Teck Resources Limited (NYSE:TECK) Q3 2024 Earnings Call Transcript October 24, 2024 11:00 AM ET

Company Participants

Fraser Phillips - Senior Vice President, Investor Relations & Strategic Analysis
Jonathan Price - Chief Executive Officer
Crystal Prystai - Chief Financial Officer
Shehzad Bharmal - Senior Vice President, Operations
Ian Anderson - Executive Vice President & Chief Commercial Officer

Conference Call Participants

Orest Wowkodaw - Scotiabank
Bryce Adams - CIBC
Carlos De Alba - Morgan Stanley
Chris LaFemina - Jefferies
Liam Fitzpatrick - Deutsche Bank
Myles Allsop - UBS
Lucas Pipes - B. Riley Securities
Timna Tanners - Wolfe Research

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Teck's Third Quarter 2024 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] This conference call is being recorded on Thursday, October 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, Damien. Good morning, everyone, and thank you for joining us for Teck's third 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 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.

Turning to the agenda on slide 3. Jonathan Price, our CEO, will begin today's call with an overview of our third quarter results. Crystal Prystai, our CFO, will follow with additional color on the quarter, and Jonathan will conclude today's start with closing remarks, followed by a Q&A session.

With that, over to you, you, Jonathan.

Jonathan Price

Thank you Fraser, and good morning, everyone. Starting on slide 5. Our shift to a pure play energy transition metals company was marked by the close of the sale our remaining interest in the steel leading car business on July 11th. And at that time, we received US$7.3 billion of cash and announced our planned use of proceeds, including the largest tax return to shareholders in the company's history.

Through the remainder of the third quarter, we progress deployment to those proceeds as we returned $720 million to shareholders through dividends and share buybacks in the quarter and over $1.3 billion returns to shareholders year-to-date as of yesterday, reduced debt by US$1.5 billion, putting us in a net cash position of $1.8 billion as of September 30th, and retained funding for our value-accretive near-term project projects in preparation for our next phase of copper growth.