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Teck settles coal benchmark price at US$285 per tonne for Q1'17

Teck Resources Ltd. settled a benchmark price of US$285 per tonne for the first quarter of 2017 for its highest quality coals, it said on Dec. 12.

Meanwhile, unionized employees at the company's Fording River and Elkview steelmaking coal mines in British Columbia ratified new five-year collective agreements expiring April 30, 2021, and Oct. 31, 2020, respectively, which will replace agreements that expired on April 30, 2016, and Oct. 31, 2015.

As a result of the agreements, Teck expects to incur a one-time, after-tax charge to profit of C$35 million in the fourth quarter.