BRITISH COLUMBIA

Teck Resources announces a 12.5 per cent boost in dividends

11/14/2012 02:45 EST | Updated 01/13/2013 05:12 EST
VANCOUVER - Teck Resources Ltd. (TSX:TCK.B) says it will pay a dividend of 45 cents per share on its outstanding Class A common shares and Class B subordinate voting shares on Jan. 2, 2013.

The company says this represents a 12.5 per cent increase from the previous dividend.

Vancouver-based Teck Resources is mostly focused on copper, steelmaking coal, zinc and energy.

In late October, the company said it had slashed its capital spending for this year and next by a total of $1.5 billion and will look to cut annual costs by at least $200 million amid a sluggish global economy.

The miner of copper, coal and other metals announced the cuts as it reported sharply lower profits and revenue compared with a year ago due to lower commodity prices and sales volumes for steelmaking coal.

Teck had reported a third-quarter profit of $180 million, or 31 cents per diluted share, in the three months ended Sept. 30, down from with $814 million or $1.37 in the same 2011 period.

Teck shares closed Tuesday at $32.81 on the Toronto Stock Exchange.