Teck Resources Ltd has announced that it has settled with major customers a benchmark price for 1Q17 for its highest quality coals of USD$285/t.
First quarter realised prices will reflect a combination of sales at the quarterly contract price and spot sales.
Teck also announced that unionised employees at its Fording River and Elkview steelmaking coal mines in British Columbia have ratified new five year collective agreements expiring 30 April 2021 and 31 October 2020. As a result of the new collective agreements, Teck expects to incur a one-time, after-tax charge to profit in the fourth quarter of approximately US$35 million.