Teck Resources Limited (NYSE:TECK) Q2 2024 Earnings Conference Call July 24, 2024 11:00 AM ET

Company Participants

Fraser Phillips - Senior Vice President, Investor Relations and Strategic Analysis
Jonathan Price - Chief Executive Officer
Crystal Prystai - Chief Financial Officer
Shehzad Bharmal - Senior Vice President, Operations
Karla Mills - Head, Project
Ian Anderson - Chief Commercial Officer
Robin Sheremeta - President, Coal Business Unit

Conference Call Participants

Orest Wowkodaw - Scotiabank
Lucas Pipes - B. Riley Securities
Jackie Przybylowski - BMO Capital Markets
Liam Fitzpatrick - Deutsche Bank
Timna Tanners - Wolfe Research
Carlos De Alba - Morgan Stanley
Bill Peterson - JPMorgan
Brian MacArthur - Raymond James

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Teck’s Q2 2024 Earnings Release and Investors Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions]

Yes, this conference call is being recorded on Wednesday, July 24, 2024. 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, Kaylene. Good morning, everyone. And thank you for joining us for Teck’s second quarter 2024 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 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.

Turning to the agenda on Slide 3, Jonathan Price, our CEO, will begin today’s call with highlights from our second quarter results. Crystal Prystai, our CFO, will follow with additional color on the quarter, as well as the sale of our steelmaking coal business and the use of proceeds from that transaction. Jonathan will then discuss the transformation of our portfolio and our value creation strategy. We’ll then take your questions.

With that, over to you, Jonathan.

Jonathan Price

Thank you, Fraser, and good morning, everyone. Starting with the highlights from our second quarter on Slide 5. At the very top of our list of highlights is the close of the sale of the remaining interest in the steelmaking coal business on July 11th. It’s not every day that we receive C$7.3 billion in cash proceeds and this transaction marks an exciting new era for Teck as a company focused entirely on providing metals that are central to global development and the energy transition.