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Fourth Quarter 2016 Results
February 15, 2017
Forward Looking Information
Both these slides and the accompanying oral presentation 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 can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and phrases or state that certain actions, events
or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. 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.
The forward-looking statements in these slides and the oral presentation include estimates, forecasts, and statements as to management’s expectations with respect to, among other matters,
steelmaking coal EBITDA and cash flow potential, the statements made regarding the potential mine life, capital intensity, operating costs and production at our Quebrada Blanca Phase 2 project,
expectations relating to our Fort Hills project, including capital costs and Teck’s share of those costs, timing of first oil and production rate, 2017 capital expenditure guidance, our statement that
debt reduction remains a priority, our 2017 production and cost guidance including our cost, sales and production forecasts for our business units and individual operations and expectation that we
will meet our production, sales and production guidance and forecasts, interest rates and demand and market outlook for commodities. These forward-looking statements involve numerous
assumptions, risks and uncertainties and actual results may vary materially.
These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially. These statements are based on a number of assumptions,
including, but not limited to, assumptions regarding general business and economic conditions, interest rates, the supply and demand for, inventories of, and the level and volatility of prices of zinc,
copper, coal and gold and other primary metals and minerals produced by Teck as well as oil, natural gas and petroleum products, the timing of receipt of regulatory and governmental approvals
for Teck’s development projects and other operations, Teck’s costs of production and production and productivity levels, as well as those of its competitors, power prices, market competition, the
accuracy of Teck’s reserve estimates (including, with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based, tax benefits, the
resolution of environmental and other proceedings, assumptions regarding the impact of our cost reduction program on our operations, our ongoing relations with our employees and partners and
joint venturers, performance by customers and counterparties of their contractual obligations, and the future operational and financial performance of the company generally. Our steelmaking coal
EBITDA and cash flow potential are also based on the assumptions noted on the footnote to the slide, including Canadian dollar to US dollar exchange rate, fuel cost and other assumptions noted
above. Our Fort Hills and Quebrada Blanca Phase 2 project expectations also include assumptions that the projects are built and operated according to our project development plans.
The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to differ materially. Factors that may cause actual results to vary include, but are not limited
to: adverse developments in business and economic conditions in the principal markets for Teck’s products, in credit markets, or in the supply, demand, and prices for metals and other
commodities to be produced, changes in interest and currency exchange rates, failure of customers or counterparties to perform their contractual obligations, inaccurate geological or metallurgical
assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in taxation regimes, legal disputes or unanticipated outcomes of legal
proceedings, 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 permits or government approvals, industrial disturbances or other job action, and unanticipated events related to health,
safety and environmental matters), political risk, social unrest, lack of available financing for Teck or its partners or co-venturers, and changes in general economic conditions or conditions in the
financial markets. Our Fort Hills project is not controlled by us and construction and production schedules may be adjusted by our partners. The amount and timing of actual capital expenditures is
dependent upon numerous factors, including our ability to secure permits, equipment, labour and supplies and to do so at the cost level expected. And we may change our capital spending plans
depending on commodity markets, results of feasibility studies or various other factors.
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. Statements regarding anticipated coal sales volumes and average coal prices for the quarter depend on timely arrival of vessels and performance of our coal-loading facilities,
as well as the level of spot pricing sales.
Certain of these risks are described in more detail in the annual information form of the company available at www.sedar.com and in public filings with the SEC. The company does not assume the
obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required
under applicable securities laws.
2
Capitalizing on the Turn in the Cycle
• Continuing to execute for higher production per share
− No equity dilution
− No operating assets sold
− Investing in production growth from Fort Hills
− Maintaining strong liquidity
− Reducing debt & managing maturities
• Record quarterly results
• Generating significant free cash flow
• Strengthening our financial position
3
Q4 2016 2016
Revenue $3.6 billion $9.3 billion
Gross profit
before depreciation & amortization*
$2.0 billion $3.8 billion
Profit
attributable to shareholders
$697 million $1.0 billion
EBITDA* $1.6 billion $3.4 billion
Adjusted profit
attributable to shareholders*
$930 million
$1.61/share
$1.1 billion
$1.91/share
Financial Results Overview
Significant increases in adjusted profit attributable to shareholders*
*Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.4
Solid Delivery Against 2016 Guidance
1. Approximate, based on capitalized stripping guidance and mid-point of production guidance range.
2. Steelmaking coal unit cost of sales include site costs, inventory adjustments, collective agreement charges and transport costs. Total cash unit costs are unit cost of sales
plus capitalized stripping. US dollar unit costs assume a Canadian dollar to US dollar exchange rate of 1.33 in 2016 and 1.30 in 2017.
3. Non-GAAP financial measures. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.
4. Includes one-time collective agreement settlement charges of $2 per tonne.
5. Net of by-product credits.
6. Copper total cash unit costs include cash C1 unit costs (after by-product margins) and capitalized stripping.
7. Including co-product zinc production from our copper business unit.
8. Including capitalized stripping.
Guidance Results
Steelmaking Coal
Production 25-26 Mt  27.6 Mt Record production
Site costs $45-49/t  $43/t
Capitalized stripping $11/t1
 $10/t
Transportation costs $35-37/t  $34/t
Total cash unit costs2,3 $91-97/t
US$69-73/t
 $89/t4
US$67/t4 Lower unit costs
Copper
Production 305-320 kt  324 kt
C1 unit costs5
US$1.50-1.60/lb  US$1.35/lb
Capitalized stripping US$0.21/lb1
 US$0.17/lb
Total cash unit costs3,6
US$1.71-1.81/lb  US$1.52/lb Lower unit costs
Zinc
Metal in concentrate production7
630-665 kt  662 kt
Refined production 290-300 kt  312 kt Record production
Capital Expenditures8
$2.0B  $1.9B Lower capex
5
Steelmaking Coal Earnings Potential
Coal Annual EBITDA & Cash Flow Potential*
Potential EBITDA and cash flow remains significant
* Non-GAAP financial measures. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information. Annualized EBITDA and free cash flow generating capacity of the
coal business unit in two scenarios. The “mid-point” scenario assumes the mid-points of 2017 production and cost guidance, and realized coal prices equal to 92% of benchmark. The “Upside” scenario
assumes production at the high end of our 2017 guidance range, operating costs at the low end of the range, and realized coal prices equal to 96% of the benchmark. “Cash flow” refers to free cash flow after
capitalized stripping and sustaining capital. Outputs are based on an assumed Canadian dollar to US dollar exchange rate of 1.30, 2017 plan fuel costs, and numerous other assumptions. These assumptions
are subject to various risks and uncertainties that may cause results to vary materially from those depicted above. Please see the Cautionary Note on Forward-Looking Information for more information.
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
$125 $150 $175 $200
C$Million
HCC Coal Price US$/t
2017 Guidance Mid-Point Upside
Coal production (Mt) 27.5 28
Unit Cost of Sales (C$/t):
Site (C$/t) 48 46
Transportation (C$/t) 36 35
Unit Cost of Sales (C$/t) 84 81
Capitalized Stripping (C$/t) 16 16
Sustaining Capital (C$/t) 5 5
6
41 44
2
7
35
34
Q4 2015 Q4 2016
6.4
7.3
Q4 2015 Q4 2016
6.5
6.9
Q4 2015 Q4 2016
108
277
Q4 2015 Q4 2016
197
1,343
Q4 2015 Q4 2016
Steelmaking Coal Quarterly Results
Realized Price (C$/tonne) Revenue (C$M)
Gross Profit2,3 (C$M)Production (Mt)
Sales (Mt)
Unit Cost of Sales1,2 (C$/tonne)
1. Steelmaking coal unit cost of sales include site costs, inventory adjustments, collective agreement charges and transport costs.
2. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.
3. Before depreciation and amortization.
Gross profit2,3 up >$1.1B
78
85
Site2
Transport
Total
0.9
0.4
156%
176%
582%
Record
production
Collective
Agreement
Settlement
Charges
Inventory
9%
Record
sales
701
1,933
Q4 2015 Q4 2016
7
96
72
Q4 2015 Q4 2016
105
75
Q4 2015 Q4 2016
2.21
2.40
Q4 2015 Q4 2016
619
540
Q4 2015 Q4 2016
1.37
1.45
Q4 2015 Q4 2016
203
226
Q4 2015 Q4 2016
Copper Quarterly Results
Realized Price (US$/lb) Revenue (C$M)
Gross Profit2, 3 (C$M)Production (kt)
Sales (kt)
C1 Unit Costs1,2 (US$/lb)
xx%
13%
1. C1 unit costs are net of by-product margins.
2. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.
3. Before depreciation and amortization.
30
24
9%
6% 11%
Average realized price up US$0.19/lb
8
Quebrada Blanca 2 is a Potential Tier 1 Asset
• Top 15 copper producer globally
• Development capital costs reduced significantly to US$4.7B
• Attractive capital intensity
• Change in scope, including revised tailings facility
• Initial mine life of 25 years uses only ~25% of known
reserves & resources
• Familiar, mining-friendly jurisdiction
• Low operating costs
• 300 kt annual copper equivalent production in first 5 years
9
24
22
Q4 2015 Q4 2016
0.75
1.13
Q4 2015 Q4 2016
814
1,083
Q4 2015 Q4 2016
222 223
Q4 2015 Q4 2016
79
84
Q4 2015 Q4 2016
213
394
Q4 2015 Q4 2016
145
133
Q4 2015 Q4 2016
79 81
Q4 2015 Q4 2016
Zinc Quarterly Results
Zinc Realized Price (US$/lb) Revenue (C$M)
Gross Profit2 (C$M)Zinc Production (kt)
Zinc Sales (kt)
Lead Production (kt)
Gross profit2 up 85%
1. Represents production and sales from Red Dog and Pend Oreille, and excludes co-product zinc production from our copper business unit.
2. Before depreciation and amortization. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for
further information.
RefinedConc1
RefinedConc1 RefinedConc1
33%
5
2
51%
85%
12
2
1
31
37
Q4 2015 Q4 2016
6
10
Fort Hills Project Status & Progress
Source: Fort Hills Energy Limited Partnership, October 2016.
• Majority of areas
progressing to plan
• Construction >76%
complete at year end 2016
• 2 of 6 areas turned over to
Operations (Mining and
Infrastructure)
• First oil end of 2017
• Teck’s share of project costs
to completion is $805M
• Steady state production
increased to 186 kbpd
Expect to achieve 90% of nameplate capacity by end 2018
11
Simplified Pricing Adjustment Model
Outstanding at
Sep. 30, 2016
Outstanding at
Dec. 30, 2016
Quarterly
Price
Change
Pricing
Adjustments
Mlbs US$/lb Mlbs US$/lb US$/lb C$M
Copper 156 2.20 114 2.50 +0.30 48
Zinc 246 1.08 231 1.17 +0.09 28
Other 14
TOTAL 90
Driven by quarterly change in key commodity prices
Quarterly Pricing Adjustments
Q3 2014
Q2 2013
Q2 2014
Q2 2016
Q1 2014
Q3 2013
Q4 2015
Q1 2015
Q2 2015
Q1 2013
Q3 2015
Q4 2013
Q1 2016
Q4 2013
Q3 2016
Q4 2016
-150
-100
-50
0
50
100
-$0.75 -$0.25 $0.25 $0.75
Pre-taxSettlementAdjustment(C$M)
Change in Copper & Zinc Price (C$/lbs)
12
0
500
1000
1500
2000
2500
3000
Cash - start
of quarter
Cash flow from
operations
Repayment of
debt
PP&E, incl. Fort
Hills
Debt interest
and finance
charges paid
Capitalized
stripping
Dividends paid Other Cash - end
of quarter
Cash Changes in Q4 2016
Cash Flow
417
113
536
$Millions
$1,113
$1,407
108
1,490
Significantly exceeded year-end cash balance guidance
& US$3B credit facility remained undrawn
29
13
13
Leverage to Strong Coal & Zinc Markets
Production
Guidance1
Unit of
Change
Effect on
Estimated
Profit3
Effect on Estimated
EBITDA3,4
$C/$US C$0.01 C$42M /$0.01∆ C$68M /$0.01∆
Coal 27.5 Mt US$1/tonne2 C$21M /$1∆ C$32M /$1∆
Copper 282 kt US$0.01/lb C$5M /$0.01∆ C$7M /$0.01∆
Zinc 972 kt US$0.01/lb C$9M /$0.01∆ C$14M /$0.01∆
2017 Leverage to Commodities & FX
1. Assumes the midpoint of 2017 guidance ranges. Zinc includes 670 kt of zinc in concentrate and 302 kt of refined zinc.
2. Based on a US$1/tonne change in benchmark premium steelmaking coal price.
3. Annual effect based on commodity prices and our balance sheet as of February 14, 2017 and a C$/US$ exchange rate of 1.30. The effect varies from quarter to quarter
depending on sales volumes and is sensitive to movements in commodity prices.
4. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.
14
2016 Results 2017 Guidance
Steelmaking Coal
Production 27.6 Mt 27-28 Mt
Site costs $43/t $46-50/t
Capitalized stripping $10/t $16/t1
Transportation costs $34/t $35-37/t
Total cash costs2, 3 $89/t
US$67/t
$97-103/t
US$74-79/t
Copper
Production 324 kt 275-290 kt
C1 unit costs4
US$1.35/lb US$1.40-1.50/lb
Capitalized stripping US$0.17/lb US$0.18/lb1
Total cash costs4
US$1.52/lb US$1.58-1.68/lb
Zinc
Metal in concentrate production5
662 kt 660-680 kt
Refined production 312 kt 300-305 kt
2017 Production & Site Cost Guidance
1. Approximate, based on capitalized stripping guidance and mid-point of production guidance range.
2. Average C$/US$ exchange rate of 1.33 in 2016. Assumes C$/US$ exchange rate of 1.30 in 2017.
3. Steelmaking coal unit cost of sales include site costs, inventory adjustments, collective agreement charges and transport costs. Total cash costs
are unit cost of sales plus capitalized stripping.
4. Net of by-product credits. Copper total cash costs Include cash C1 unit costs (after by-product margins) and capitalized stripping.
5. Including co-product zinc production from our Copper business unit.15
($M) Sustaining
Major
Enhancement
New Mine
Development Sub-total
Capitalized
Stripping Total
Steelmaking
Coal 140 120 - 260 430 690
Copper 130 20 200 350 140 490
Zinc 210 15 20 245 50 295
Energy 50 - 675 725 - 725
TOTAL 530 155 895 1,580 620 2,200
Total capex of ~$1.6B, plus capitalized stripping
2017 Capital Expenditures Guidance
16
5.0
5.5
6.0
6.5
7.0
7.5
9/30/2015 12/31/2015 9/30/2016 12/31/2016
US$Billions
17
Debt Reduction Remains a Priority
1. As at February 14, 2017.
2. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.
3. Our revolving credit facility requires a debt to debt-plus-equity ratio of <50%.
• Issuer credit ratings1
− S&P: BB stable
− Moody’s: Ba3 positive
• Cost of non-investment grade:
− ~C$1B additional letters of credit: ~C$30M
− May 2016 bond issue: +300bps
~US$37.5M; callable in 2018 and 2019
Declining DebtCurrent Debt Portfolio1
Public notes outstanding US$6.1B
Average coupon 5.7%
Weighted average term to maturity ~13 years
Debt to debt-plus-equity ratio2,3 32%
Credit Rating
>US$1B
Reduction
Looking Forward
• Generating strong free cash flow
• Approaching first oil from Fort Hills and
transition to 50-years of cash flow
• Advancing small, high value capital projects
• Reducing debt is a priority
18
Fourth Quarter 2016 Results
February 15, 2017

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Q4 2016 Financial Report

  • 1. Fourth Quarter 2016 Results February 15, 2017
  • 2. Forward Looking Information Both these slides and the accompanying oral presentation 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 can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. 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. The forward-looking statements in these slides and the oral presentation include estimates, forecasts, and statements as to management’s expectations with respect to, among other matters, steelmaking coal EBITDA and cash flow potential, the statements made regarding the potential mine life, capital intensity, operating costs and production at our Quebrada Blanca Phase 2 project, expectations relating to our Fort Hills project, including capital costs and Teck’s share of those costs, timing of first oil and production rate, 2017 capital expenditure guidance, our statement that debt reduction remains a priority, our 2017 production and cost guidance including our cost, sales and production forecasts for our business units and individual operations and expectation that we will meet our production, sales and production guidance and forecasts, interest rates and demand and market outlook for commodities. These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially. These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, interest rates, the supply and demand for, inventories of, and the level and volatility of prices of zinc, copper, coal and gold and other primary metals and minerals produced by Teck as well as oil, natural gas and petroleum products, the timing of receipt of regulatory and governmental approvals for Teck’s development projects and other operations, Teck’s costs of production and production and productivity levels, as well as those of its competitors, power prices, market competition, the accuracy of Teck’s reserve estimates (including, with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based, tax benefits, the resolution of environmental and other proceedings, assumptions regarding the impact of our cost reduction program on our operations, our ongoing relations with our employees and partners and joint venturers, performance by customers and counterparties of their contractual obligations, and the future operational and financial performance of the company generally. Our steelmaking coal EBITDA and cash flow potential are also based on the assumptions noted on the footnote to the slide, including Canadian dollar to US dollar exchange rate, fuel cost and other assumptions noted above. Our Fort Hills and Quebrada Blanca Phase 2 project expectations also include assumptions that the projects are built and operated according to our project development plans. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to differ materially. Factors that may cause actual results to vary include, but are not limited to: adverse developments in business and economic conditions in the principal markets for Teck’s products, in credit markets, or in the supply, demand, and prices for metals and other commodities to be produced, changes in interest and currency exchange rates, failure of customers or counterparties to perform their contractual obligations, inaccurate geological or metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in taxation regimes, legal disputes or unanticipated outcomes of legal proceedings, 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 permits or government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, lack of available financing for Teck or its partners or co-venturers, and changes in general economic conditions or conditions in the financial markets. Our Fort Hills project is not controlled by us and construction and production schedules may be adjusted by our partners. The amount and timing of actual capital expenditures is dependent upon numerous factors, including our ability to secure permits, equipment, labour and supplies and to do so at the cost level expected. And we may change our capital spending plans depending on commodity markets, results of feasibility studies or various other factors. 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. Statements regarding anticipated coal sales volumes and average coal prices for the quarter depend on timely arrival of vessels and performance of our coal-loading facilities, as well as the level of spot pricing sales. Certain of these risks are described in more detail in the annual information form of the company available at www.sedar.com and in public filings with the SEC. The company does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. 2
  • 3. Capitalizing on the Turn in the Cycle • Continuing to execute for higher production per share − No equity dilution − No operating assets sold − Investing in production growth from Fort Hills − Maintaining strong liquidity − Reducing debt & managing maturities • Record quarterly results • Generating significant free cash flow • Strengthening our financial position 3
  • 4. Q4 2016 2016 Revenue $3.6 billion $9.3 billion Gross profit before depreciation & amortization* $2.0 billion $3.8 billion Profit attributable to shareholders $697 million $1.0 billion EBITDA* $1.6 billion $3.4 billion Adjusted profit attributable to shareholders* $930 million $1.61/share $1.1 billion $1.91/share Financial Results Overview Significant increases in adjusted profit attributable to shareholders* *Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.4
  • 5. Solid Delivery Against 2016 Guidance 1. Approximate, based on capitalized stripping guidance and mid-point of production guidance range. 2. Steelmaking coal unit cost of sales include site costs, inventory adjustments, collective agreement charges and transport costs. Total cash unit costs are unit cost of sales plus capitalized stripping. US dollar unit costs assume a Canadian dollar to US dollar exchange rate of 1.33 in 2016 and 1.30 in 2017. 3. Non-GAAP financial measures. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information. 4. Includes one-time collective agreement settlement charges of $2 per tonne. 5. Net of by-product credits. 6. Copper total cash unit costs include cash C1 unit costs (after by-product margins) and capitalized stripping. 7. Including co-product zinc production from our copper business unit. 8. Including capitalized stripping. Guidance Results Steelmaking Coal Production 25-26 Mt  27.6 Mt Record production Site costs $45-49/t  $43/t Capitalized stripping $11/t1  $10/t Transportation costs $35-37/t  $34/t Total cash unit costs2,3 $91-97/t US$69-73/t  $89/t4 US$67/t4 Lower unit costs Copper Production 305-320 kt  324 kt C1 unit costs5 US$1.50-1.60/lb  US$1.35/lb Capitalized stripping US$0.21/lb1  US$0.17/lb Total cash unit costs3,6 US$1.71-1.81/lb  US$1.52/lb Lower unit costs Zinc Metal in concentrate production7 630-665 kt  662 kt Refined production 290-300 kt  312 kt Record production Capital Expenditures8 $2.0B  $1.9B Lower capex 5
  • 6. Steelmaking Coal Earnings Potential Coal Annual EBITDA & Cash Flow Potential* Potential EBITDA and cash flow remains significant * Non-GAAP financial measures. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information. Annualized EBITDA and free cash flow generating capacity of the coal business unit in two scenarios. The “mid-point” scenario assumes the mid-points of 2017 production and cost guidance, and realized coal prices equal to 92% of benchmark. The “Upside” scenario assumes production at the high end of our 2017 guidance range, operating costs at the low end of the range, and realized coal prices equal to 96% of the benchmark. “Cash flow” refers to free cash flow after capitalized stripping and sustaining capital. Outputs are based on an assumed Canadian dollar to US dollar exchange rate of 1.30, 2017 plan fuel costs, and numerous other assumptions. These assumptions are subject to various risks and uncertainties that may cause results to vary materially from those depicted above. Please see the Cautionary Note on Forward-Looking Information for more information. 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 $125 $150 $175 $200 C$Million HCC Coal Price US$/t 2017 Guidance Mid-Point Upside Coal production (Mt) 27.5 28 Unit Cost of Sales (C$/t): Site (C$/t) 48 46 Transportation (C$/t) 36 35 Unit Cost of Sales (C$/t) 84 81 Capitalized Stripping (C$/t) 16 16 Sustaining Capital (C$/t) 5 5 6
  • 7. 41 44 2 7 35 34 Q4 2015 Q4 2016 6.4 7.3 Q4 2015 Q4 2016 6.5 6.9 Q4 2015 Q4 2016 108 277 Q4 2015 Q4 2016 197 1,343 Q4 2015 Q4 2016 Steelmaking Coal Quarterly Results Realized Price (C$/tonne) Revenue (C$M) Gross Profit2,3 (C$M)Production (Mt) Sales (Mt) Unit Cost of Sales1,2 (C$/tonne) 1. Steelmaking coal unit cost of sales include site costs, inventory adjustments, collective agreement charges and transport costs. 2. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. 3. Before depreciation and amortization. Gross profit2,3 up >$1.1B 78 85 Site2 Transport Total 0.9 0.4 156% 176% 582% Record production Collective Agreement Settlement Charges Inventory 9% Record sales 701 1,933 Q4 2015 Q4 2016 7
  • 8. 96 72 Q4 2015 Q4 2016 105 75 Q4 2015 Q4 2016 2.21 2.40 Q4 2015 Q4 2016 619 540 Q4 2015 Q4 2016 1.37 1.45 Q4 2015 Q4 2016 203 226 Q4 2015 Q4 2016 Copper Quarterly Results Realized Price (US$/lb) Revenue (C$M) Gross Profit2, 3 (C$M)Production (kt) Sales (kt) C1 Unit Costs1,2 (US$/lb) xx% 13% 1. C1 unit costs are net of by-product margins. 2. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. 3. Before depreciation and amortization. 30 24 9% 6% 11% Average realized price up US$0.19/lb 8
  • 9. Quebrada Blanca 2 is a Potential Tier 1 Asset • Top 15 copper producer globally • Development capital costs reduced significantly to US$4.7B • Attractive capital intensity • Change in scope, including revised tailings facility • Initial mine life of 25 years uses only ~25% of known reserves & resources • Familiar, mining-friendly jurisdiction • Low operating costs • 300 kt annual copper equivalent production in first 5 years 9
  • 10. 24 22 Q4 2015 Q4 2016 0.75 1.13 Q4 2015 Q4 2016 814 1,083 Q4 2015 Q4 2016 222 223 Q4 2015 Q4 2016 79 84 Q4 2015 Q4 2016 213 394 Q4 2015 Q4 2016 145 133 Q4 2015 Q4 2016 79 81 Q4 2015 Q4 2016 Zinc Quarterly Results Zinc Realized Price (US$/lb) Revenue (C$M) Gross Profit2 (C$M)Zinc Production (kt) Zinc Sales (kt) Lead Production (kt) Gross profit2 up 85% 1. Represents production and sales from Red Dog and Pend Oreille, and excludes co-product zinc production from our copper business unit. 2. Before depreciation and amortization. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. RefinedConc1 RefinedConc1 RefinedConc1 33% 5 2 51% 85% 12 2 1 31 37 Q4 2015 Q4 2016 6 10
  • 11. Fort Hills Project Status & Progress Source: Fort Hills Energy Limited Partnership, October 2016. • Majority of areas progressing to plan • Construction >76% complete at year end 2016 • 2 of 6 areas turned over to Operations (Mining and Infrastructure) • First oil end of 2017 • Teck’s share of project costs to completion is $805M • Steady state production increased to 186 kbpd Expect to achieve 90% of nameplate capacity by end 2018 11
  • 12. Simplified Pricing Adjustment Model Outstanding at Sep. 30, 2016 Outstanding at Dec. 30, 2016 Quarterly Price Change Pricing Adjustments Mlbs US$/lb Mlbs US$/lb US$/lb C$M Copper 156 2.20 114 2.50 +0.30 48 Zinc 246 1.08 231 1.17 +0.09 28 Other 14 TOTAL 90 Driven by quarterly change in key commodity prices Quarterly Pricing Adjustments Q3 2014 Q2 2013 Q2 2014 Q2 2016 Q1 2014 Q3 2013 Q4 2015 Q1 2015 Q2 2015 Q1 2013 Q3 2015 Q4 2013 Q1 2016 Q4 2013 Q3 2016 Q4 2016 -150 -100 -50 0 50 100 -$0.75 -$0.25 $0.25 $0.75 Pre-taxSettlementAdjustment(C$M) Change in Copper & Zinc Price (C$/lbs) 12
  • 13. 0 500 1000 1500 2000 2500 3000 Cash - start of quarter Cash flow from operations Repayment of debt PP&E, incl. Fort Hills Debt interest and finance charges paid Capitalized stripping Dividends paid Other Cash - end of quarter Cash Changes in Q4 2016 Cash Flow 417 113 536 $Millions $1,113 $1,407 108 1,490 Significantly exceeded year-end cash balance guidance & US$3B credit facility remained undrawn 29 13 13
  • 14. Leverage to Strong Coal & Zinc Markets Production Guidance1 Unit of Change Effect on Estimated Profit3 Effect on Estimated EBITDA3,4 $C/$US C$0.01 C$42M /$0.01∆ C$68M /$0.01∆ Coal 27.5 Mt US$1/tonne2 C$21M /$1∆ C$32M /$1∆ Copper 282 kt US$0.01/lb C$5M /$0.01∆ C$7M /$0.01∆ Zinc 972 kt US$0.01/lb C$9M /$0.01∆ C$14M /$0.01∆ 2017 Leverage to Commodities & FX 1. Assumes the midpoint of 2017 guidance ranges. Zinc includes 670 kt of zinc in concentrate and 302 kt of refined zinc. 2. Based on a US$1/tonne change in benchmark premium steelmaking coal price. 3. Annual effect based on commodity prices and our balance sheet as of February 14, 2017 and a C$/US$ exchange rate of 1.30. The effect varies from quarter to quarter depending on sales volumes and is sensitive to movements in commodity prices. 4. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. 14
  • 15. 2016 Results 2017 Guidance Steelmaking Coal Production 27.6 Mt 27-28 Mt Site costs $43/t $46-50/t Capitalized stripping $10/t $16/t1 Transportation costs $34/t $35-37/t Total cash costs2, 3 $89/t US$67/t $97-103/t US$74-79/t Copper Production 324 kt 275-290 kt C1 unit costs4 US$1.35/lb US$1.40-1.50/lb Capitalized stripping US$0.17/lb US$0.18/lb1 Total cash costs4 US$1.52/lb US$1.58-1.68/lb Zinc Metal in concentrate production5 662 kt 660-680 kt Refined production 312 kt 300-305 kt 2017 Production & Site Cost Guidance 1. Approximate, based on capitalized stripping guidance and mid-point of production guidance range. 2. Average C$/US$ exchange rate of 1.33 in 2016. Assumes C$/US$ exchange rate of 1.30 in 2017. 3. Steelmaking coal unit cost of sales include site costs, inventory adjustments, collective agreement charges and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. 4. Net of by-product credits. Copper total cash costs Include cash C1 unit costs (after by-product margins) and capitalized stripping. 5. Including co-product zinc production from our Copper business unit.15
  • 16. ($M) Sustaining Major Enhancement New Mine Development Sub-total Capitalized Stripping Total Steelmaking Coal 140 120 - 260 430 690 Copper 130 20 200 350 140 490 Zinc 210 15 20 245 50 295 Energy 50 - 675 725 - 725 TOTAL 530 155 895 1,580 620 2,200 Total capex of ~$1.6B, plus capitalized stripping 2017 Capital Expenditures Guidance 16
  • 17. 5.0 5.5 6.0 6.5 7.0 7.5 9/30/2015 12/31/2015 9/30/2016 12/31/2016 US$Billions 17 Debt Reduction Remains a Priority 1. As at February 14, 2017. 2. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. 3. Our revolving credit facility requires a debt to debt-plus-equity ratio of <50%. • Issuer credit ratings1 − S&P: BB stable − Moody’s: Ba3 positive • Cost of non-investment grade: − ~C$1B additional letters of credit: ~C$30M − May 2016 bond issue: +300bps ~US$37.5M; callable in 2018 and 2019 Declining DebtCurrent Debt Portfolio1 Public notes outstanding US$6.1B Average coupon 5.7% Weighted average term to maturity ~13 years Debt to debt-plus-equity ratio2,3 32% Credit Rating >US$1B Reduction
  • 18. Looking Forward • Generating strong free cash flow • Approaching first oil from Fort Hills and transition to 50-years of cash flow • Advancing small, high value capital projects • Reducing debt is a priority 18
  • 19. Fourth Quarter 2016 Results February 15, 2017