Teck Resources announces $500M share buyback program

The company said, “Teck Resources announced today that its Board of Directors has declared an eligible dividend of $0.125 on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on March 28, 2024, to shareholders of record at the close of business on March 15, 2024. In addition to the base dividend payment, the Board has authorized management to purchase up to $500 million of Class B subordinate voting shares. Additional buybacks will be considered regularly in the context of market conditions. Teck’s Capital Allocation Framework contemplates that a minimum of 30% of Available Cash Flow will be used for distributions to shareholders and share repurchases. The planned share repurchases announced today are in addition to $765 million in aggregate of dividends and Class B subordinate voting share repurchases in 2023, and reflect a distribution in respect of 30% of the proceeds received in January 2024 from the minority sale of Teck’s steelmaking coal business to Nippon Steel Corporation.”