Deutsche Bank 24th Annual Leveraged Finance Conference

Leveraged Finance ConferenceSeptember 27, 2016

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 LitigationReform 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 orachievements expressed or implied by the forward-looking statements. These forward-looking statements include statements relating to the long-life of our assets andestimated resource life, estimated profit and estimated EBITDA and the sensitivity of estimated profit and estimated EBITDA to foreign exchange and commodity prices, 2016production guidance and cost guidance, sensitivities of profit and EBITDA to foreign exchange and commodity price movements, our expectation regarding market supply anddemand in the commodities we produce, expectation that we will achieve further unit cost reductions in 2016, 2016 cost guidance and forecasts, coal EBITDA and cash flowpotential, statements regarding the availability of our credit facilities, 2016 capital expenditure guidance, future options for growth projects, steelmaking coal 5-year planningobjectives, the effect of US dollar oil price changes on our Canadian dollar cost savings, our goal to maintain the core of our business at least free cash flow neutral, ourexpectation that we will end 2016 with at least $700 million in cash, expectation that we will not draw on our US$3B facility in 2016, our statements regarding the Fort Hillscapital expenditures and our ability to fund those, our level of liquidity, statements regarding our credit rating, the availability of or credit facilities and other sources of liquidity,statements regarding our coal growth potential, the conceptual future production profile for coal, the potential benefits of LNG use in haul trucks, all projections forNuevaUnión and statements made on the “NuevaUnión Summary” slide, the statement that Teck is poised to capitalize on improving zinc fundamentals, statements regardingthe production and economic expectations for the Fort Hills project, including but not limited to operating and sustaining cost projections, sustaining capital projection, freecash flow projections, netback assumptions and calculations, operating margin, Alberta oil royalty, net margin, Teck’s share of go-forward capex, mine life, capital costprojections, all statements made on the “Fort Hills Key Numbers” and “Fort Hills Project Economics Are Robust” slides, transportation capacity and our ability to securetransport 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 filingsavailable on SEDAR (www.sedar.com) and EDGAR (www.sec.gov). In addition, the forward-looking statements in these slides and accompanying oral presentation are alsobased on assumptions, including, but not limited to, regarding general business and economic conditions, the supply and demand for, deliveries of, and the level and volatilityof 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 governmentalapprovals 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 andrecoverability) and the geological, operational and price assumptions on which these are based, conditions in financial markets, the future financial performance of thecompany, 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, ourcoal and other product inventories, our ability to secure adequate transportation for our products, our ability to obtain permits for our operations and expansions, our ongoingrelations with our employees and business partners and joint venturers. Reserve and resource life estimates assume the mine life of longest lived resource in the relevantcommodity is achieved, assumes production at planned rates and in some cases development of as yet undeveloped projects. Management’s expectations of mine life arebased on the current planned production rates and assume that all resources described in this presentation are developed. Certain forward-looking statements are based onassumptions regarding the price for Fort Hills product and the expenses for the project, as disclosed in the slides. Our estimated profit and EBITDA sensitivity estimates arebased on the commodity price and currency exchange assumptions stated on the relevant slide. Our estimated year-end cash balance assumes current commodity pricesand exchange rates, our 2016 guidance for production, costs and capital expenditures, existing US$ debt levels and no unusual transactions. Cost statements are based onassumptions noted in the relevant slide. Coal EBITDA and cash flow potential assumptions are noted in the slide titled “Coal EBITDA & Cash Flow Potential”. Assumptionsregarding liquidity are based on the assumption that Teck’s current credit facilities remain fully available. Assumptions regarding Fort Hills also include the assumption thatproject development and funding proceed as planned, as well as assumptions noted on the relevant slides discussing Fort Hills. Assumptions regarding our potential reserveand 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 notexhaustive. Assumptions regarding NuevaUnión include that the project is built and operated in accordance with the conceptual preliminary design from a preliminaryeconomic assessment.

2

http://www.sedar.com/

http://www.sec.gov/

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 orprocesses to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receiptof government approvals, industrial disturbances or other job action, adverse weather conditions and unanticipated events related to health, safety and environmentalmatters), 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 impactassessments, 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 allreserves 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 maybe adjusted by our partners. NuevaUnión is 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 thatdemand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not bedisrupted 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 uncertaintiesassociated with these forward-looking statements and our business can be found in our most recent Annual Information Form, as well as subsequent filings of ourmanagement’s discussion and analysis of quarterly results, all filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov).

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http://www.sedar.com/

http://www.sec.gov/

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

4

• Americas-centered strategy focused on long-life assets in stable jurisdictions− Canada, U.S., Peru and Chile are

favorable regions in which to operate with well-known mining codes

• High-quality assets: All business units are cash flow positive

• 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 in Low Risk Jurisdictions

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.

5

Diversified business model

Attractive portfolio of long life assets

Low half of the cost curve

Appropriate scale

Low risk jurisdictions

Consistent Long-Term Strategy

6

Financial Results Overview

2015 Q2 2016

Revenue $8.3 billion $1.7 billion

Assets $34.7 billionAs of December 31

$33.9 billionAs of June 30

Gross profitbefore depreciation & amortization*

$2.6 billion $536 million

Profit (loss)attributable to shareholders

($2.5 billion) $15 million

Adjusted EBITDA* $2.0 billion $468 million

Adjusted profitattributable to shareholders*

$188 million$0.33/share

$3 million$0.01/share

*Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in Teck’s quarterly results news releases for additional information.7

We have leverage to stronger steelmaking coal and zinc markets, and we benefit from the weaker Canadian dollar

The Value of Our Diversified Business Model

Cash Operating Profit 20151,2

Production Guidance3

Unit of Change

Effect on Estimated

Profit4

Effect on EstimatedEBITDA2,4

$C/$US C$0.01 C$22M /$.01∆ C$35M /$.01∆

Coal 26.5 Mt US$1/tonne5 C$20M /$1∆ C$31M /$1∆

Copper 315 kt US$0.01/lb C$5M /$.01∆ C$8M /$.01∆

Zinc 950 kt US$0.01/lb C$9M /$.01∆ C$13M /$.01∆

2016 Leverage to Commodities & FX

1. Reflects gross profit before depreciation and amortization.2. Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.3. Assumes the midpoint of updated 2016 guidance ranges. Zinc includes 655 kt of zinc in concentrate and 295 kt of refined zinc.4. Based on commodity prices as of July 27, 2016 and C$/US$ exchange rate of $1.30. The effect on our profit and EBITDA will vary with movements in commodity prices, exchange rates and sales

volumes. 5. Based on a US$1/tonne change in benchmark premium steelmaking coal price.

Base Metals~65%

Copper ~35%

Zinc~30%

Coal~35%

BaseMetals~65%

8

Agenda



Teck Update

9

Improved outlook for steelmaking coal

Small surplus in copper could shift into deficit

Growing deficit and shrinking inventories in zinc

Oil market to rebalance

Change in Direction in Key Commodity Markets

10

Positive Developments in Steelmaking Coal

Coal Price Assessments

Strong recovery in metallurgical coal spot prices

China Steel and Coal Production• China July YTD steel production flat

year over year• China coking coal imports Mar-July

annualized ~60 Mt• China coking coal production declining

due to operating days restrictions

Global Steel and Coal Production• Curtailments continue • US exports declining• India steel production increasing

Source: Argus Plotted to September 9, 2016

60

80

100

120

140

160

180

200

$ / to

nne

Quarterly Contract Settlement Argus FOB Australia

11

-1,400

-1,200

-1,000

-800

-600

-400

-200

02006 2007 2008 2009 2010 2011 2012 2013 2014 2015

2016YTD

Thou

sand

tonn

es

1. Relative to initial expectations

8.1%

Disruptions to Concentrate Production Averaged 6.3% in 2007-20151

4.5%

• Currently a marginal oversupply in a ~20 Mt market

• Additional ~3% disruption could balance market

• Supply exceeding expectations elsewhere

• Post-2017, new supply minimal

• Exchange stocks represent <2 weeks of supply

Copper Surplus Could Shift Into Deficit

Source: Wood Mackenzie

12

Concentrate Supply Shrinking

Chinese Zinc Metal Imports

0

100

200

300

400

500

600

700

Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-1

kt

Mine production Concs imports Annualized Monthly Avg. Supply

Spot and Benchmark TCs Tighten

• Domestic production plus imports ~550 kt/mth in 2013− Currently ~440 kt/mth

• Concentrate imports averaged ~95 kt/mth 2013 to 2015 − 2016 averaging 70 kt/mth

• Reduction in supply forcing metal production cuts

• Metal imports increased to supplement declining feedstocks

• Continued tightness is evidenced by the falling TCs

Source: NBS/CNIA, Customs

$0

$50

$100

$150

$200

$250

$300

2011 2012 2013 2014 2015 2016

Spot Annual

Down ~40%

0

20

40

60

80

100

120

Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-1

kt

211 kt

Up ~65% 351 kt

Chinese Zinc Concentrate Supply Declining



Plotted to July 2016



13

Source: Consensus Economics, August 2016

Fort Hills first production may coincide with forecasted supply deficit

Oil Market to Rebalance

Global Crude Oil Supply and Demand Balances

14

Agenda



Teck Update

15

Continued Focus on Cost Management and Operating Execution

• Continuing to deliver on cost management

• Lowered unit cost guidance in Coal and Copper

• Increased production guidance in Coal, Copper, and Zinc

• Extended near-term debt maturities and credit lines

• Increased year-end cash balance target to >$700M

• Recognized again for corporate citizenship & social responsibility

16

0.00

0.50

1.00

1.50

2.00

2.50

2012 2013 2014 2015 2016F*

Before by-product creditsAfter by-product credits

US$

/lb

0

10

20

30

40

50

60

70

80

90

2012 2013 2014 2015 2016F*

Operating Capitalized Stripping

C$/

t

0

50

100

150

200

250

300

350

400

2012 2013 2014 2015

US$

per t

onne

of p

rodu

ctio

n

Track Record of Lowering Cash Costs

Copper Cash Costs3

Achieved significant unit cost reductions, and expect further reductions in 2016

Steelmaking Coal Total Site Costs1

2

1. Total site costs are site costs, inventory write-downs and capitalized stripping, excluding depreciation. 2. Operating costs include site costs and inventory write-downs.3. By-product credits reduced cash costs by US$0.19/lb in 2015. Assumes US$0.19/lb in 2016.4. Red Dog zinc/lead site costs are Red Dog site costs per tonne of combined zinc and lead production.* 2016F based on mid-point of updated guidance range.

Red Dog Zinc/Lead Site Costs4

17

500

1,000

1,500

2,000

2,500

3,000

3,500

100 105 110 115 120 125 130 135 140 145 150

C$

Milli

on

HCC Coal Price US$/t

Expanding Coal Earnings Potential

Coal EBITDA & Cash Flow Potential*

Cost reductions and price increases contribute to expanding earnings potential

* 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 2016 production and cost guidance, and realized coal prices equal to 92% of benchmark. The “Upside” scenario assumes production at the high end of our 2016 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 flowafter capitalized stripping and sustaining capital. Outputs are based on an assumed C$/US$ exchange rate of 1.30:1, 2016 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.

2016 Guidance Mid-Point UpsideCoal production (Mt) 26.5 27Unit Cost of Sales (C$/t):

Site 44 42Transportation 34 33Unit Cost of Sales (C$/t) 78 75

Capitalized Stripping (C$M) 290 290Sustaining Capital (C$M) 50 50

18

Largest Global Net Zinc Mining Companies

0

50

100

150

200

250

300

350

400

Thou

sand

tonn

es

Source: Wood Mackenzie, 2016E

Teck is the Largest Net MinerProvides Increased Exposure to Zinc Price

Public Company

Private CompanyTeck

19

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

US$

M

Existing Notes New Notes

20

Extended Near-Term MaturitiesNo Substantial Bond Maturities for Five Years

1. In connection with the extension, certain of our subsidiaries provided guarantees for the extended facility and the facility was amended to include certain covenants. See Note 5(c) to our Q2 2016 financial statements for further details.

• Extended the maturity of US$1.0 billion of our US$1.2 billion credit facility by two years from June 2017 to June 20191

• Issued US$1.25 billion of five-year and eight-year senior unsecured notes• Purchased US$1.25 billion of notes maturing from 2017 to 2019

Debt Maturity Profile

Positioned to Emerge Stronger from this Cycle

• Production growth from Fort Hills

• No operating assets sold

• No equity dilution

• Maintaining strong liquidity

• Reducing debt, managing maturities

21

Result is higher production per share

Additional Information

22

TCK B Stock Price vs. C$/US$ Exchange Rate (2000-present)

Canadian Dollar Impacts Stock Price

Plotted to August 17, 2016

C$/

US$

Exc

hang

e R

ate

C$/

shar

e

Canadian dollar exchange rate is highly correlated with commodity prices

Source: Bloomberg

$0

$10

$20

$30

$40

$50

$60

$70

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

"C$ vs US$ Exchange Rate (left axis)' Teck (right axis)

23

Teck Stock Price vs. Bloomberg Commodity Price Index (2000-present)

Commodity Price Correlation With Stock Price

Plotted to August 17, 2016Source: Bloomberg

$0

$10

$20

$30

$40

$50

$60

$70

50

70

90

110

130

150

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190

210

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250

03/0

1/20

0003

/07/

2000

03/0

1/20

0103

/07/

2001

03/0

1/20

0203

/07/

2002

03/0

1/20

0303

/07/

2003

03/0

1/20

0403

/07/

2004

03/0

1/20

0503

/07/

2005

03/0

1/20

0603

/07/

2006

03/0

1/20

0703

/07/

2007

03/0

1/20

0803

/07/

2008

03/0

1/20

0903

/07/

2009

03/0

1/20

1003

/07/

2010

03/0

1/20

1103

/07/

2011

03/0

1/20

1203

/07/

2012

03/0

1/20

1303

/07/

2013

03/0

1/20

1403

/07/

2014

03/0

1/20

1503

/07/

2015

03/0

1/20

1603

/07/

2016

Bloomberg Commodity Price Index (Left Axis) Teck (Right Axis)

C$/

shar

e

Bloo

mbe

rg C

omm

odity

Pric

e In

dex

24

0%

10%

20%

30%

40%

50%

60%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Steelmaking Coal Copper Zinc

Gross Profit Before Depreciation and Amortization

Diversified Business Mix

Zinc generated almost half of profit in the past, and could do so again

*Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.25

NorthAmerica

~23%Europe~14%

LatinAmerica

~2%

China~22%

Asia excl. China~40%

Diversified Global Customer BaseExposure to Recovery in Developed Markets as well as Growing Emerging Markets

* Based on 2015 revenue.

Revenue Contribution from Diverse Markets*

26

46 35

31

1512

35

28

2014 20152014 2015

Significant Cost Reductions in 2015Unit Costs Reduced at all of our Operations in 2015, Preserving Margins in a Volatile Commodity Environment

1. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. 2. Copper C1 unit costs are net of by-product margins. Total cash costs are C1 unit costs plus capitalized stripping. See Appendix for definition.3. Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.

23%

Total Cash Unit Costs (US$/tonne)1,3

76

99

Site

Transport

Inventory

Total Cash Unit Costs (US$/lb)2,3

xx%

14%Copper2

C1 Unit Costsdown US$0.20/lb

Total Cash Unit Costs3

down US$0.27/lb

Total

Capitalized Stripping

Site

Total


1.661.93

2014 2015

24%

Unit Cost of Sales (US$/tonne)1

64

84

C1 Unit Costs (US$/lb)2

xx%

12%

1.45

1.65

Steelmaking Coal1

Unit Cost of Salesdown US$20/t

Total Cash Unit Costs3

down US$23/t

1.65 1.45

0.28 0.21

2014 2015

27

- $50 $100 $150 $200 $250

Other ($1M)

Productivity - Utilization (e.g Op Delays)…

Components (life/cost) ($7M)

Freight savings ($7M)

Over time reduction ($12M)

Productivity - Enablers, multiple levers ($16M)

Plan optimization ($21M)

Pricing Improvements ($20M)

Equipment Rental Savings ($20M)

Mining Productivity - Availability ($23M)

Admin savings ($55M)

Idling & Energy Savings ($64M)

Consumables ($64M)

Employee Cost Reduction ($134M)

Contractors/Consultants Reduction ($160M)

Mining Productivity - Throughput ($215M)

2013 Initiatives 2014 Initiatives 2015 Initiatives

CAD$ millions(all USD savings translated using CAD/USD rate of 1.384)

~C$820M of Annualized Savings in 2015, from Major Cost Reduction Initiatives in 2013-2015

Annualized 2015 Savings from Major Cost Reduction Program Initiatives (C$M)

Targeting an additional C$300M in operating cost reductions in 2016; A total of >C$1B of annualized savings identified and included in 2016 plan

Meaningful Savings and Capital Spending Reductions Achieved

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2012 2013 2014 2015 2016Guidance

New Mine Development Major Enhancements

Sustaining Capital Capitalized Stripping

C$M

Total Capital Expenditures 2012-2016F

Productivity – Utilizat. (e.g. Op Delays) ($5M)

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2015 Results Updated 2016 Guidance

Steelmaking CoalProduction 25.3 Mt 26-27 MtSite costs $45/t $42-46/tCapitalized stripping $16/t $11/t1

Transportation costs $36/t $33-35/t

Total cash unit costs2,3 $99/tUS$76/t3

$86-92/tUS$66-71/t3

CopperProduction 358 kt 310-320 ktC1 unit costs4 US$1.45/lb US$1.40-1.50/lbCapitalized stripping US$0.21/lb US$0.21/lb1

Total cash unit costs3,5 US$1.66/lb US$1.61-1.71/lbZinc

Metal in concentrate production6 658 kt 645-665 ktRefined production 307 kt 290-300 kt

Updated 2016 Production & Cost 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 and transport costs. Total cash unit costs are unit cost of sales plus capitalized stripping. Assumes as US to Canadian

dollar exchange rate of 1.30.3. Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.4. Net of by-product credits.5. Copper total cash unit costs Include cash C1 unit costs (after by-product margins) and capitalized stripping. 6. Including co-product zinc production from our copper business unit.

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($M) SustainingMajor

EnhancementNew Mine

Development Sub-totalCapitalized

Stripping Total

Coal $50 $40 $ - $90 $290 $380

Copper 120 5 80 205 190 395

Zinc 130 10 - 140 60 200Energy 5 - 1,000 1,005 - 1,005

TOTAL $305 $55 $1,080 $1,440 $540 $1,980

Total capex of ~$1.4B, plus capitalized stripping

2015A $397 $64 $1,120 $1,581 $663 $2,244

2016 Capital Expenditures Guidance

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Operation Expiry DatesElkview In Negotiations - October 31, 2015Fording River In Negotiations - April 30, 2016Highland Valley Copper September 30, 2016Trail May 31, 2017Cardinal River June 30, 2017

Quebrada BlancaOctober 30, 2017

November 30, 2017December 31, 2017

Quintette April 30, 2018Antamina July 31, 2018Coal Mountain December 31, 2018Line Creek May 31, 2019

Carmen de Andacollo September 30, 2019December 31, 2019

Collective Agreements

31

CoalWell 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

CopperStrong platform with substantial growth options

ZincWorld-class resource combined with integrated assets

EnergyBuilding a new business through partnership

Trail #1 Acid Plant

HVC Mill Optimization

Pend Oreille Restart

Fort Hills

Elk Valley Brownfield (4 Mpta)

Staged Growth/Value Pipeline

Red Dog Satellite Deposit – Anarraaq

San Nicolas (Cu-Zn)

Elk Valley Brownfield (Replacement 4Mpta) Quintette/Mt. Duke

Frontier

Lease 421

QB Phase 2

NuevaUnión

Mesaba

ZafranalHVC Brownfield

Galore/Schaft Creek

Cirque

Future Options

Trail #2 Acid Plant

Medium-term Growth Options

Elk Valley Brownfield

Antamina Brownfield

Red Dog Satellite Deposits

Neptune Terminals to 18Mtpa

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Strong Financial Position; Including >C$5.4 in Liquidity1

Amount ($M) Commitment Maturity Letters of Credit Limit ($M)

Letters of Credit Issued ($M)

Total Available ($M)

US$3,000 Committed July 2020 US$1,000 Undrawn US$3,000

US$1,0003 Committed June 20193 US$1,0003 US$8062 US$1943

Expect to keep available for letter of credit requirements

~C$1,650 Uncommitted n/a n/a ~C$1,500 ~C$150

− Only financial covenant is debt to debt-plus-equity ratio4 of <50%• Debt to debt-plus equity of 35%2

− Availability not affected by commodity price changes or credit rating actions− Available for general corporate purposes

1. As at July 27, 2016. Liquidity includes cash balance of ~C$1.4 billion and undrawn US$3 billion credit facility, assuming a 1.30 CAD/USD exchange rate.2. As of June 30, 2016.3. We extended the maturity of US$1.0 billion of our US$1.2 billion credit facility by two years from June 2017 to June 2019.4. Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.5. Assumes current commodity prices and exchange rates, our 2016 guidance for production, costs and capital expenditures, existing US$ debt levels and no unusual transactions

• Cash balance of ~C$1.4B1

• Substantial credit facilities2:

Expect year-end cash balance >C$700M5

33

Credit Ratings

S&P Moody’s Fitch DBRS

BBB- Baa3 BBB- BBB (low)

BB+ Ba1 BB+ BB (high)negative

BB Ba2 BB BB

BB- Ba3 BB- BB (low)

B+stable B1 B+

negative B (high)

B B2 B B

B- B3negative B- B (low)

Investment Grade

Non-Investment Grade

Supported by:• Diversified business model• Low risk jurisdictions• Low cost assets• Conservative financial policies• Significant cost reductions• Capital discipline• Achieving production guidance• Production curtailments in coal• Dividend cut• Streaming transactions

Constrained by:• Debt-to-EBITDA*, due to weak prices

Ratings reflect the current economic environment

As at September 7, 2016.* EBITDA is a non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.

Issuer Credit Ratings

34

0

50

100

150

200

250Ja

n-05

Jan-

06

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Moody's S&P Fitch Bloomberg Commodity Price Index (Right Axis)

BBB/Baa2

BBB-/Baa3

BB+/Ba1

BB/Ba2

BB-/Ba3

BBB+/Baa1

B+/B1

B/B2

B-/B3

A+/A1

A/A2

A-/A3

Inve

stm

ent G

rade

Non

-Inve

stm

ent G

rade

Teck Credit Ratings vs. Bloomberg Commodity Price Index

Credit Ratings Reflect Commodity Prices


35

Significant Tax Pools in Canada1

~$6B in Available Tax Pools, Including:• >$4B in loss carryforwards• $1.77B in Canadian Development Expenses

Applies To:• Cash income taxes in Canada

Does Not Apply To:• Resource taxes in Canada• Cash taxes in foreign jurisdictions

Multiples should reflect tax efficiency of earnings

1. As of December 31, 2015.. 36

• Six focus areas• Community • Biodiversity• Our People• Water• Air• Energy and Climate Change

• Achieved all 2015 goals• Set new short-term 2020

goals • Working towards long-term

2030 goals

Our Sustainability Strategy

37

Our External Recognition

Best 50 Corporate Citizens in Canada 2016

On the Dow Jones Sustainability World Index seven 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

Listed on FTSE4Good Index in 2015

38

Steelmaking CoalBusiness Unit & Markets

Steelmaking Coal Market is Rebalancing

• US exports declining but still >1.5 times above historical average levels• Analysts forecast reduced imports into China, although some evidence of

improved demand • Stronger fundamentals ex-China

Tighter Market ex-ChinaUS Steelmaking Coal Exports (ex. Canada)

Decline in China offset by growth in other Asian countries and Latin America

Source: GTIS Source: Average of Wood Mackenzie & CRU

38 Mt35Mt

0

10

20

30

40

50

60

70

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

A*

Mt

2000-2009average at 23Mt

2010-2014average at 55Mt

2016A*: January-June Annualized 2016

-15

-10

-5

0

5

10

15

China JKT Brazil Europe IndiaS

eabo

rne

met

. coa

l im

ports

cha

nge,

20

20 v

s. 2

016,

Mt

40

• Total capacity of 1,200 Mt, including 400 Mt of surplus capacity• 177 Mt committed to closure by provinces and centrally-owned steel companies

within five years− 68 Mt of closure targets for 2016− Further reductions may be announced

Reductions in Chinese Steel Capacity

68

44

25

40

0

10

20

30

40

50

60

70

80

2016 2017-18 2019-20 Within 3-5 Years(No DetailsAnnounced)

Mt

Surplus Capacity

Committed to Close 177 Mt

Additional Surplus Capacity223 Mt

Production800 Mt

Timing of Capacity Reduction Targets Announced*China’s Steel Capacity

*As of August 23, 2016.

Exceeds government target of 100-150 Mt capacity in the next 5 years41

45 55 65 75

China

0

3

6

9

12

15

Jan-

10A

pr-1

0Ju

l-10

Oct

-10

Jan-

11A

pr-1

1Ju

l-11

Oct

-11

Jan-

12A

pr-1

2Ju

l-12

Oct

-12

Jan-

13A

pr-1

3Ju

l-13

Oct

-13

Jan-

14A

pr-1

4Ju

l-14

Oct

-14

Jan-

15A

pr-1

5Ju

l-15

Oct

-15

Jan-

16A

pr-1

6Ju

l-16

Traditional Steel Markets

• China stable

• JKT rebounding

• EU stable

Rest of the World

• India good growth

• Brazil stable

• US slowing

Monthly Hot Metal Production

Source: WSA, based on data reported by countries monthly; NBS

Mt


Global Hot Metal Production

JKT

India

Europe

USA

Brazil

42

Facilitates access to seaborne raw materials

Source: NBS, CISA

Status of Relocation of Chinese Steel Industry To the Coast

Xinjiang

Tibet

Qinghai

Sichuan

InnerMongolia

Henan

Shanxi

Guangxi Guangdong

Fujian

Zhejiang

Jiangsu

Shandong

Liaoning

Jilin

Heilongjiang

GuizhouHunan

Hubei

Jiangxi

Anhui

ShaanxiGansu

Ningxia

Qinghai

Sichuan

Yunnan

Beijing

Hebei

WISCO Fangchenggang Project• Planned capacity: hot metal 8.5 Mt, crude

steel 9.2Mt, steel products 8.6 Mt• Cold roll line (2.1 Mt) commissioned in Jun

2015• No timeline for BFs yet

Baosteel Zhanjiang Project• Capacity: hot metal 8.2 Mt, crude steel 8.7

Mt, steel products 8.2 Mt, coke 3.2 Mt • BF #1 commissioned in September 2015• BF #2 commissioned in July 2016

Ningde Steel Base• Proposed but no progress yet

Ansteel Bayuquan 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

Shougang Jingtang Plant• Phase 1 (~10 Mt) completed in 2010.• Phase 2, planned with the investment of

~US$7 billion, kicked off in Aug 2015 and scheduled to be completed by 2018 Capacity: hot metal 8.9 Mt, crude steel 9.4 Mt, steel products 9.0 Mt

Shandong Steel Rizhao Project• Capacity: hot metal 8.1 Mt (2 BFs), crude

steel 8.5 Mt, steel products 7.9 Mt • BF #1 started construction in Sep 2015;

scheduled to be completed by the end of 2016

43

Shougang’s JingTang Steel Plant Expansion

• One of the largest integrated steel mills in China; located in Hebei province

• Current crude steel capacity of 9.7 Mtpa

• Phase 2 expansion: − Capacity growth to 19.1 Mtpa− First 5,500m3 blast furnace currently under construction will add 4.5 Mtpa;

commissioning March 2018

Image Source: Beijing Shougang International Engineering Technology Co., Ltd.44

Source: NBS, CISA

Growing Share of Chinese Steel Industry Production on the Coast

50%

52%

54%

56%

58%

60%

62%

64%

66%

68%

0

100

200

300

400

500

600

700

800

900

2000 2003 2006 2009 2012 2015

Non-coastal (Mt, lhs) Coastal (Mt, lhs) Coastal share (%, rhs)

Chinese Steel Industry Production

45

0

200

400

600

800

1000

2010 2015 2020 2025 2030 2035

Crude Steel and Hot Metal Production

Source: WSA, China Association of Metalscrap Utilization, Wood Mackenzie

Crude Steel

China Scrap Use to Increase Slowly

China’s Scrap Ratio Low vs. Other Countries

73%54%

33%

88%

28%

50%

11%

36%

0%

20%

40%

60%

80%

100%

UnitedStates

Europe Japan Turkey Russia Korea China WorldAverage China

Steel Use By Sector(2000-15)

Electric Arc Furnace

Hot Metal

Hot metal / crude steel ratio to remain >90% and EAF share of crude steel production <10% until ~2028


Source: China Metallurgy Industry Planning and Research Institute

Construction55-60%

Others15-20%

Machinery15-20%

Auto5-10%

46

An Integrated Long Life Coal Business

47

Prince Rupert

Ridley Terminal

Vancouver

Prince George Edmonton

Calgary

Westshore Terminal

Quintette

Cardinal River

Elk Valley

Kamloops

British Columbia

Alberta

Seattle

Elkford

Sparwood

Hosmer

Fernie

Fording River

Greenhills

Line Creek

Elkview

Coal Mountain

ElcoElk Valley

1,150 km

• >1 billion tonnes of reserves support 26-27 Mt of production for many years• Geographically concentrated in the Elk Valley• Established infrastructure and capacity with mines, railways and terminals• Only steelmaking coal mines still operating in Canada; competitive globally

Neptune Terminal

47

Coal MountainPhase 2

47

We Are a Leading Steelmaking Coal Supplier To Steel Producers Worldwide

North America~5%

Europe2015: ~20%2013: ~15%

China 2015: ~20%2013: ~30%

High quality, consistent, reliable, long-term supply

Asia excl. China2015: ~50%2013: ~45% Latin America

~5%

Proactively realigning sales with changing market48

0

50

100

150

200

250

300

350

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Q4

2015

Q1

2016

Q2

2016

US$

/ to

nne

Teck Realized Price (US$) Benchmark Price

Average realized price discount: ~8-9%

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- Second consecutive increase in the

benchmark for premium products in Q3 2016, to US$92.50/t

Historical Average Realized Prices

Average Realized Price in Steelmaking Coal

Average realized % of benchmark: 91-92% (range: 88%-96%);Q2 2016 realized price ~99% of benchmark due to high spot prices

96%

88%

93%

94%

92%91%

96%

49

4635 34

3

1

35

28 26

15

128.50

2014 2015 2016

Total cash unit costs down 31% from 2014 to 2016F2,3

Total Cash Unit Costs2,3 US$/t 2014 2015 20164 Change

Site $46 $35 $34 -26%

Inventory Adjustments $3 $1 $0 -100%

Transportation $35 $28 $26 -25%

Unit Cost of Sales (IFRS) $84 $64 $60 -29%

Capitalized Stripping $15 $12 $8.505 -44%

Total Cash Unit Costs2,3 $99 $76 $68.50 -31%

Sustaining Capital $6 $2 $1.505 -75%

All In Sustaining Costs2,3 $105 $78 $70 -33%

1. In US dollars per tonne. Assumes a Canadian dollar to US dollar exchange rate of 1.10 in 2014, 1.28 in 2015 and 1.30 in 2016.2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. All in sustaining costs are total cash

costs plus sustaining capital. 3. Non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” section of our quarterly press releases for further information.4. Based on the mid-point of updated guidance ranges.5. Approximate, based on capital expenditures guidance and mid-point of updated production guidance ranges.

IFRS

Steelmaking Coal Unit Costs1

$99

$76

IFRS IFRS

$68.50

Site

Inventory

Transport


50

Maintaining Stripping Levels in Coal

Total Material Moved & Coal Production

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

Q1/

11Q

2/11

Q3/

11Q

4/11

Q1/

12Q

2/12

Q3/

12Q

4/12

Q1/

13Q

2/13

Q3/

13Q

4/13

Q1/

14Q

2/14

Q3/

14Q

4/14

Q1/

15Q

2/15

Q3/

15Q

4/15

Q1/

16Q

2/16

Total Material Moved Clean Coal Production

Prod

uctio

n(0

00

t)

Mat

eria

lMov

ed (0

00 B

CM

s)

• Maintaining material moved relative to production

• Q3 2015 reflects production curtailments

• Maintaining stripping levels per long term mine plans

Lower capitalized stripping costs reflect cost reduction program

51

Steelmaking Coal: 5 Year Planning Objectives 2016

• Evaluating options to maintain annual production levels− Despite the closure of CMO and

CRO in the 5 year horizon− Exploring lowest cost options at

remaining 4 Elk Valley operations− Utilize assets available from

closed operations

• Maintain all operations cash positive throughout the plan− Embed continuous cost

improvement in each year− Ensure plans meet short term

goals without sacrificing the long term viability of the operations

• Future growth options remain available but dependent on stronger coal prices -

5

10

15

20

25

30

2017F 2018F 2019F 2020F 2021F

Prod

uctio

n (m

illion

s to

nnes

)

Conceptual Future Production Profile

FRO GHO (80%) EVO LCO CRO CMO Added Elk Valley52

>75 Mt of West Coast Port Capacity PlannedOur Portion is 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 • Contract expires March 2021

Milli

on T

onne

s (N

omin

al)

Our share of capacity exceeds current production plans, including Quintette

12.518

336

7

3

0

5

10

15

20

25

30

35

40

Neptune CoalTerminal

RidleyTerminals

WestshoreTerminals

Current Capacity Planned Growth

53

LNG Haul Trucks - Status Update

54

• Six pilot trucks have been converted to “dual-fuel” - LNG and diesel (four 830E’s, two 930E’s); first in Canada

• Current substitution rates achieved: 25 – 40% (target >35%)• Pilot objective is to confirm the business case (cost and sustainability) for a

company-wide application; focus is on safety, sustainability and operability− Establishing reliability of the LNG systems − Optimizing LNG substitution rates and monitoring GHG emissions

54

Our Market - Seaborne Hard Coking Coal2: ~200 million tonnes

1. Source: International Energy Agency 2014 data2. Source: CRU

Global Coal Production1: 7.9 billion tonnesSteelmaking Coal Production2: ~1,185 million tonnes

Export Steelmaking Coal2: ~325 million tonnesSeaborne Steelmaking Coal2: ~290 million tonnes

High Grade Hard Coking Coal Is A Niche Market

55

• 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 world

50 60 70 80 90 100

South Africa

Japan (Sorachl)

Japan(Yubarl)

U.S.A.Canada OtherTeck HCCAustraliaJapanSouth 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

Coking Coal Strength

High Quality Hard Coking Coal

Source: Yasuschi, Masashi et al, 1983

56

Copper Business Unit & Markets

Copper Metal Prices & StocksU

S¢/lb

thou

sand

tonn

es

Plotted to August. 26, 2016

Daily Copper Prices & Stocks

Source: LME, ICSG, ILZSG

0

200

400

600

800

1,000

1,200

1,400

0¢

50¢

100¢

150¢

200¢

250¢

300¢

350¢

400¢

450¢

500¢

2000 2002 2004 2006 2008 2010 2012 2014 2016

LME Stocks Comex SHFE Price

58

Copper Mine Production Forecasts Continue to Decline

Losses in 2016 already 81% of 2015 levels

16,000

16,500

17,000

17,500

18,000

18,500

5% Disruption net of ProjectsMarket Adjustment2017 Adjusted

15,000

15,500

16,000

16,500

17,000

17,500

Feb-

13Ju

n-13

Oct

-13

Feb-

14Ju

n-14

Oct

-14

Feb-

15Ju

n-15

Oct

-15

Feb-

16Ju

n-16

2015 AdjustedMarket Adjustment5% Disruption

thou

sand

tonn

es c

onta

ined

cop

per

2015 2016

15,000

15,500

16,000

16,500

17,000

17,500

18,000

18,500

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Apr

-15

Jul-1

5

Oct

-15

Jan-

16

Apr

-16

Jul-1

6

5% Disruption & ProjectsMarket Adjustment2016 Adjusted

2017

thou

sand

tonn

es c

onta

ined

cop

per

thou

sand

tonn

es c

onta

ined

cop

per

• Down 518 kt from 2013 net estimates• Down 1.7 Mt from guidance


• Down 1.2 Mt from 2014 estimates• Projects down by 92% • Net mine production growth in 2016 now

only 2.8%, less than 400 kt

• Down 1,078 kt from April 2015 estimates • Projects down by 73% or 640 kt

Source: Wood Mackenzie Source: Wood Mackenzie

59

-600-400-200

0200400600800

1000

2016 2017 2018 2019 2020 2021

Top 30 ROW Change

New Mine Production, Including Projects

Grasberg: +364Cerro Verde +262Trident +112Las Bambas +250

% of Increase 115%

Escondida: +190B. Canyon +140Trident + 75Las Bambas +100

% of Increase 57%

Majority of global mine production increases in 2016 and 2017 will come from only four mines

Top 30 Projects from 2015-2021 (Pre-Disruption)

60

CRU Sees Concentrate Surplus Short Lived

61

0¢

10¢

20¢

30¢

40¢

50¢

60¢

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Standard Spot High Grade Spot Realised TC/RC

Copper Concentrate TC/RCs

Copper Concentrate TC/RCs

Plotted to August 2016Source: Teck, CRU

62

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

0 10 20 30 40 50 60 70 80 90 100

$/to

nne

Cumulative Production %2013 Cash Costs 2013 Total Costs 2014 Cash Costs 2014 Total Costs

Copper Costs Higher Than Understood

GFMS Net Cash and Total Cost Curves

2013 Price2014 Price

2015 Price

Current Price (8/18/2016)

Source: GFMS, Thomson Reuters

63

(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

Mar

gin

(US$

/tonn

e)

Cumulative Copper Production (kt)

At US$2.00 Copper At US$2.40 Copper

At US$2.40 6,239 kt

72nd Percentile

At US$2.004,270 kt

49th Percentile

Copper Margin Curve

Bernstein Estimated Margin After Sustaining Capex

Source: Bernstein Research

64

0

200

400

600

800

1,000

1,200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Cathode Concs Scrap Blister/Semis

000’

s to

nnes

(con

tent

)

Net Copper Imports

Source: NBS Plotted to July 2016

Total copper unit imports continue to climb;Up ~5% in 2015 and 20% year-to-date

China Switching to Copper Concentrates

65

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: Wood Mackenzie, Teck

-

200

400

600

800

1,000

1,200

1,400

1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 20300%

5%

10%

15%

20%

25%

30%

1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 2030

Annual Avg. 11.9%

Annual Avg. 2.8%

Annual Avg. Growth356 Mt/yr Annual Avg. Growth

325 Mt/yr

Thou

sand

tonn

es

Source: Wood Mackenzie, Teck

66

-100

0

100

200

300

400

500

600

700

800

0

100

200

300

400

500

600

700

800

Feb-

13Ju

n-13

Oct

-13

Feb-

14Ju

n-14

Oct

-14

Feb-

15Ju

n-15

Oct

-15

Feb-

16Ju

n-16

Since April 2014• Despite a 725 kt drop in demand

• The surplus is down 650 kt

thou

sand

tonn

es c

onta

ined

cop

per

2015 2016

0

100

200

300

400

500

600

700

800

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Apr

-15

Jul-1

5

Oct

-15

Jan-

16

Apr

-16

Jul-1

6

2017

thou

sand

tonn

es c

onta

ined

cop

per

thou

sand

tonn

es c

onta

ined

cop

per

Global Copper Cathode BalancesWood Mackenzie’s Outlook is Trending Down

Since December 2014• Despite a drop of 660 kt to Wood Mackenzie’s

demand estimates

• Their surplus is down 700 kt

Since April 2015• Down from a 510 kt surplus

• Despite a 510 kt drop in demand

Source: Wood Mackenzie Source: Wood Mackenzie Source: Wood Mackenzie

Forecast surplus now below 150 kt or 0.5%67

(2,000)

(1,500)

(1,000)

(500)

0

500

2012 2015 2018 2021

Thou

sand

tonn

es

• At 1.8% global demand growth, 470 kt of new supply needed annually

• Structural deficits start in 2018-2019

• Projects delayed today will not be available to the market by 2019

• Market finely balanced through 2018

− Year-to-date disruptions below estimates

− Two of the largest projects are heavily weighted to H2 increases

Forecast Copper Refined Balance

Long-Term Copper Mine Production Still Needed

Source: ICSG, Wood Mackenzie, Teck

68

Ore Grade TrendsOngoing Decline will put Upward Pressure on Unit Costs

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024

Cop

per G

rade

Cu

%

All Operations Primary Mines Co-By Product Mines - (RH axis)

Industry Head Grade Trends (Weighted by Paid Copper)


69

Building Partnerships: NuevaUnión

Teck and Goldcorp have combined Relincho and El Morro projects and formed a 50/50 joint venture company called NuevaUnión

• 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

70

NuevaUnión Summary

Initial Capital

$3.0 - $3.5billion

Copper Production1

190,000tonnes per year

Gold Production1

315,000ounces per year

Mine Life

32+years

Copper in Reserves2

16.6billion pounds

Gold in Reserves2

8.9million ounces

Note: Conceptual based on preliminary design from the PEA1. Average production rates are based on the first full ten years of operations2. Total copper and gold contained in mineral reserves as reported separately by Teck and Goldcorp.3. Capital estimate for Phase 1a based on preliminary design shown in 2015 dollars on an unescalated basis

71

NuevaUnión is one of the largest open pit copper development projects in the Americas on the basis of copper contained in Proven and Probable Reserves

Copper Development Projects in the Americas

-

5,000

10,000

15,000

20,000

25,000

Rad

omiro

Tom

ic

Cor

ridor

El A

rco

Que

brad

aB

lanc

a II

Que

llave

co

Agu

a R

ica

Rel

inch

o

El M

orro

Cas

ino

Sch

aft C

reek

Gal

ore

Cre

ek

Rio

Bla

nco

Cop

per E

quiv

alen

t in

Res

erve

s (M

lbs)

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

Nue

vaU

nión

Source: SNL Metals & Mining, Thomson One Analytics, and company disclosures.

72

ZincBusiness Unit & Markets

Zinc Metal Prices & Stocks

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0¢

50¢

100¢

150¢

200¢

250¢

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

LME Stocks SHFE Price

US¢

/lb

Plotted to August 24, 2016Source: LME/SHFE

Daily Zinc Prices & Stocks

74

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 Dec2013 2014 2015 2016

Monthly Chinese Zinc Mine Production

LME Zinc Stocks

Zinc Mine ProductionUndersupplied, Even With Lower Growth

200

400

600

800

1,000

1,200

50¢60¢70¢80¢90¢

100¢110¢120¢

Jan-

13

Apr

-13

Jul-1

3

Oct

-13

Jan-

14

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Apr

-15

Jul-1

5

Oct

-15

Jan-

16

Apr

-16

Jul-1

6

Stocks Price

• Metal market in deficit

• LME stocks down >780 kt over 44 months, and are below 500 kt for the first time since 2010

• Market working through ‘off-market’ inventory

• Large periodic increases indicate significant off-market inventories flowing through LME to consumers

• Chinese zinc mine production down over the last 44 months

US

¢/lb

thou

sand

tonn

es

Source: LME, NBS, CNIA

Source: LME, NBS, CNIA

75

• Down 1,020 kt from January 2015 estimates

• Down 1,624 kt from January 2015 estimates

Zinc Mine Production Wood Mackenzie’s Outlook is Trending Down

thou

sand

tonn

es c

onta

ined

zin

c

2015 2016 2017

• Down 756 kt from April 2015 estimates

thou

sand

tonn

es c

onta

ined

zin

c

thou

sand

tonn

es c

onta

ined

zin

c

12,000

12,500

13,000

13,500

14,000

14,500

15,000

Feb-

13M

ay-1

3A

ug-1

3N

ov-1

3Fe

b-14

May

-14

Aug

-14

Nov

-14

Feb-

15M

ay-1

5A

ug-1

5N

ov-1

5Fe

b-16

May

-16

12,000

12,500

13,000

13,500

14,000

14,500

15,000

May

-14

Jul-1

4S

ep-1

4N

ov-1

4Ja

n-15

Mar

-15

May

-15

Jul-1

5S

ep-1

5N

ov-1

5Ja

n-16

Mar

-16

May

-16

Jul-1

6

12,000

12,500

13,000

13,500

14,000

14,500

15,000


76

2014-2020 2014-2020

Significant Zinc Mine ReductionsLarge Short-Term Losses, More Long Term

-500

-400

-300

-200

-100

0

Cen

tury

Lish

een

Skor

pion

Red

Dog

Brac

emac

-McL

eod

Rap

ura

Aguc

ha

Pom

orza

ny-O

lkus

z (in

cl B

ulk)

Jagu

ar

Mid

-Ten

ness

ee

Mae

Sod

Ende

avor

0

100

200

300

400

500

Gam

sber

gAn

tam

ina

Dug

ald

Riv

erM

cArth

ur R

iver

Bish

aG

ansu

Jin

hui

Kyzy

l-Tas

htyg

skoe

Shal

kiya

Res

tart

Sind

esar

Khu

rdAg

uas

Teni

das

Cha

ngba

Zaw

ar M

ines

El B

roca

lSa

ngui

kou

Car

ibou

…Sa

n C

risto

bal

Pena

squi

to

Source: ICSG, Wood Mackenzie Teck, Company Reports Source: ICSG, Wood Mackenzie Teck, Company Reports

77

LME Zinc Stocks – Since Dec 2012LME Zinc Stocks - 11 Years

Zinc Inventories Declining

200

400

600

800

1,000

1,200

50¢

60¢

70¢

80¢

90¢

100¢

110¢

120¢

Dec

-12

Mar

-13

Jun-

13

Sep

-13

Dec

-13

Mar

-14

Jun-

14

Sep

-14

Dec

-14

Mar

-15

Jun-

15

Sep

-15

Dec

-15

Mar

-16

Jun-

16

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

2016

Stocks Price

US

¢/lb

thou

sand

tonn

esPlotted to August 24, 2016

US

¢/lb

thou

sand

tonn

es

• LME stocks down ~810 kt over 24 months• Large inventory position still to work down but we are under 500 kt for the first time

since early 2010, now nearing 400kt.• Large, sudden increases indicate there are also significant off-market inventories

flowing through the LME to consumers

Source: LME Source: LME Plotted to August 24, 2016

78

Zinc Concentrate Stocks at Chinese Ports Declining

Plotted to August, 2016

Monthly Stocks of Zinc Concentrate

0

50

100

150

200

250

300

350

400

450

500

Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

Huangpu port:Zhanjiang port:Beihai port:Yunyuejiang portFangcheng port:Nanjing port:Qinzhou port:Dalian port:BaYuQuan port:QHD port:Jinzhou port:Yantai Port:LYG port:

79

• Down 15 kt from December 2014 estimates, taking the market from deficit of 96 kt to a deficit of 111 kt

• Down 385 kt from December 2014 estimates, taking the market further into deficit of 624 kt

thou

sand

tonn

es c

onta

ined

zin

c

2015 2016 2017

• Up 379 kt from April 2015 estimates • Wood Mackenzie expects over 1 Mt of

projects and expansions will come online in 2017 due to higher prices

thou

sand

tonn

es c

onta

ined

zin

c

thou

sand

tonn

es c

onta

ined

zin

c

(300)

(200)

(100)

0

100

200

300

400

Feb-

13M

ay-1

3A

ug-1

3N

ov-1

3Fe

b-14

May

-14

Aug

-14

Nov

-14

Feb-

15M

ay-1

5A

ug-1

5N

ov-1

5Fe

b-16

4249

1

(1,000)

(800)

(600)

(400)

(200)

0

200

400

May

-14

Aug

-14

Nov

-14

Feb-

15

May

-15

Aug

-15

Nov

-15

Feb-

16

May

-16

(500)

(400)

(300)

(200)

(100)

0

100

200

300

400

Zinc Concentrate BalancesWood Mackenzie’s Outlook Trending Down


80

• Deficit is being decreased by 106 kt from December 2014 estimates, to 89 kt

• Deficit increased by 250 kt from December 2014 estimates, to 439 kt

• Increase due to production cuts, resulting in insufficient concentrate available to smelters and less refined production in 2016

thou

sand

tonn

es

2015 2016 2017

• Deficit increased by 250 kt from April 2015 estimates, to 475 kt

thou

sand

tonn

es

thou

sand

tonn

es c

onta

ined

zin

c

Refined Zinc BalancesWood Mackenzie’s Outlook Trending Down

(500)

(450)

(400)

(350)

(300)

(250)

(200)

(150)

(100)

(50)

0

Feb-

13Ju

n-13

Oct

-13

Feb-

14Ju

n-14

Oct

-14

Feb-

15Ju

n-15

Oct

-15

Feb-

16Ju

n-16

(600)

(500)

(400)

(300)

(200)

(100)

0

May

-14

Aug

-14

Nov

-14

Feb-

15

May

-15

Aug

-15

Nov

-15

Feb-

16

May

-16


(500)

(450)

(400)

(350)

(300)

(250)

(200)

(150)

(100)

(50)

0

Apr

-15

Jun-

15

Aug

-15

Oct

-15

Dec

-15

Feb-

16

Apr

-16

Jun-

16

81

Zinc Metal Market Mostly in Deficit Since 2013

-800

-600

-400

-200

0

200

400

600

2013 2014 2015 2016 2017 2018

WoodMac CRU

Market View – Wood Mackenzie & CRU

• Zinc metal deficit forecasted for 2016 and 2017

• Mine production increases of -3.4% and 9.2% respectively expected for 2016 and 2017

− Closure of Century and Lisheen, combined with production cuts, will decrease mine production in 2016

− Higher prices are expected to bring a large amount of Chinese mine production online, and to bring back Glencore’s production.

• Deficits of around 500kt/year in 2016 and 2017 will still result in large draw down of stocks

Zinc Metal Balance

Source: Wood Mackenzie, CRU

thou

sand

tonn

es c

onta

ined

zin

c

82

China5%

USA 20%

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 15

Galvanized Steel as % Crude ProductionChina Zinc Demand

Construction15%

Transportation 20%

Other 5%

Consumer Goods30%

Infrastructure30%

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

Source: Teck

83

Committed Zinc Supply Insufficient for Demand

Forecast Zinc Refined Balance

Source: Teck

• We expect insufficient mine supply to constrain refined production− From 2015-2020, refined metal supply

increase of only 354 kt − Over the same period, refined demand

increase of 2.2 Mt

• Market is projected to be in significant deficit in 2016 due to a lack of concentrate leading to smelter cuts

• Metal market moving into substantial deficits with further mine closures and depleting inventories

(1,200)

(1,000)

(800)

(600)

(400)

(200)

0

200

2013 2014 2015 2016 2017 2018

Thou

sand

tonn

es

84

• Red Dog has stable zinc production despite declining grade• Pend Oreille moving to a higher proportion of secondary mining,

which improves selectivity and ore availability• Increased refined zinc production at Trail with enhanced process

stability of a new acid plant 85

Poised to Capitalize on Improving Zinc Fundamentals

85

2cm

1.1 m @ 42.2% Zn, 14.7 % Pb, 558g/t Ag

2cm

1.9 m @ 24.6% Zn, 6.3 % Pb, 53g/t Ag

Red Dog: Anarraaq High Grade Intercepts Demonstrate Significant Resource Potential1

DDH171854.7m @ 15.7%Zn, 4.0% Pb, 106g/t AgIncl. 11.2m @ 34.2% Zn, 11.5% Pb, 382g/t Ag

DDH1714 42m @ 18.3% Zn, 4.5% Pb, 82g/t AgIncl. 23.4m @ 23.2% Zn, 5.2% Pb, 74g/t Ag86

Industry Average Zinc Grades Falling

High Grade Anarraaq Intercepts

Red Dog zinc grades are much higher than industry average

0

5

10

15

20

25

2009 2010 2011 2012 2013 2014 2015

Gra

de %

Weighted Average Industry Grade

Red Dog

1. The scientific and technical information disclosed has been reviewed and approved by Rodrigo Marinho, P.Geo., Technical Director, Reserve Evaluation, Teck who is a Qualified Person under NI 43-101. For further information, please see Teck’s most recent Annual Information Form.

EnergyBusiness Unit & Markets

North American Rig Counts Down Sharply

Source: Baker Hughes, EIA, National Bank of Canada, HIS, US Department Of Energy

North American Rig Count & US Production


5000

5500

6000

6500

7000

7500

8000

8500

9000

9500

10000

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

1/7/

11

1/7/

12

1/7/

13

1/7/

14

1/7/

15

1/7/

16

Thou

sand

bpd

Rig

cou

nt U

nits

US Rig Count CAD Rig Count US 4-week Production Avg.

88

Oil Liquids – Discovered Resources & Production (Billion bbl)

Oil Exploration Success Fell To a Post-1952 Low in 2015

Enough oil has been discovered to meet production in only four of the past 30 years

Source: Rystad Energy, Morgan Stanley

89

Wood Mackenzie Forecasted Global Oil Demand By Sector (2000-2035)

World Oil Demand Still Growing

Wood Mackenzie Global Macro Oils Long Term Outlook May 201690

Source: BMO Capital Markets, May 2016

Oil Sands Mining Costs Lower Than Understood

0

10

20

30

40

50

60

Cash Cost Royalty Cash Tax Sustaining Capex

$/bbl Phase 2: Stabilized Market

Where we are now

91

Sufficient Western Canadian Takeaway Capacity Expected

Western Canadian Supply and Takeaway Capacity

Source: CAPP, Teck, Lee & Doma Energy Group

Fort Hills’ First Oil

Sufficient takeaway capacity expected for forecast growth

• 2011–2014− Rapid production growth resulted in

takeaway capacity challenges− Industry added significant pipeline and

rail capacity during this time

• 2015–2030− Existing pipeline capacity, new pipelines

(TMX and Energy East) and existing rail capacity expected to provide sufficient takeaway capacity

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

kbpd

WCSB Supply (CAPP 2016) WCSB Supply (CAPP 2015)

Export Pipeline Capacity Total Capacity, Including Rail

TMX & Energy East

92

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

Mined bitumen is in Teck’s ‘sweet spot’93

• 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).94

Teck’s Sanction Capital2

~$2.94billion

Teck’s Estimated 2016 Spend

$960million

Teck’s Share of Production

36,000bitumen barrels per day

Operating & Sustaining Costs1

$25-28per barrel of bitumen

Sustaining Capital1,3

$3-5per barrel of bitumen

Teck’s Share of Production

13,000,000bitumen barrels per year

1. All costs and capital are based on Suncor’s estimates at project sanction in October 2013. Suncor is currently reviewing cost 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. Sustaining capital is included in operating & sustaining costs.

Mine life: 50 years

Fort Hills Key Numbers1

95

1. Estimates are based on exchange rates as shown, expected bitumen netbacks, and operating costs of C$25 per barrel (including sustaining capital of C$3-5 per barrel). 2. Per barrel of bitumen.3. Sanction capex is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013), denominated in Canadian dollars and on a fully-escalated basis. 4. Pre-tax free cash flow yield during pre and post capital recovery periods.5. Post-payout estimated net margin includes C$1.50 export market premium.

The Fort Hills project is expected to have significant free cash flow yield across a range of WTI prices

Fort Hills Free Cash Flow Yield4

Sensitivity to WTI PricePotential Contribution

from Fort Hills US$60 WTI

& $1.30 USD/CAD

US$75 WTI & $1.20

USD/CAD

Pre-Payout Post-Payout

Teck’s share of annual production (36,000 bpd) 13 Mbpa 13 Mbpa

Estimated netback2 ~$40/bbl ~$55.50/bbl

Estimated operating margin2 ~$15/bbl ~$30.50/bbl

Alberta oil royalty2 ~$1.50/bbl ~$10/bbl

Estimated net margin2,5 ~$13.50/bbl ~$22/bbl

Annual pre-tax cash flow ~$180 M ~$290 M

Teck’s share of sanction capex3 ~$2,940 M ~$2,940 M

Free cash flow yield4 ~6% ~10%

Fort Hills Project Economics Are Robust1

0%

5%

10%

15%

20%

25%

$40 $50 $60 $70 $80 $90 $100 $110 $120

Free

Cas

h Fl

ow Y

ield

WTI $/bbl

Post-Payout @$1.20 USD/CAD

Pre-Payout@$1.30 USD/CAD

Source: Teck

96

$60 $58.75

$40

$13.50 $15

$-

$10

$20

$30

$40

$50

$60

$70

Royalties based on pre-capital payout. * WTI/WCS Differential based on Lee & Doma 2016-2020 forecast average.** Export Premium based on average premium pricing for USGC market via Keystone and Flanagan South Pipelines.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

Fort Hills Bitumen Netback Calculation Model

$13.50$10

$14.75 $7-9$1.25

$22

$3 $1.50 $1-2

Source: Alberta Energy bitumen valuation methodology (http://www.energy.alberta.ca/OilSands/1542.asp)

97

Fort Hills Bitumen Netback Calculation Model

$22

$3 $10$1-2

Royalties based on pre-capital payout. * WTI/WCS Differential based on Lee & Doma 2021-2030 forecast average.** Export Premium based on average premium pricing for USGC market via Keystone and Flanagan South Pipelines.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 post payout royalties.

$75 $74

$55.50

$20.50 $22

$-

$10

$20

$30

$40

$50

$60

$70

$80

Cash Margin1 Calculation Example: Post Capital Recovery

$12.35$13.25$10

$7-9$1.25

Source: Alberta Energy bitumen valuation methodology (http://www.energy.alberta.ca/OilSands/1542.asp)

98

Source: Shorecan, Net Energy, Lee & Doma

Western Canadian Select (WCS)

Average Monthly WTI-WCS DifferentialWestern 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.

WTI (US/bbl) $40 $50 $60 $70 $80 $90 $100WCS 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*

Plotted to August 2016

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45

2010 2011 2012 2013 2014 2015 2016

WCS Differential (US$/bbl)Long-term WCS Differential

$23.122012-2013

$15.692010-2011 $16.45

2014-2015 $13.71YTD 2016

99

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 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 (“Pool” in Edmonton is a common stream of a variety of qualities• Diluent pool comprised of local and imported natural gas liquids

WTI (US/bbl) $40 $50 $60 $70 $80 $90 $100Diluent (C5+) Differentialto 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

FORECAST*

Source: Shorecan, Net Energy, Lee & Doma Plotted to August 2016

$(10.00)

$(5.00)

$-

$5.00

$10.00

$15.00

$20.00

Jan-

10M

ay-1

0S

ep-1

0Ja

n-11

May

-11

Sep

-11

Jan-

12M

ay-1

2S

ep-1

2Ja

n-13

May

-13

Sep

-13

Jan-

14M

ay-1

4S

ep-1

4Ja

n-15

May

-15

Sep

-15

Jan-

16M

ay-1

6WTI- C5+ DiffLong-term C5+ Diff

100

Progress in Implementing Our Diversified Marketing Strategy

Market Access Options for Teck’s 50 kbbls/day of Fort Hills Diluted Bitumen Blend

Cushing

Flanagan

Houston

Kitimat

Edmonton

US Gulf Coast

Europe

Asia

TransCanada Energy East (Proposed, Contract Carriage)Enbridge Northern Gateway (Proposed, Contract Carriage)

TransCanada Keystone/MarketLink (Existing, Contract Carriage)Enbridge Flanagan South (Existing, Contract Carriage)

Vancouver

TransMountain Pipeline Expansion (Proposed, Contract Carriage)

Asia

Agreements for pipelines to Hardisty in place

Agreement for Hardisty product storage in place

Monitoring production vs market access balance

Developing a portfolio of pipeline capacity opportunities, to enable access to diversified markets

Evaluating opportunities in the secondary market for pipeline capacity

Developing a diversified customer base

Hardisty

Chicago

Sarnia

Patoka

SuperiorGuernsey

MontrealSaint John

Enbridge Mainline System (Existing, Common Carriage)Spectra Express (Existing, Contract Carriage)

Teck can enter into long-term take or pay contracts

101

Intra Alberta Logistics On Schedule For Fort Hills Commissioning

RailLocal Market

Pipeline LegendBitumenBlendDiluentExistingNew

East Tank Farm Blending w/Condensate

Wood Buffalo Extension

Norlite Diluent Pipeline

Cheecham Terminal

Hardisty Terminal

Wood Buffalo Pipeline

Athabasca Pipeline

Edmonton Terminal

Fort HillsMine Terminal

Northern CourierHot Bitumen Pipeline

Teck

OptionsExport Pipeline

Kirby Athabasca Twin Pipeline

Pipeline/Terminal OperatorPipelineCapacity

(kbpd)

Teck Capacity

(kbpd)Project Construction Status

(% completion)

Northern Courier Hot Bitumen TransCanada 202 40.4 Pipeline and Facilities: Tank terminal:

East Tank Farm - Blending Suncor 292 58.4 Diluent terminaling and blending

Wood Buffalo Blend Pipeline Enbridge 550 65.3 In service

Wood Buffalo Extension Enbridge 550 65.3 Pipeline:Pump stations and facilities:

Norlite Diluent Pipeline Enbridge 130 18.0 Pipeline:Pumpstations and facilities:

Hardisty Blend Tankage Gibsons 425 kbbls 425 kbbls Tank completed

74%99%

100%

100%51%

51%

100%

30%

67%

102

Date post:	21-Apr-2017
Category:	Investor Relations
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