Teck Resources (TECK) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2022

April 26, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Teck's First Quarter 2023 Earnings Release Conference Call. At this time, all participants are in listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions] This conference call is being recorded on Wednesday, April 26, 2023.

I would now like to turn the conference call over to Fraser Phillips, Senior Vice President, Investor Relations and Strategic Analyst. Please, go ahead.

Fraser Phillips

Thanks, Therese, and good morning, everyone, and thanks for joining us this morning for our quarterly conference call. Please note, today's call contains forward-looking statements. Various risks and uncertainties may cause actual results to vary. Teck does not assume the obligation to update any forward-looking statements.

Please refer to Slide two for the assumptions underlying our forward-looking statements. In addition, we will reference various non-GAAP measures throughout this call. Explanations and reconciliations regarding these measures can be found in our MD&A and the latest press release on our website.

Jonathan Price, our CEO, will begin today's call with some comments on this morning's announcement. Crystal Prystai, our CFO, will follow with our first quarter 2023 results. Then we'll conclude the call with a question-and-answer period.

With that, I will turn the call over to you, Jonathan.

Jonathan Price

Thank you, Fraser, and good morning, everyone. Before we get into the Q1 results, I want to start by speaking to our announcement this morning that we have withdrawn the separation proposal that was to be considered by shareholders at our annual and special meeting today.

That proposal was the result of a detailed process undertaken by a special committee of the Board to review all the options and identify the best path forward for our shareholders and company.

From the outset, we've been clear that the focus of that work by our Board, our senior management team and myself is maximizing value for our shareholders. And that work firmly identified that separating base metals and steelmaking coal was the best way to achieve that goal.

There is no doubt in my mind all the minds of our Board and management team that there is greater value and optionality in having a stand-alone pure-play metals business, separate from the steelmaking coal business, and we are confident from our discussions with shareholders that a substantial majority of shareholders support the strategy of separating Teck Metals and EVR.