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Additional Information
Market: TSX, NYSE
Sector: General Mining
EPIC: TCK.B
Latest Price: 43.40  (2.07% Ascending)
52-week High: 63.22
52-week Low: 28.69
Market Cap: 25,236.30M
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Teck Resources
www.teck.com

Teck Resources is Canada’s largest diversified mining, mineral processing and metallurgical company. The company produces significant quantities of copper, metallurgical coal and zinc, and is a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets.

 

Full Teck Resources profile here
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Teck Cominco to slash 13% of global workforce

8th Jan 2009, 12:00 am

Diversified mining giant, Teck Cominco (TSX & NYSE: TCK) said it would cut about 1,400 positions, or 13% of its global workforce as part of a cost cutting strategy to help it head off weaker commodity prices. Teck Cominco has been particularly hard hit as it has considerable exposure to base metals, including zinc, which have witnessed some of the most savage drops of all commodities.


The job cuts are expected to save the company around $85 million per annum, but would take a one-off hit of $35 million in the first quarter for severance pay and other associated costs to the workforce reduction.  In the same announcement, Teck Cominco said it planned to cut its coal production in 2009 by around 20 million tonnes to take into account weaker demand from the global steel sector.  At the height of the commodity boom, Teck Cominco acquired Fording Canadian Coal trust, mostly with debt financing.


"Given continued economic uncertainty, a significant reduction in our workforce is needed to further reduce costs and position Teck for both short and long-term competitiveness," said Don Lindsay, President and CEO. "Notwithstanding the substantial decline in commodity prices, this was a difficult decision and I want to thank the affected employees for their contributions to the company."

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