Teck Resources Ltd. (TSX: TECK.A and TECK.B, NYSE: TECK), Canada’s largest producer of metallurgical coal, announced Dec. 12 that it has settled with major customers a benchmark price for the first quarter of 2017 for its highest quality coals of US$285 per tonne.
First quarter realized prices will reflect a combination of sales at the quarterly contract price and spot sales.
Teck also announced that unionized employees at its Fording River and Elkview met coal mines in British Columbia have ratified new five-year collective agreements expiring April 30, 2021, and Oct. 31, 2020, respectively. These new deals replace agreements that expired on April 30, 2016, and Oct. 31, 2015. As a result of the new collective agreements, Teck expects to incur a one-time, after-tax charge to profit in the fourth quarter of approximately C$35 million.