CALGARY and VANCOUVER, Oct.
6 /PRNewswire-FirstCall/ - Canadian Pacific Railway Limited
(TSX/NYSE: CP) and Teck Resources Limited (TSX: TCK.A and TCK.B,
NYSE: TCK) announced today a 10-year agreement to transport Teck's
steelmaking coal from its five mines in southeast BC to
Vancouver area ports.
"This agreement gives Teck the certainty we need to realize our
growth strategy in coal and to deliver our increased production on
a timely basis to our key markets," said Don Lindsay, Teck
President and CEO.
The agreement reflects the companies' commitment to work
together to achieve growth in the volume of coal shipped through a
range of economic and marketplace dynamics and provides for
flexibility over the long term. The agreement provides for
investments by CP that enhance coal handling capacity to provide
for Teck's volume growth.
"CP is delighted to have participated in the creation of a
unique and collaborative agreement that sets the foundation for the
next decade," said CP President and CEO, Fred Green. "Our ongoing dialogue has provided
new and deeper insight into Teck's growth objectives. Importantly,
the agreement provides the stability and confidence to grow our
business and enhance this world class supply chain for our mutual
benefit."
This is a confidential agreement which commences April 1, 2011.
Forward-Looking Statements - Teck Resources
This press release contains certain forward-looking statements
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and forward-looking information as
defined in the Securities Act (Ontario). Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential" or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "should", "would", "might" or "will" be
taken, occur, or be achieved. Forward-looking statements include
statements regarding Teck's growth strategy in coal and Teck's
ability to deliver increased production as well as proposed
investments by CP to enhance coal handling capacity.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of Teck to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Factors that may cause actual results to vary include, but are
not limited to, operational difficulties including those caused by
inclement weather, changes in conditions in the steel or seaborne
steelmaking coal markets, unplanned disruptions in production or
transportation, changes in general economic conditions, permitting
issues or changes in laws or regulations, failures in performance
by contractual counterparties, and other risk factors as detailed
from time to time in Teck's reports filed with Canadian securities
administrators and the U.S. Securities and Exchange Commission.
Certain of these risks are described in more detail in the
annual information form of Teck and in its public filings with
Canadian securities administrators and the U.S. Securities and
Exchange Commission. Teck does not assume the obligation to revise
or update these forward-looking statements after the date of this
document or to revise them to reflect the occurrence of future
unanticipated events, except as may be required under applicable
securities laws.
About Teck Resources
Teck is a diversified resource company committed to responsible
mining and mineral development with major business units focused on
copper, steelmaking coal, zinc and energy. Headquartered in
Vancouver, Canada, its shares are
listed on the Toronto Stock Exchange under the symbols TCK.A and
TCK.B and the New York Stock Exchange under the symbol TCK.
Forward-Looking Statements - Canadian Pacific Railway
This news release contains certain forward-looking statements
relating but not limited to our operations, proposed investments,
anticipated financial performance and business prospects. Undue
reliance should not be placed on forward-looking information as
actual results may differ materially.
By its nature, CP's forward-looking information involves
numerous assumptions, inherent risks and uncertainties.
Forward-looking statements are not guarantees of future
performance. Factors that could affect forward-looking information
include, but are not limited to: changes in business strategies;
general North American and global economic, credit and business
conditions; ; inflation; currency and interest rate fluctuations;
the availability and price of energy commodities; the effects of
competition and pricing pressures; industry capacity; shifts in
market demand; changes in laws and regulations, including
regulation of rates; changes in taxes and tax rates; actions by
regulators; potential increases in maintenance and operating costs;
uncertainties of litigation; risks and liabilities arising from
derailments; timing of completion of capital and maintenance
projects; currency and interest rate fluctuations; technological
changes; and various events that could disrupt operations,
including severe weather conditions, flooding, earthquakes, labour
disputes, risks and liabilities arising from derailments as well as
security threats and governmental response to them. Other risks are
detailed from time to time in reports filed by CP with securities
regulators in Canada and
the United States. Reference
should be made to "Management's Discussion and Analysis" in CP's
annual and interim reports, Annual Information Form and Form 40-F
for a summary of major risks.
Except as required by law, CP undertakes no obligation to update
publicly or otherwise revise any forward-looking information,
whether as a result of new information, future events or
otherwise.
About Canadian Pacific:
Canadian Pacific, through the ingenuity of its employees located
across Canada and in the United States, remains committed to being
the safest, most fluid railway in North
America. Our people are the key to delivering innovative
transportation solutions to our customers and to ensuring the safe
operation of our trains through the more than 1,100 communities
where we operate. Our combined ingenuity makes Canadian Pacific a
better place to work, rail a better way to ship, and North America a better place to live. Come and
visit us at www.cpr.ca to see how we can put our ingenuity to work
for you.
SOURCE Canadian Pacific
Copyright t. 6 PR Newswire