Teck restructures, promotes staff after coal exit

Teck Resources (TSX: TECK.A and TECK.B, NYSE: TECK) says its new company structure will revolve around two regional business units, North America and Latin America, as it shifts to produce mainly copper. 

The North America unit holds the Highland Valley copper operation in British Columbia, the Red Dog and Trail zinc mines, in Alaska and B.C., respectively, as well as the copper projects of Galore Creek and Schaft Creek in B..C. and New Range in Minnesota, Teck said in an Aug. 30 release.

The Latin America unit covers the Carmen de Andacollo and Quebrada Blanca copper operations in Chile, Teck’s interest in the Antamina mine in Peru, as well as the Zafranal (Peru), San Nicolas (Mexico), and NuevaUnión (Chile) copper projects.

“This change simplifies our business with a streamlined executive leadership team and regional structure to support our strategy focused on growth in copper,” Teck CEO Jonathan Price said in the release. “This new structure will ensure Teck is optimally positioned to operate safely, efficiently and responsibly while capitalizing on profitable growth opportunities.”

An enterprise-wide functions and a dedicated projects group are to develop brownfield and greenfield projects across the two regional units, . 

The Canadian miner shifted its business when it sold its B.C.-based steelmaking coal unit to Swiss commodities giant Glencore (LSE: GLEN) in one of the industry’s biggest deals. It closed this summer with Glencore paying nearly US$7 billion for 77% of Teck’s coal mines.

Teck B. shares fell nearly 6% to $60.85 apiece on Tuesday morning as wider markets plunged on economic slowdown fears. The company has a market capitalization of $31.1 billion. 

New leadership team

To align with the new business structure, Teck has promoted a leadership group of current senior vice-presidents (SVP) to serve as executive vice-presidents (EVPs) as well as various C-level roles. These include:

• Ian Anderson, EVP and chief commercial officer, responsible for margin enhancement through sales and procurement strategies and execution.
• Shehzad Bharmal, EVP and chief operating officer, responsible for driving safety, operational excellence and asset optimization at Teck’s operations.
• Jeff Hanman, EVP and chief strategy officer, responsible for developing and activating corporate strategy and transformation initiatives to position Teck as a leading producer of energy transition metals.
• Nic Hooper, EVP and chief corporate development officer, responsible for corporate development and value creation through portfolio optimization and Teck’s extensive exploration activities.
• Karla Mills, EVP and chief project development officer, responsible for accelerating growth by ensuring excellence in all aspects of the delivery of Teck’s portfolio of copper growth projects.
• Crystal Prystai, EVP and chief financial officer, responsible for overall financial management at Teck, including the allocation of capital to fund growth, maintain a resilient balance sheet and return cash to shareholders.
• Charlene Ripley, EVP and chief legal and sustainability officer, responsible for maintaining Teck’s leading sustainability performance, and supporting the business through legal, risk and compliance functions.
• Dean Winsor, EVP and chief people officer, responsible for human resources, development of talent, and the progression of a diverse, respectful and inclusive workplace.

Meanwhile, Fraser Phillips, SVP of investor relations and strategic analysis, is expected to retire in the first quarter of 2025, but he will continue to lead Teck’s investor relations function in the interim.

“This executive leadership team bring to their portfolio an incredible breadth of experience and I look forward to working with them to unlock the full value of our premium energy transition metals portfolio and leading copper growth pipeline,” Price said.