28 Jul Don Lindsay announces retirement after 17 years as Teck Resources chief
Teck Resources CEO Don Lindsay will step down from the role at the end of September, after 17 years at the helm of Canada’s largest diversified mining company.
The 63-year old departs during what the TSX and NYSE-listed firm calls ‘the culmination of a multi-year succession process’, with the vacant position to be filled by two executives. Chief financial officer Jonathan Price will take over as CEO, while chief operating officer (COO) Harry Conger will become president.
Formerly, Price worked at BHP for 14 years in a variety of senior roles, and Conger was president and COO-Americas of Freeport-McMoRan before joining Teck as executive vice president and COO in 2020.
In addition to the changes at the top, Teck published its latest financial results yesterday. The company posted a profit attributable to shareholders of US$1.31 billion in the second quarter – more than six times higher than the one posted last year.
Teck also announced a new $500 million share buyback, supplementing the $500 million and C$100 million buyback programmes announced earlier this year.
However, the company noted additional costs and a potentially longer timeline at its Quebrada Blanca Phase 2 (QB2) expansion in Chile, which is Teck’s most important growth project.
When complete, likely in Q1 2023, the expansion will double Teck’s copper production and extend Quebrada Blanca’s life by 28 years, boosting production to 300,000 tonnes of copper a year from 287,000 tonnes in 2017.