TECK RESOURCES LTD. $19 (Toronto symbol TCK.B; Conservative Growth Portfolio, Resources sector; Shares outstanding: 566.8 million; Market cap: $10.8 billion; Price-to-sales ratio: 1.2; Dividend yield: 4.7%; TSINetwork Rating: Average; www.teck.com) has dropped 25% in the past three months, mainly due to the U.S. dollar’s recent rise and slowing economic growth in China and other parts of Asia. These factors have depressed the prices of metallurgical coal (which supplies 42% of Teck’s revenue) and copper (32%).
However, the company continues to benefit from rising zinc prices (26%). Thanks to better-than-expected production at its Red Dog mine in Alaska, Teck expects to produce 600,000 to 615,000 tonnes of zinc in 2014, up from its original forecast of 555,000 to 585,000. The company also plans to reopen its Pend Oreille zinc mine in Washington State by the end of 2014.
Meanwhile, Teck continues to aggressively cut its operating costs. It lowered its annual expenses by $360 million in 2013 and should achieve additional savings of $180 million a year by the end of 2014. The company has also reduced this year’s spending on new projects and upgrades by $150 million.
These savings should let Teck maintain its current annual dividend rate of $0.90 a share, which yields 4.7%. In 2013, it spent a total of $521 million on dividends.
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