Teck CEO defends strategy at mining conference as investors launch criticism

The CEO of Teck Resources Ltd. defended his company’s growth strategy on Tuesday as dissident shareholders criticized what they called “underperforming” investments in coal and oilsands.

“Our strategy is very straight forward,” said CEO Don Lindsay in a webcast speech at the online Bank of America Securities Global Metals, Mining and Steel conference.

“Teck is implementing a copper growth strategy financed by the strong cash flows from steel-making coal and zinc. We are focused on rebalancing our portfolio to ultimately make our copper business bigger than our coal business, beginning with QB2, which will double our copper production on a consolidated basis.”

Construction of the US$5.2-billion Quebrada Blanca Phase 2 copper mine expansion in Chile is gradually returning to normal after the project was halted due to measures to control the COVID-19 pandemic, Lindsay said.

It is expected to open in 2022.

Copper’s future is bright because of its use in electric vehicles, clean power plants and transmission lines, along with its antimicrobial properties that are attracting attention during the COVID-19 pandemic, he added.

American investment firm Impala Asset Management released on its website this week excerpts from a letter to Teck’s board criticizing the company’s performance in the 15 years Lindsay has been in charge.

The criticisms are similar to those reportedly made by Tribeca Investment Partners earlier this month.

Impala charges destruction of more than $12 billion of shareholder value through Teck’s purchase of B.C. coal mines, its investment in the recently cancelled Frontier oilsands mine, other oilsands investments and the expansion of the Neptune terminals on the West Coast.

Teck’s shares closed Tuesday at $12.12. Its 52-week high of $30.81 was set last June.

Lindsay said Teck’s current woes are caused by historically low prices for its products, including coal, zinc, copper and oilsands bitumen.

“Our operating margins have fallen dramatically over the past 12 months due to commodity price declines and the impact of that is clear,” he said.

“But the underlying strength and longevity of the world-class assets in our portfolio has not changed and it represents significant upside potential once we emerge from this period.”

He reiterated a commitment to consider selling Teck’s minority stake in the Fort Hills oilsands mine in northern Alberta if the value of the project is not reflected in its share price.

In an email response to the investor criticism, Teck spokesman Chris Stannell pointed out shareholders voted 98 per cent in favour of retaining Lindsay and other board members recently and the board chairman has indicated full support for company management.

Teck is primarily controlled by the Keevil family through its dual-class shares system.

Watch below: Some Global News videos involving Teck Resources.


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Eads man shot dead by Kiowa County deputies is identified

A 39-year-old man from Eads and the Kiowa County sheriff’s deputies who shot and killed him last week have been identified.

Zachary Gifford was shot on April 9 during a traffic stop at the intersection of Colorado 96 and Main Street in Brandon, according to the Colorado Department of Public Safety.

Undersheriff Tracy Weisenhorn and Deputy Quentin Stump are on administrative leave from the sheriff’s office as an investigation into the shooting continues, according to a news release from the department.

Gifford was a passenger in a pickup that was pulled over, and he attempted to run away, the Colorado Bureau of Investigation said in an earlier news release. A struggle ensued, and shots were fired. Investigators have not said whether Gifford was armed.

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Murder rates in Latin America were staggering, but the virus has brought some quiet, for now

MEXICO CITY (NYTIMES) – In El Salvador, the number of murders plunged by nearly half between February and March.

Neighbouring Honduras has also seen a falloff in killings in recent weeks, as has Colombia and the most populous state in Mexico.

As nations around the world contend with a growing number of fatalities caused by the coronavirus, some are simultaneously experiencing an unanticipated – and welcome – decline in a different form of death: murder.

Governments around the world have imposed travel restrictions, curfews and quarantines to help control the spread of the virus, and by doing so they have also inadvertently lowered criminality and violence – for the moment, at least.

The trend has been particularly notable in Latin America, the region with the highest homicide rates in the world outside of war.

“It’s taking people off the streets,” Alejandro Hope, a security analyst in Mexico City, said of the pandemic and governments’ efforts to combat it. “The rule of thumb is: The stricter the lockdown, the bigger the effect on crimes committed against strangers on the street.”

In addition, analysts say, not only have the lockdowns led to fewer opportunities for crime – like extortion, muggings and even murder – but the virus has even taken some criminals out of action as they, too, hunker down in their homes, wary of infection. In several places, criminal gangs have even led efforts to impose curfews in neighbourhoods and regions where they hold sway.

El Salvador began its coronavirus lockdown before almost any of its neighbours, closing its borders in mid-March, and shutting down schools and many businesses.

On March 22, the government ordered all Salvadorans to remain quarantined in their homes; while people caught in the street without the proper permissions were sent to quarantine centres. The measures have helped lead to drops in homicides in recent weeks.

“We are in a pandemic and our priority is to fight against it, but today many lives were saved,” the president, Nayib Bukele, said on Twitter, hailing the achievement.

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Spain's government seeks to consolidate coronavirus contagion slowdown

MADRID (Reuters) – Spain’s government wants to consolidate the current rate of coronavirus contagion slowdown in Europe’s second-worst hit country, Health Minister Salvador Illa said on Monday, as Spain enters its fourth week of confinement.

Up to 60,000 recently retired medical staff – aged 70 or less – have been rehired to contribute to the outbreak response, Illa added.

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Chinese county in lockdown after coronavirus cases

BEIJING (Reuters) – A county in central China’s Henan province said on Wednesday it had virtually banned all outbound movement of people, following several cases of coronavirus infection in the area.

No one can travel out of Jia county without proper authorisation, the county, which has a population of about 600,000, said in a post on its social media account. Additionally, residents are not allowed to leave their homes for work unless they have clearance to do so.

Henan province reported one confirmed case in Luohe city on Saturday. Local authorities said the infected person had been in contact with two doctors based in Jia county who later tested positive for the virus even though they had showed no symptoms.

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What qualifies as an essential service under B.C.’s coronavirus response?

The provincial government has outlined what qualifies as an essential service, as it brings in substantial new measures to slow the spread of the novel coronavirus.

Under B.C.’s response to the pandemic, essential services are defined by government and the provincial health officer as services that people rely on in their daily lives.

This is different from what is designated an essential service under B.C.’s Labour Relations Code, which requires certain sectors to still provide a basic level of service if they take job action during a labour dispute.

Essential services, as set out under COVID-19, “should and are encouraged to remain open,” the province says, as long as they obey public health orders to reduce the spread of the virus.

All other businesses, if they haven’t already been ordered to shut, “may stay open” as long as they obey public health orders.

The ban on gatherings of more than 50 people and a required physical distance of one to two metres between people has led to the forced closure of bars, restaurants, cafes and personal-service businesses such as hair salons and spas.

Specifically on childcare, the province says childcare provides must prioritize looking after children whose parents are front-line workers such as health workers, first responders, and law enforcement.

Here is the B.C. government’s list of essential services:

Health services

All health-care services, including acute care, secondary/long-term care, coroners’ services, health-care providers working within and outside an acute care setting and other health services, including public health, detox facilities, safe-injection sites, COVID-19 testing, clinical research supporting the COVID-19 response, blood/plasma donation services and emergency pre-hospitalization services.

Other health services and caregivers including physicians, dentists, psychiatrists, psychologists, mid-level practitioners, nurses and assistants, infection-control and quality-assurance personnel, pharmacists, physical and occupational therapists and assistants, social workers, mental-health and substance-use workers, including peer support workers, speech pathologists, diagnostic and therapeutic technicians and technologists, counsellors, chiropractors, naturopaths, dentists, crisis centres, outreach workers, overdose and harm-reduction services, meal programs.

Health first responders (paramedics) providing emergency care.

Pharmaceutical production, medical laboratories/research, medical testing, pharmacies, medical supply and equipment manufacturers, wholesale, distribution and stores, and analytical testing labs related to testing of finished product for pathogens and contaminants.

Safety supply (e.g., work clothes, personal protective equipment, medical/pharmaceutical/ laboratory supplies, etc.) stores, manufacturers, technicians, logistics and warehouse operators.

Medical wholesale distribution.

Health plans, billing and health information.

Law enforcement and emergency response personnel

First responders, including police, fire and those services providing for public safety, including commercial vehicle safety enforcement, corrections and detainment facilities, park rangers, security and protective services, court services, bylaw enforcement, as well as communications/dispatching support for first responders and volunteers, such as search-and-rescue and public-safety lifeline volunteers.

Public-sector workers for peace, order and good government, and employees of contracted service providers in these fields, including maintenance of technical infrastructure to support this work and compliance with health and public-safety orders,

Businesses providing support to police and correctional services; operations and services in support of the Canadian Armed Forces and Canada Border Services Agency; emergency management personnel at local, regional and provincial levels; businesses that ensure global continuity of supply of aggregates to support critical infrastructure repairs and emergency response requirements (e.g., sandbags, armour stone barriers, etc.) and equipment and uniform suppliers for first responders.

Service providers for vulnerable people

Businesses and non-profits that provide food, shelter, social and support services, and other necessities of life for economically disadvantaged or otherwise vulnerable individuals, such as food banks, community kitchens, and voluntary and community service providers.

Residential health facilities; mental-health, substance-use and addictions services; transitional, social and supportive housing; single-room occupancy housing;

Community services and outreach for immigrants, refugees, vulnerable populations and non-market housing, including businesses that sell, rent or repair assistive/mobility/medical devices, aids and/or supplies, care for seniors, adults, children or individuals with disabilities.

Childcare services for those persons providing essential services, caregivers for children in care and out of care, elder and disability care, including disabled service support for people with physical and cognitive disabilities, residential care for individuals with mental health and substance use challenges, including licensed and registered treatment and recovery facilities

Government and non-profit service delivery staff who provide access to income supports for people in need of food and shelter, residential and care facilities and shelters for seniors, adults, children and people with disabilities, overdose prevention sites, clinical overdose prevention services or medical marijuana provision and businesses that sell, rent or repair assistive/mobility/medical devices, aids and/or supplies, or other products/services that support the health sector, including mental-health and addictions/counselling supports.

Critical infrastructure service providers

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Infrastructure, drilling and production, refineries, processing, completion facilities, utilities, transportation, transmission, stations and storage facilities critical in supporting daily essential electricity needs, drinking water, waste water, electricity (including associated infrastructure), steam, alternative energy production, waste and hazardous management, industrial recycling, oil and natural and propane gas, fuel and other fuel sources, such as heating oil and wood pellets, as well as operating staff.

Manufacturing of goods necessary for the continued and immediate operation of other essential infrastructure and businesses, gas stations, diesel, propane and heating fuel providers including providers of motor vehicle, aircraft and water/marine fuels, and providers of charging stations for electric vehicle.

Operations and employees needed to operate and maintain drinking water and wastewater/drainage infrastructure, including: operational staff at water authorities, operational staff at community water systems, operational staff at wastewater treatment facilities, workers repairing water and wastewater conveyances and performing required sampling or monitoring, operational staff for water distribution and testing, operational staff at wastewater collection facilities

Operational staff and technical support for supervisory control, data-acquisition control systems,
chemical disinfectant suppliers for wastewater and personnel protection; workers who maintain digital systems infrastructure supporting water and wastewater operations.

Food and agriculture service providers

Food cultivation, including farming, livestock, aquaculture and fishing, and businesses that support the food supply chain as well as community gardens and subsistence agriculture

Food processing, manufacturing, storage and distribution of foods, feed products and beverages.

Workers essential to maintaining or repairing equipment in food processing and distribution centres; workers, including temporary foreign workers, to support agricultural operations to enhance food security.

Retail workers including grocery stores, convenience stores, farmers markets and other establishments engaged in the retail sale or provision of food, pet or livestock supply, liquor, cannabis (including producers), and any other household consumer products, such as cleaning and personal care products.

This includes stores that sell groceries and also sell other non-grocery products, and products necessary to maintaining the safety, sanitation and essential daily operation of residences such as home supply, hardware, building material stores, pawn brokers, and garden centres and nurseries,
farming supply, including seed, fertilizer, pesticides, farm-machinery sales and maintenance.

Inspection services and associated regulatory and government workforce and supporting businesses required for slaughter of animals, dairy production and food safety and businesses that provide for the health and welfare of animals, including veterinarians, farms, boarding kennels, stables, animal shelters, zoos, aquariums, research facilities and other service providers.

Transportation, infrastructure and manufacturing

Supply chain services needed to supply goods for societal functioning, including cooling, storing, packaging, transportation, warehousing and distribution, workers who support the maintenance and operation of cargo transportation services, including crews, maintenance, operations and other facilities workers, manufacturers and distributors (to include service centres and related operations) of packaging materials, pallets, crates, containers and other supplies needed to support manufacturing, packaging staging and distribution operations.

Truck drivers who haul hazardous and waste materials to support critical infrastructure, capabilities, functions, and municipal and provincial services, local, regional, and provincial delivery services, including but not limited to businesses that ship or deliver groceries, food, goods or services directly to business and residences and mailing and shipping services.

Services to support and enable transportation, including highway, road, bridge maintenance and repair; employees who repair, maintain and overhaul vehicles, aircraft and parts, rail equipment, marine vessels, and the equipment and infrastructure that enables operations that encompass movement of cargo and passengers, as well as vehicle rentals and leasing.

Services that facilitate the transportation of essential supplies, personnel and services, including port/waterfront operations, road, air and rail operations, facilities supporting interprovincial and intra-provincial delivery of goods, including truck scales, commercial vehicle inspection stations, brokerages, truck towing and repair services, commercial cardlock fuel providers, truck and rest stops.

Government-owned or leased buildings.

Businesses that supply other essential businesses and people working from home with the support or supplies necessary to operate; private transportation services, such as taxis, ride-hailing, helicopter, aircraft and marine vessels and public transportation services under rules for physical distancing or other recommendations from the provincial health officer.

Workers supporting the chemical and industrial gas supply chains, including workers at chemical manufacturing plants, workers in laboratories, workers at distribution facilities, workers who transport basic raw chemical materials to the producers of industrial and consumer goods and support the natural resource sector, as well as workers supporting safety at such facilities.

Provision of public services that support the safe operation of regulated businesses those that support those businesses to meet other regulatory requirements

Workers who support the operation, inspection, and maintenance of essential public works facilities and operations as well as workers who support the inspection and maintenance for ongoing safety at industrial facilities.

Inspectors who ensure worksites are safe and health for workers, and who investigate serious workplace accidents, workers who process and manage claims made by injured workers, including services related to their care and treatment, as well as the provision of workers’ compensation benefits.

Hotels and places of accommodation.

Activities of the consuls general and staff who support the work of the consuls general.

Landlords of buildings where consulates are located and those who must guarantee access to consular offices as well as the operation of the consular offices.

Storage for essential businesses.

Businesses that provide materials and services for the operation, maintenance and safety of transportation systems (road, transit, rail, air and marine) including delivery of maintenance services, such as clearing snow, response to collisions and completing needed repairs to transportation systems.

Businesses that extract, manufacture, process and distribute goods, products, equipment and materials, including businesses that manufacture inputs to other manufacturers (e.g., primary metal/steel, blow moulding, component manufacturers, chemicals, etc., that feed the end-product manufacturer).

Vegetation management crews and traffic workers who support environmental remediation/monitoring and who respond to environmental emergencies.

Businesses providing staffing services, including temporary labour services

Businesses that support the safe operations of residences, essential businesses and facilities/buildings.

Sanitation

Cleaning services necessary to provide and maintain disinfection.

Manufacturing of sanitary products, household paper products, chemicals, microelectronics/semi-conductor, including companies able to retrofit their production facilities to produce goods/services that can be used to address critical shortages of sanitary and protective goods.

Businesses that support environmental management/monitoring and spill cleanup and response, including environmental consulting firms, professional engineers and geoscientists, septic haulers, well drillers, pesticides applicators and exterminators, management of industrial sewage/effluent (e.g., for mining operations) and environmental laboratories and waste (garbage and organics) and recycling collection, processing and disposal.

Communications, information sharing and information technology (IT)

Workers maintaining IT and communications infrastructure for medical facilities, governments facilities, emergency response and command agencies, energy and utilities, banks and financial institutions, employees working from home, and other critical infrastructure categories and personnel, including managing information and cyber-security incidents.

Newspapers, television, radio, online news outlets and other media services.

IT, radio, cable providers and telecommunications services, including phone, internet, wireless communications and data centres.

Satellite operations, undersea cable landing stations, internet exchange points, and manufacturers and distributors of communications equipment.

Non-health essential service providers

Feed, water, bedding, veterinary care, veterinary supply, transport and processing services for livestock, animal shelters and pets.

Coroners and workers performing mortuary services, including funeral homes, crematoriums and cemeteries, as well as workers supporting the appropriate handling, identification, storage, transportation and certification of human remains.

Banks and their branches, credit unions and related financial institutions, as well as workers who support security and technical operations supporting financial institutions.

Capital markets, including the BC Securities Commission, self-regulatory organizations, exchanges, clearing agencies and investment-fund dealers, advisers and managers.

Services related to bankruptcy/credit restructuring and non-bank sources of capital, cheque-cashing outlets, money sending and money remittance services, currency exchange services and pawn brokers.

Accounting, payroll, translation services, legal services and insurance providers; insurance assessment and adjudication providers.

Plumbers, electricians, elevator maintenance providers, exterminators, property management services, custodial/janitorial workers, cleaning services, fire safety and sprinkler systems, building systems maintenance and repair technicians, engineers, mechanics, smelters and other service providers who provide services that are necessary to maintaining the safety, sanitation and daily essential operation of residences and commercial buildings.

Educational institutions — including public and private K-12 schools, and public post-secondary institutions — for purposes of facilitating remote learning or performing essential functions, including services that are needed to ensure the safety, security, welfare, integrity and health of the community, property and research and certain operational and contractual activities, if operating under public-health orders for social and physical distancing or other recommendations.

In relation to research universities, services including COVID-19-related research, residential housing and food services for students on campus, building operations and risk management, animal care services, health services for students, IT including data security and infrastructure, finance/payroll/administration/HR/communications and childcare for essential university staff.

Laundromats, dry cleaners and laundry-service providers.

Restaurants and other facilities that prepare and serve food, if operating under public-health orders for social and physical distancing or other recommendations.

Towing services and other vehicle repair/maintenance operations.

Schools and other entities that provide free food services to students or members of the public, if operating under rules for physical distancing or other health recommendations.

Construction work, in accordance with health-official direction, construction firms, skilled trades and professionals, and construction and light industrial machinery and equipment rental.

Businesses that ensure global continuity of supply of primary and value-added forestry/silviculture products (e.g., lumber, pulp, paper, wood fuel, etc.) including soft-pulp products, such as protective masks, gowns, drapes, screens and other hospital supplies, as well as household paper products;
postal services, including both public and private mailing, shipping, logistics, courier, delivery services and post office boxes.

Research services supporting essential sectors, including medical/clinical research and industrial research.

All government (local, regional, provincial) functions or services.

Businesses and non-profits that provide support services to citizens and businesses on behalf of government – these include but are not limited to: income assistance and disability assistance, pensions, residential tenancy, BC Services Card, drivers’ licensing, Affordable Child Care Benefit, Medical Services Plan, forest-worker support programs, notary, commissioner, affidavits, pesticide exams, invigilation for essential trades, 1 888 COVID19, verify by video, and helpdesk for BCeID.

Weather forecasters.

Businesses that ensure global continuity of supply of mining materials and products (e.g., metals such as copper, nickel and gold) and that support supply chains including mining operations, production and processing; mineral exploration and development and mining supply and services that support supply chains in the mining industry including maintenance of operations, health and safety.

Workers at operations centres necessary to maintain other essential functions.

Professional services, including lawyers and paralegals, engineers, accountants, translators.

Land registration services and real estate agent services.

Building code enforcement, inspection of buildings, building sites and building systems by building officials and registered professionals (architects and engineers).

Public washrooms and hygiene facilities (toilets, handwash stations, showers) for unsheltered persons.

Parks and green space for public health and sheltering (for people experiencing homelessness).

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