C$/US$ exchange rates as shown, expected bitumen netbacks, operating costs of C$25 per barrel (including sustaining capital of C$3-5 per barrel) and Phase 1 (pre-capital payout) royalties. Cash Margin1 Calculation Example: Prior to Capital Recovery Teck seeks to secure dedicated transportation capacity for Fort Hills volumes to key markets to minimize WCS discount Fort Hills Bitumen Netback Calculation Model $60 $55.50 $37 $10-$11 $13 $- $10 $20 $30 $40 $50 $60 $70 $11 $10 $15.50 $7-9 $1.25 $22 $3 $1-2 $2-3 95
  • 95. Source: Shorecam, Net Energy, Lee & Doma Western Canadian Select (WCS) Average Monthly WTI-WCS Differential Western Canadian Select (WCS) Is The Benchmark Price For Canadian Heavy Oil At Hardisty, Alberta WCS differential to West Texas Intermediate (WTI) • Contract settled monthly as differential to Nymex WTI • Long term differential of Nymex WTI minus $10-20 US/bbl • Based on heavy/light differential, supply/demand, alternate feedstock accessibility, refinery outages and export capability − Narrowed in 2014/2015 due to export capacity growth, rail capacity increases, and short term production outages • Recently improved export capability to mitigate volatility − Further export capacity subject to rigorous regulatory review; potential impact to WCS differentials. $- $5 $10 $15 $20 $25 $30 $35 $40 $45 WCS Differential (US$/bbl) Plotted to Oct. 2015 Long-term WCS Differential $16.60 $23.12 $15.69 WTI (US/bbl) $40 $50 $60 $70 $80 $90 $100 WCS Differential to Nymex WTI (US/bbl) -$13.00 -$14.50 -$15.50 -$17.00 -$18.00 -$19.50 -$20.50 *Forecast Assumptions: Fort Hills Startup 2017/2018 with supply/demand model exiting Western Canada in a constrained pipe/excess rail transportation model, per Lee & Doma Energy Consulting. FORECAST* 96
  • 96. Source: Shorecam, Net Energy, Lee & Doma Diluent (C5+) Pricing Average Monthly WTI/Diluent (C5+) Differential Diluent (C5+) at Edmonton, Alberta Is The Benchmark Contract For Diluent Supply For Oil Sands Diluent (C5+) differential to West Texas Intermediate (WTI) • Contract settled monthly as differential to Nymex WTI • Based on supply/demand, seasonal demand (high in winter, low in summer), import outages • Long-term Diluent (C5+) differential of Nymex WTI +/- $5 US/bbl Diluent (C5+) “Pool” in Edmonton is a common stream of a variety of qualities • Diluent (C5+) pool comprised of local and imported Natural Gas Liquids WTI (US/bbl) $40 $50 $60 $70 $80 $90 $100 Diluent (C5+) Differential to Nymex WTI (US/bbl) +$2.50 +$1.50 +$0.50 -$0.50 -$1.50 -$2.50 -$3.50 *Forecast Assumptions: Fort Hills Startup 2017/2018, using 2015 CAPP Western Canadian oil production forecast, Diluent (C5+) differentials per Lee & Doma Energy Consulting ($10) ($5) $0 $5 $10 $15 $20 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 US/bbl WTI/C5+ Diff Long -term C5+ Diff FORECAST* 97
  • 97. Diversified Market Access Strategy Teck Marketing Plan for 50 kbpd Diluted Bitumen Blend Cushing Flanagan Houston Kitimat Hardisty Edmonton Saint John N.E. US US Gulf Coast Europe Asia TransCanada Energy East (Europe, Asia, US Gulf Coast, N.E. US) Teck can enter long-term commitments Enbridge Northern Gateway (Asia) Keystone, Keystone XL (US Gulf Coast) Enbridge Flanagan South (US Gulf Coast) Vancouver TransMountain Pipeline (Asia) Steele City Asia Europe Asia Superior Sufficient Export Capacity In Place • Includes Pipeline And Rail Capability • No shut in risk, but price risk likely Targeting Long Term Market Access • US Gulf Coast And Deep Water Ports • Entered into commercial agreements: • 425 kbbls Hardisty storage capacity • Pipeline capacity opportunities: • Keystone/Keystone XL/Flanagan South to US Gulf • TransMountain expansion to Vancouver • Energy East to East Coast Non-committed barrels sold spot at Hardisty or nominated on common carriage pipeline 98
  • 98. Sufficient Transportation Capacity In Western Canada 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 kbbls/day 2015 CAPP Supply Forecast 2014 CAPP Supply Forecast Total Pipeline & Local Refining Total Pipeline, Local Refin ing & Rail Constrained Pipe& BalancedRail Constrained Pipe & Excess Rail Excess Pipe Balanced Pipe 2 New Pipelines Enbridge Expansions Western Canadian Transport Supply & Demand Assumptions • Fort Hills first oil late 2017 • Enbridge mainline capacity expansions move forward • Two of the proposed new export pipelines are put in place between 2019-2022 − Providing incremental capacity of 1.0-1.6 MM bbls/day − Based on three potential new pipelines: • TransMountain TMX • Keystone XL • Energy East − Northern Gateway delayed Source: CAPP (Canadian Association of Petroleum Producers), Lee& Doma, Teck Sufficient pipeline & rail capacity to accommodate all production Fort Hills’ First Oil Constrained Pipe& BalancedRail 99
  • 99. East Tank Farm Blending w/Condensate Bitumen & Blend Logistics Operator Nominal Capacity (kbpd) Status Northern Courier Hot Bitumen TransCanada 202 Construction: ~30% complete East Tank Farm - Blending Suncor 292 Construction: ~25% complete Wood Buffalo Blend Pipeline Enbridge 550 Operating Wood Buffalo Extension Enbridge 550 Construction - field crew mobilized Hardisty Blend Tankage Gibsons 450 Construction - Tank pad civil work Wood Buffalo Extension Norlite Diluent Pipeline Cheecham Terminal Hardisty Terminal Wood Buffalo Pipeline Athabasca Twin PipelineWaupisoo Pipeline Edmonton Terminal Fort Hills Mine Terminal Northern Courier Hot Bitumen Pipeline Teck Options Export Pipeline Rail Local Market Pipeline Legend Bitumen Blend Diluent Existing New Kirby Terminal Diluent Logistics Operator Nominal Capacity (k barrels) Status Norlite Diluent Pipeline Enbridge 130 Construction - first pipe spread complete Committed Logistics Solutions in Alberta 100