Teck Resources Ltd (NYSE:TECK) Q3 2023 Earnings Call Transcript October 24, 2023 8:00 AM ET

Company Participants

Fraser Phillips - SVP, IR & Strategic Analysis

Jonathan Price - CEO & Director

Crystal Prystai - SVP, Corporate Controller & CFO

Red Conger - EVP, COO, President & Director

Shehzad Bharmal - SVP, Base Metals

Tyler Mitchelson - SVP, Copper Growth

Conference Call Participants

Orest Wowkodaw - Scotiabank

Liam Fitzpatrick - Deutsche Bank

Dalton Baretto - Canaccord Genuity

Christopher LaFemina - Jefferies

Bryce Adams - CIBC

Bill Peterson - J.P.Morgan

Brian Macarthur - Raymond James

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Teck's Third 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 is being recorded on Tuesday, October 24th, 2023.

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

Fraser Phillips

Thanks, Charisse. Good morning, everyone, and thank you for joining us for Teck's third quarter 2023 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'll 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 highlights from our third quarter results. Crystal Prystai, our CFO, will follow with additional color on the quarter. Jonathan will conclude today's session with a brief update on our value creation strategy before we open the lines to questions.

With that, I'll turn the call over to Jonathan.

Jonathan Price

Thank you, Fraser, and good morning, everyone. I'm speaking to you today from Iquique in the Tarapaca region of Northern Chile, where we're gathering this week to celebrate the opening of our flagship QB2 operation. This is a momentous event for Teck with Quebrada Blanca as the cornerstone of our copper growth strategy. More on that later.

So starting on Slide 4. Our positive financial performance in the third quarter reflects continued strong pricing for copper and steelmaking coal, in addition to higher base metal sales volumes. Adjusted EBITDA of $1.2 billion reflects lower than expected steelmaking coal sales in the quarter and a localized geotechnical event at Highland Valley in August.