Agreement to Reduce Supply Chain CO2 Emissions

4th November 2021

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") and Oldendorff Carriers ("Oldendorff") today announced an agreement to employ energy efficient bulk carriers for shipments of Teck steelmaking coal from the Port of Vancouver to international destinations, reducing CO2 emissions in the steelmaking coal supply chain. This industry-leading initiative is expected to achieve a CO2 emissions reduction of 30 - 40% for shipments handled by Oldendorff. The estimated savings can be of up to 45,000 tonnes of CO2 per year, equivalent to removing nearly 10,000 passenger vehicles from the road.

Oldendorff's fleet of "Eco" bulk carriers achieve significant fuel savings, owing to their energy-saving design, fuel-efficient engines, maximizing cargo size and utilizing advanced voyage optimization. Oldendorff's fleet of approximately 700 bulk carriers from Handy size to Cape size gives Teck shipping flexibility and reduced carbon intensity on each voyage. The CO2 reductions represent Scope 1 emissions for Oldendorff and Scope 3 emissions for Teck.

"Partnering with Oldendorff to reduce the emissions associated with transportation of our steelmaking coal is one of the ways Teck is reducing our carbon footprint and taking action on climate change," said Don Lindsay, President and CEO, Teck. "As part of our climate strategy, we are committed to working with transportation providers to reduce emissions downstream of our business."

Peter Twiss, CEO of Oldendorff Carriers commented, "Oldendorff Carriers is very pleased to collaborate with Teck on this effort to reduce CO2 emissions in the bulk supply chain. By working together with the Teck logistics team and challenging fundamental logistic concepts, we were able to develop an environmentally optimized delivery program. Using our fleet of "Eco" bulk carriers in this re-envisioned delivery program, the CO2 emissions will be reduced significantly."

As part of Teck's Sustainability Strategy, Teck has goals to reduce carbon intensity across operations by 33% by 2030 and be a carbon-neutral operator by 2050. CIick here to learn more about Teck's approach to taking action on climate change.


Image by Oldendorff Carriers

About Oldendorff
Oldendorff Carriers is a 100-year-old family owned shipping company operating a fleet of about 700 bulk carriers. The company is represented by 20 offices around the world with 10 bulk Transshipment projects and has a workforce over 4,500 people from 60 countries. www.oldendorff.com

About Teck
As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Oldendorff press release