How’s that fair?

Reposted From: USW Local 7884 Fording River Operations Newsletter, July 25, 2013

Teck Reports Unaudited Second Quarter Results for 2013

VANCOUVER, BRITISH COLUMBIA–(Market wired – July 25, 2013) – Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) (“Teck”) reported second quarter adjusted profit of $197 million, or $0.34 per share, compared with $398 million or $0.68 per share in 2012.

“We are pleased with our operating performance this quarter and have made good progress on our cost reduction program. However, prices for our products have continued to weaken, particularly steelmaking coal.

We continue to adapt to changing market conditions and are taking steps to further reduce our capital spending, slowing the start of our Quintette mine reopening and delaying the development of Quebrada Blanca Phase 2. In addition, we are reducing our sustaining capital expenditures and increasing the targets for our cost reduction program,” said Don Lindsay, President and CEO.

Donald R. Lindsay
Chief Executive Officer, President, Director and Member of Executive Committee, Teck Resources Limited

Age 54, Donald R. Lindsay, has been the President at Teck Resources Limited since 2005.
The following is Mr. Lindsay’s 2012 Total Compensation Package.

2012 Total Calculated Compensation C$10,247,327.00

Annual Compensation* 2012
Salary C$1,400,000
Total Annual Compensation C$1,400,000

Stock Options*
Restricted Stock Awards C$2,947,500
All Other Compensation C$252,914
Exercised Options Value C$2,982,670
Total Value of Options C$9,018,470
Total Number of Options 1,092,500

Total Compensation*
Total Annual Cash Compensation C$3,827,114
Total Short Term Compensation C$1,400,000
Other Long Term Compensation C$3,200,414
Total Calculated Compensation C$10,247,327

Donald R. Lindsay’s Escalating Compensation Package

2006 Compensation Package = $3,059,604.00
2007 Compensation Package = $3,631,997.00
2008 Compensation Package = $6,518.788.00
2009 Compensation Package = $4,992,038.00
2010 Compensation Package = $7,406,014.00
2011 Compensation Package = $9,326.668.00
2012 Compensation Package = $10,247,327.00

$7,187,723.00 Dollar Increase in 6 years. Yes that was MILLION’S!!

A Haul Truck driver who has worked at Fording River for 30 years has been given a $6.88¢ an hour increase in the past 6 years. Mr. Lindsay who has been working at Teck for 8 years has received an increase of $7,187,723.00 in the same 6 year period. Where is the fairness in that?

Profit Share Bonus for the Workers at Teck Coal
Is estimated to be $0.00

2012 Bonus for Don Lindsay
Was: $2,174,200.00


I Would Like to Write You a Cheque but My Hands Are Full