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Stock Market & Financial Investment News

News Breaks
February 8, 2013
07:05 EDTTCKTeck Resources downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded Teck Resources on valuation and near-term growth headwinds.
News For TCK From The Last 14 Days
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November 18, 2015
05:28 EDTTCKTeck Resources to reduce spending by $650M, cuts 1,000 jobs
In response to persistent low commodity prices, Teck Resources is implementing additional measures to reduce costs and conserve capital: Reduction in total spending of $650M in 2016, to be achieved through $350M of capital spending reductions and deferrals and $300M of operating cost savings identified as part of the 2016 operating budget. Elimination of an additional 1,000 positions across Teck's global offices and operations, through a combination of layoffs and attrition. This will include a reduction in senior management positions and brings total labor force reductions over the past 18 months to approximately 2,000 positions. Withdrawal of the Coal Mountain Phase 2 project from the Environmental Assessment process and suspension of further work on the project. The capital reductions and deferrals described above are in comparison to preliminary 2016 capital spending plans. The 2016 capital budget is still under review and Teck will announce forecast 2016 capital spending in February 2016.

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