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Be the first with the news that moves the market- Canada’s largest diversified mining company, Teck Resources (TSX:TECK.A) has committed C$20 million dollars to fund its COVID-19 relief program
- The fund will assist communities in Canada, Chile and Alaska, which have been affected by the COVID-19 pandemic
- Toward this end, the company is utilising its supply chain to source one million medical masks for healthcare workers in British Columbia
- Furthermore, the company is providing assistance to medical services and indigenous communities in Chile, as well as donating to Canadian and international charities
- Teck Resources (TECK.A) is down 0.81 per cent, with shares trading for C$15.88 and a market cap of $6.05 billion
Canada’s largest diversified mining company, Teck Resources (TSX:TECK.A) has committed C$20 million dollars to fund a COVID-19 relief program.
The fund was created to assist the Canadian public through the pandemic, as well as communities in Chile and Alaska, where the company operates.
Utilising Teck’s supply chain, the company has sourced one million medical masks for healthcare workers in British Columbia.
Furthermore, a segment of the fund will go to supporting organisations and indigenous communities in Alaska and Chile, who are suffering as a result of the outbreak.
The company is also making $1 million available to develop copper products to support infection control and prevention.
In tandem with the fund are substantial donations to the Canadian Red Cross, VGH & UBC Hospital Foundation and the international charity UNICEF.
President and CEO of Teck Resources Donald Lindsay noted that the global health crisis posed by COVID-19 was unlike anything previously faced by the global community, and by Canadians.
“The scope and severity of this pandemic requires all of us to step up and do our part.
“This funding will help to protect the health and wellbeing of communities locally and globally during this challenging time and support their long-term economic and social recovery in the wake of COVID-19,” he said.
Alongside this news, the company announced it will release its first quarter 2020 earnings results on Tuesday, April 21.
These quarterly results, and any related outlooks for the preceding quarters should give some indication of how the company is fairing during the crisis.
Even before the outbreak began, Teck was reassessing its operations in light of poor resource prices, which included suspending its coal-by-train program. Since then, coal and industrial metal prices have fallen further.
Teck Resources (TECK.A) is down 0.81 per cent, with shares trading for C$15.88 at 12:48pm EST.
