Teck Resources (TECK) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 27, 2022 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 Third Quarter 2022 Earnings Release Conference Call. [Operator Instructions]. This conference call is being recorded today, Thursday, October 27, 2022. I would now like to turn the conference over to Fraser Phillips, Senior Vice President, Investor Relations and Strategic Analysis. Please go ahead.

Fraser Phillips

Thanks, Ariel. Good morning, everyone. Thank you for joining us for Teck's Third Quarter 2022 Results 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 2 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 comments on the strategic focus and priorities. Red Conger, our President and Chief Operating Officer, will follow with operational highlights from the quarter, including a progress update on our flagship QB2 copper growth project in Chile; Crystal Prystai, our Interim CFO, will then provide additional color on financial and operational highlights. We will conclude today's session with a question-and-answer period to address any remaining questions. With that, I'll turn the call over to Jonathan.

Jonathan Price

Thank you, Fraser, and good morning, everyone. It's a pleasure to address you today as the CEO of Teck. I'm excited by the opportunity ahead for Tech to build on our existing strong foundation and position the company for long-term success. In recent meetings with investors, I've been asked whether they should expect any changes to tech strategy as I assume the role of CEO. Having been part of the development and articulation of the Teck strategy for the past 2 years, I can confidently say our current strategy is the right one to drive long-term sustainable shareholder value.

Now turning to Slide 4. The heart of our strategy is copper growth. We remain focused on generating value from our industry-leading copper growth profile. QB2 will double our consolidated copper production when it reaches full production next year. And together with the remainder of our portfolio of attractive growth options has the potential to add 5x the amount of our current copper equivalent production.