20th Annual Canada Mining

Conference
September 5, 2014
Forward Looking Information

Both these slides and the accompanying oral presentation contain certain forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the
meaning of the Securities Act (Ontario) and comparable legislation in other provinces. Forward-looking statements can
be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and
phrases or state that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur
or be achieved. 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. These forward-looking
statements include statements relating to management’s expectations with respect to market and production trends, our
future production targets, our strategy, mine lives, mineral and oil and gas reserves and resources, capital, operating
and other costs for our projects, expected revenues, timing of production at our Pend Oreille and Fort Hills projects, the
anticipated results of our cost reduction program, the results of our development projects, demand and market outlook
for commodities.

These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary
materially. These statements are based on a number of assumptions, including, but not limited to, assumptions
regarding general business and economic conditions, interest rates, the supply and demand for, inventories of, and the
level and volatility of prices of coal, zinc, copper and gold and other primary metals and minerals produced by Teck as
well as steel, oil, natural gas and petroleum, the outcome of engineering studies currently underway in connection with
Teck’s development projects, the timing of receipt of regulatory and governmental approvals for Teck’s development
projects and other operations, receipt of permits to mine, Teck’s costs of production and production and productivity
levels, as well as those of its competitors, power prices, market competition, the accuracy of Teck’s reserve and
resource estimates (including with respect to size, grade and recoverability) and the geological, operational and price
assumptions on which these are based, the resolution of environmental and other proceedings, our ongoing relations
with our employees and partners and joint venturers, the availability of financing for development projects and the future
operational and financial performance of the company generally. The foregoing list of assumptions is not exhaustive.

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Forward Looking Information

Events or circumstances could cause actual results to differ materially. Factors that may cause actual results to vary
include, but are not limited to: unanticipated developments in business and economic conditions in the principal markets
for Teck’s products or in the supply, demand, and prices for metals and other commodities to be produced, changes in
power prices, changes in interest or currency exchange rates, inaccurate geological or metallurgical assumptions
(including with respect to the size, grade and recoverability of mineral or oil and gas reserves and resources), changes
in taxation laws or tax authority assessing practices, legal disputes or unanticipated outcomes of legal proceedings,
unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with
specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays
in the receipt of permits or government approvals, industrial disturbances or other job action, and unanticipated events
related to health, safety and environmental matters), decisions made by our partners or co-venturers, political events,
social unrest, lack of available financing for Teck or its partners or co-venturers, and changes in general economic
conditions or conditions in the financial markets. Our Fort Hills project is not controlled by us and construction, sanction
and production schedules may be adjusted by our partners.

Certain of these risks are described in more detail in Teck’s annual information form available at www.sedar.com and in
public filings with the SEC at www.sec.gov. 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.

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Agenda

Teck Overview

Commodity Market Observations

Teck Update

4
Canada’s Largest
Diversified Mining Company

#1 Producer of steelmaking coal in North America

#2 Exporter of steelmaking coal in the world

#3 Zinc miner in the world

Top ten copper miner in the Americas

Building an energy business

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 Attractive Portfolio Of
Long-Life Assets & Resources
Focused on the Americas
& Lower Risk Jurisdictions

Strong Resource Position With

Frontier & L421
Red Dog
(Advanced Projects) Sustainable Long-Life Assets
Fort Hills
(Advanced Project)
Quintette Coal Resources >100 years
Cardinal River
Highland Valley
Trail Operations Duck Pond
Pend Oreille Copper Resources >30 years
Elk Valley (5 mines)

Steelmaking Coal Zinc Resources >20 years

Copper
Zinc Antamina
Energy Energy Resources > 50 years
Quebrada Blanca
Refinery
Relincho
(Advanced Project)
Carmen de Andacollo

Producing through multiple price cycles after

capital is recovered, enhancing returns
6
The Value of Our
Diversified Business Model

Cash Operating Profit 2014E

• Teck has good leverage
to stronger copper and
zinc markets

Base Copper Base Metals

Coal Metals EBITDA Sensitivity
Copper $7M per $0.01 
Zinc
Zinc $10M per $0.01

Base metals are expected to generate around

two-thirds of cash operating profit in 2014

7 Source: Analysts Consensus Estimates

Agenda

Teck Overview

Commodity Market Observations

Teck Update

8
Current Steelmaking Coal Prices
Are Unsustainable

Argus Assessment Seaborne Metallurgical Coal Margin

vs. Quarterly Benchmark Curve at Spot Price of US$115/t

Negative margin for roughly

30-35% of seaborne traded
metallurgical coal
Operating basis, sustaining
capital costs not included

Brackets indicate
producers still supplying
but due to close or
deplete inventory

9 Source: Argus, Wood Mackenzie, Platts, TEX Report, AME, company & news reports and Teck Resources estimates
Steelmaking Coal Market Curtailments
Slowly Being Implemented
Steelmaking Coal Production Cuts Steelmaking Coal Production Cuts
Timeline By Region
16

14
USA

12

10 Australia
Mt

6 Canada

4
New
2 Zealand

0
- 5 10 15
Q1-14 Q2-14 Q3-14 Q4-14 2015+
Mt

• >20 Mt of effective production cuts* have been announced

• As of the end of Q2 2014, <2.5 Mt of 2014 announced cutbacks had been
implemented
Source: Teck estimates based on public announcements
10 * Effective production cuts are total market curtailments including sustaining cuts (total volume in perpetuity), net of period cuts
(volume to be reduced in the year only)
 Growing Steelmaking Coal Imports to China

China Rolling 12-Month Coking Coal Imports

110

100

90

80
Wood Mackenzie
70
and CRU forecast
60 ~100 Mt in 2018
50
Mt

40

30

20

10

Mongolia Seaborne Average forecast (Wood Mackenzie & CRU)

11 Source: McCloskey, Wood Mackenzie, CRU

 Copper Supply Surplus Estimates Declining

Forecast 2014 Copper Surplus Production in Chile Declining

800 2,500 7,000

700 6,000
2,000
600
Thousand tonnes

5,000
500

k tonnes
1,500
4,000
400
3,000
300 1,000

2,000
200
500
100 1,000

0 0 0

2023
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022

2024
2025
Codelco Total Chile Total (RHS)

12 Source: Wood Mackenzie

 Zinc Deficit Developing; Inventory Declining

Reported Metal Stocks1 Developing Deficit is

(LME, SHFE, Producer, Consumer & Merchant) A Consensus View2
2,500 70
1,000

60
2,000 500 Inflection point
50
0
1,500
40

kt
kt

(500)
30
1,000

20 (1,000)

500
10 (1,500)

0 0
05 06 07 08 09 10 11 12 13 14F 15F 16F 17F (2,000)
12 13 14 f 15 f 16 f 17 f
Reported Stocks Days of Consumption
Teck WoodMac CRU

1. Source: ILZSG, LME, SHFE & Teck Resources Limited

13 2. Source: Teck Resources Limited, Wood Mackenzie & CRU. The view portrayed in this chart is the net market balance of the concentrate
balance and the metal balance
Agenda

Teck Overview

Commodity Market Observations

Teck Update

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 Executing well in difficult market conditions

• Increased focus on reducing costs and capex

• Updated 2014 guidance
- Lower coal and copper costs
- Higher zinc concentrate production
• Good project execution
• Disciplined capital allocation process
• Solid financial position and strengthened liquidity

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Declining Steelmaking Coal
Cash Costs from 2012-2014E

Steelmaking Coal All-In Site Cost Profile

90.00

80.00
76.50
70.17
70.00
19.50
60.00 15.67
C$/tonne

50.00

40.00

30.00 57.00 54.50

20.00

10.00

0.00
2012 2014 Updated Guidance - Mid

Operating Capitalized Stripping

With our intense focus on cost reduction, site costs are expected
to be down ~8% over the past two years (2012-2014E)
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Copper Costs Declining

Copper Cash Costs*

2012 2013 2014

By-product credits currently reduce costs by ~$0.35 per pound

17 * Before by-product credits
 Highland Valley Mill Optimization
Exceeding Design Throughput

Throughput exceeded
design capacity in Q2 2014
• Design: 130 ktpd
• Q2 2014 Average: 140 ktpd

Supports mining
through at least 2027
• Increase in mill throughput of ~10%
• Improvement in recovery
• Copper production ~15 ktpa higher

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Increasing Zinc Exposure
Pend Oreille Restart

• Low capital / high return project

- Capex: US$45M
- ROI >30% assuming zinc price of $1/lb
- Payback period: 2.5 years

• Corporate synergies enhance

project economics
- e.g. transportation, germanium, iron
balance, t/c differential

• Expected production of 44 ktpa 10 km

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Building An Energy Business

 Strategic diversification
 Large truck & shovel mining
projects

 World-class resources
 Long-life assets
 Mining-friendly jurisdiction
 Competitive margins
 Minimizing execution risk
 Tax effective
Mined bitumen is in Teck’s ‘sweet spot’
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Minimizing Execution Risk
In The Fort Hills Project

Suncor has completed 4
projects of ~$20 billion over last
5 years, all at or under budget
• Cost-driven schedule
- “Cheaper rather than sooner”
• Disciplined engineering
approach - majority of project
has completed Engineering
Design Specification
• “Shovel Ready” - significant
site work including camp and
infrastructure started
• Global sourcing of engineering
and module fabrication
• Balanced manpower profile

Benefiting from Suncor’s operational

and project development experience
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Operating Costs & Capital Expenditures

• Cost reduction program exceeded our initial goals, with $360M of

annualized reductions achieved to year end 2013
• Additional $150M in annualized reductions realized year-to-date,
and a further $50M is targeted for 2014
• Also, on track for $150M in sustaining and development capital
reductions this year
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 Strong Balance Sheet*

Investment Grade Credit Rating of Mid-BBB

$3,000 Liquidity of ~$5 Billion

~US$2.2B* • Weighted Average Maturity ~15 years

• Weighted Average Interest (Coupon) Rate 4.8%
$2,000 • Note Maturities Average US$600M
• US$300M of notes due to end of 2016
US$M

• US$3B line of credit

$1,000

$0

Cash position Debt Maturity

23 * All figures as at June 30, 2014

 Returning Cash To Shareholders

• Vision of steady & sustainable growth Annualized Dividend Payout

• Progressive dividend policy $0.90

- Aims to set dividend at a sustainable $0.80

$0.70
level, taking into account the commodity $0.60
price outlook and our capex profile $0.50
$0.40
- Current dividend: semi-annual payment $0.30
$0.45; annualized $0.90 $0.20

• Normal Course Issuer Bid in place for $0.10

$-
up to 20M shares

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Summary

Good leverage to strong copper & zinc markets

Attractive portfolio of long-life assets & resources

Intensified cost reductions efforts

Managing capital prudently

Returning cash to shareholders

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20th Annual Canada Mining
Conference
September 5, 2014