Other tidbits from Teck's Q1 Report today:

• "Copper production declined by 22% from a year ago primarily due to reduced production at
  Highland Valley Copper as a result of lower ore grades as anticipated in the mine plan and
  weather impacts in the first quarter. Due to the lower production, our cash unit costs after byproducts
  increased 20% to US$1.55 per pound compared to the same period a year ago.
  Production was expected to be lower in the first half of 2017, and is anticipated to gradually
  improve as the year progresses."
• "In March 2017, we repurchased US$1.0 billion principal amount of our outstanding notes by
  way of cash tender offer, reducing the balance of our outstanding notes to US$5.1 billion.
  We recorded a CAD$178 million pre-tax loss on this transaction, including CAD$61 million
  related to the value of the call option on the 2021 notes."
• "Our liquidity remains strong at over $4.7 billion inclusive of $625 million in cash at April 24,
  2017 and US$3.0 billion of undrawn, committed credit facilities. As a result of our recent
  debt repurchase, we now only have US$122 million of debt due before 2021."

K