Here are some key points:

- Teck delaying development of growth projects

- Teck has halted activity at QB2

- Relincho development to be reviewed Q1 2014

- Schaft Creek Drill Results by Q4 2013

We continue to delay the development of some of our internal growth projects and have deferred capital spending. At Quintette, we delayed the final stage of development for the mine and will not start the development until we see a sustained improvement in demand for steelmaking coal. We have also slowed the development of Quebrada Blanca Phase 2 in part as a result of market conditions. We plan to update permits for our existing operations at Quebrada Blanca to reflect the longer mine life before resubmission of the social and environmental impact assessment ("SEIA") for Phase 2. We are also taking action to reduce sustaining capital expenditures.

Copper Development Projects

Quebrada Blanca Phase 2

During the third quarter, detailed design for the Quebrada Blanca Phase 2 project continued, although at a slower pace. Fabrication activities for some long-lead equipment orders have been halted and further equipment orders are on hold. The level of future engineering activities and associated costs are under review, with a further slowdown in activities anticipated going into 2014.

As previously announced, the permits for our existing facilities need to be updated before resubmission of the Phase 2 SEIA. While the timing for resubmission of the Phase 2 SEIA will depend to some extent on progress in these separate regulatory submissions, our current expectation is that the Phase 2 SEIA will not be resubmitted before the end of the fourth quarter of 2014.

Relincho

The feasibility study for Relincho is progressing and it is expected to be completed at the end of the fourth quarter of 2013. A new resource and reserve estimate is expected at the completion of the feasibility study. Results of the study will be reviewed in the first quarter of 2014 before making a decision on next steps to further optimize or advance the project.

Our forecasts for major enhancement projects in 2013 include: $360 million for Highland Valley's mill optimization project, $40 million for the completion of the Antamina mill expansion; and $60 million at our coal operations, which includes $40 million for the Neptune Terminals expansion. New mine development in 2013 includes $270 million for Quebrada Blanca Phase 2, $65 million for Relincho, $150 million for Quintette and $80 million for our Frontier oil sands project.

We continue to delay the development of some of our internal growth projects and have deferred capital spending. At Quintette, we delayed the final stage of development for the mine and will not start the development until we see a sustained improvement in demand for steelmaking coal. We have also slowed the development of Quebrada Blanca Phase 2 in part as a result of market conditions. We plan to update permits for our existing operations at Quebrada Blanca to reflect the longer mine life before resubmission of the social and environmental impact assessment ("SEIA") for Phase 2. We are also taking action to reduce sustaining capital expenditures.