TCK earnings are out this AM. They warmed up their shareholders with an increased dividend earlier. Their MD&A (April 23rd) seems to have a slightly increased emphasis on copper...

With $3.8B available (cash plus credit), they are in fine shape for their end of any CUU deal.

Q1 2012 Report (TCK report: http://www.teck.com/DocumentViewer.aspx?elementId=202489&portalName=tc)

Overview

Our continued focus on expanding coal and copper production is positively affecting our business and financial results. In coal, investments in new mining equipment, plant upgrades and people have resulted in substantial increases in material moved, increased clean coal production and sales. Our investments at Carmen de Andacollo and Antamina are expected to continue to generate increased copper production and we continue to advance Quebrada Blanca Phase 2 and Relincho. We also strengthened our energy business unit by consolidating ownership of our now wholly-owned Frontier project.

Prices for our key products in our metal units strengthened during the first quarter. Copper prices remain strong, but unit operating costs increased as a result of higher input costs, lower grades and higher stripping ratios at many of our mines. Contract coal prices and coal markets remain weaker than those we experienced in the previous nine months, but are higher than in the same quarter last year. Unit operating costs at our coal operations also decreased significantly. Coal production and sales significantly outpaced last year.

We refinanced $1.05 billion of high-yield notes with $1 billion of new notes at an average effective interest rate of 4.2%. This transaction will reduce our annual interest charge by $80 million and extended the average term of our debt to 15.1 years.

Our strong cash flow, debt capacity and cash position of $3.8 billion, together with access to capital markets, should provide the financial capacity necessary to fund our attractive portfolio of growth projects.

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Galore Creek (50%)

OPERATING CASH FLOW, FINANCIAL POSITION AND LIQUIDITY

Cash flow from operations, before changes in non-cash working capital items, was $1.0 billion in the first quarter compared with $874 million a year ago.

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WEBCAST