It is reported that Teck Cominco Limited is suspending dividends in 2009 saving an estimated USD 486 million and cutting budgeted capital expenditures by USD 730 million.

The report also said that Teck has announced the sale of its interest in the Lobo Marte gold property in Chile and a reduction in zinc production at its operations in Trail, British Columbia.

Mr Don Linsday president & CEO of Teck said that “Current global economic and financial market conditions dictate that we take all prudent steps available to us to significantly reduce spending.

He added that “The measures announced combined with previously announced tax savings, amount to USD 2.4 billion and should significantly enhance our ability to address our near term debt obligations and better position Teck to refinance the bridge loan to finance the acquisition of Fording Canadian Coal Trust when conditions improve.”