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Teck Resources

TCKBCN is Canada's largest diversified resource company with operations and projects in Canada, the US, Chile and Peru. TCKBCN is the world's 2nd largest seaborne exporter of met coal, the 2nd largest mined zinc producer globally, and an important producer of copper. The company has recently completed the development of the the Fort Hills Canadian oil sands project with partner Suncor. TCKBCN divides its business into 4 main business units: steelmaking coal, zinc, copper, and energy. In 2017, steelmaking coal accounted for 62% of gross profit before D&A, zinc 19%, copper 19%, and energy 0%. The majority of its sales are sold into Asia (China 18%, Asia excluding China 42%), with the remaining sales derived from North America (19%), Europe (18%), and Latin America (3%). (21 Nov 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

TCKBCN: QB2 Green Light & Partner Announced

Worth Watching: 05 Dec 2018, 5:19 PM ET - TCKBCN (Ba2/BB+) announced that Sumitomo has agreed to acquire a 30% interest in the Quebrada Blanca Phase 2 (QB2) project for $1.2 bn. The deal is expected to close in April 2019. Simultaneously, the Board approved the QB2 project, with first pro ..
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TCKBCN: More Shareholder Rewards, QB2 Partner?

Worth Watching: 16 Nov 2018, 1:06 PM ET - TCKBCN (Ba2/BB+) announced an aggregate C$86 mn dividend, composed of its regular quarterly dividend of $0.05 per share and a supplemental dividend of $0.10 per share. The Board also authorized a C$400 mn share buyback of Class B subordinate votin ..
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Teck Resources 3Q18: Migrating Back to IG?

Earnings Note: 25 Oct 2018, 7:43 PM ET - We examine Teck Resources' 3Q18 results and take a look at the company's ability to return to investment grade. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Arconic: LBO Rumors Continue

Worth Watching: 09 Oct 2018, 3:37 PM ET - Arconic (Ba2/BBB-/BB+): LBO rumors continue to swirl. According to Reuters, Blackstone, Carlyle, Onex, and Canada Pension have made a joint bid to acquire ARNC. The report also noted that the PE consortium is competing with Apollo in the bidding p ..

FCX: Landmark Grasberg Deal Signing

Worth Watching: 30 Sep 2018, 10:35 PM ET - FCX (Ba2/BB) and Rio Tinto signed a binding agreement to sell their stakes in the Grasberg mine to PT Indonesia Asahan Aluminum (Inalum). The terms are roughly in-line with what was reported in July when the parties signed a nonbinding agreement ( ..
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TCKBCN: Early Bond Tender Results

Worth Watching: 13 Aug 2018, 8:52 PM ET - TCKBCN (Ba2/BB+) announced the early results of its $1.0 bn cash tender offer for its outstanding notes with maturities ranging from 2022-2024. The company will accept up to $1.0 bn in aggregate principal amount of the notes in the order of priori ..
Focused

TCKBCN: $1.0 bn Bond Tender Offer

Worth Watching: 31 Jul 2018, 10:18 PM ET - TCKBCN (Ba2/BB+) announced a new $1.0 bn cash tender offer for its outstanding notes with maturities ranging from 2022-2024. The company will accept up to $1.0 bn in aggregate principal amount of the notes in the order of priority shown below.The ..
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Teck Resources 2Q18: Stockpiling Cash

Earnings Note: 29 Jul 2018, 7:35 PM ET - We take a look at Teck Resources 2Q18 results.

Global HY/IG Strategy: Rising Stars

Strategy Analysis: 16 Jul 2018, 10:20 PM ET - We highlight the near- and medium-term rising star candidates from our sector research analysts. 

Coal Producers: Exposure to Potential Retirements

Sector Analysis: 28 Jun 2018, 5:16 AM ET - As part of our continued coverage of coal producer exposure to plant retirements, we have analyzed coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements.  
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TCKBCN 1Q18: QB2 in Focus

Earnings Note: 24 Apr 2018, 10:38 PM ET - While a final investment decision has not been made, it appears management is anticipating moving ahead with the $4-$5 bn Quebrada Blanca Phase 2 copper project.
Focused

Teck Resources: Moody's Upgrades to Ba2

Worth Watching: 19 Apr 2018, 2:46 PM ET - Teck Resources (Ba2/BB+): Moody's upgraded TCKBCN's bond ratings by notch. TCKBCN's guaranteed senior unsecured notes were upgraded from Ba1 to Baa3, while the senior unsecured notes moved from Ba3 to Ba2. The ratings upgrade reflects the company' ..
Focused

TCKBCN: Increases QB2 Stake to 90%

Worth Watching: 04 Apr 2018, 4:23 PM ET - TCKBCN (Ba3/BB+) announced that it has purchased the 13.5% stake of its minority partner Inversiones Mineras SA in the Quebrada Blanca mine for roughly $163 mn, with $53 mn to be paid at closing. TCKBN will pay $60 mn on milestones of the developm ..
Focused

Teck Resources: Met Coal Production Forecast Lower

Worth Watching: 09 Mar 2018, 11:22 AM ET - Teck Resources (Ba3/BB+) reported that met coal sales volumes for 1Q18 will be ~6 mn tonnes, below its previous guidance of 6.3-6.5 mn tonnes. Production was impacted by a pressure event as well as logistics issues in the quarter. The company also ..

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Metals: U.S. Protectionism Comes to a Head

Sector Analysis: 19 Feb 2018, 11:06 PM ET - Our thoughts on the Commerce Department's proposed Section 232 tariffs/quotas on steel and aluminum imports and the implications on various industries. 

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