Teck Resources Limited: Initiation Of Coverage

This is our first report on natural resource exploration player, Teck Resources Limited. The company showed a strong fourth quarter performance across their business, advancing operations at QB and reporting a record-breaking quarterly copper production. This also led to an Adjusted EBITDA of $1.7 billion in Q4 and $6.4 billion for the year. These earnings can be attributed to robust prices for steelmaking coal and copper as well as high-end steelmaking coal sales volumes. This strong profitability allowed them to return a total of $765 million to shareholders, while also strengthening the balance sheet.