Teck Resources Limited and Ridley Terminals Inc announced that they have reached agreement on terms for the shipment of steelmaking coal from Teck’s mines in British Columbia and Alberta for a 10 year term from January 1st 2015 to December 31st 2024, with an option in Teck’s favor to extend the term for a further two years.

The new agreement contemplates Teck shipping 2.5 million tonnes of coal per year throughout the contract period, and is a successor to an existing agreement expiring at the end of 2014, which allows Teck to ship up to 1.2 million tonnes in 2011 and 2012, and up to 4.2 million tonnes in 2013 and 2014 pending the re start of Teck’s Quintette operation. An additional existing agreement allows 500,000 tonnes per year to be shipped through February 28th 2021. The commercial terms of these contracts are confidential.

Mr Bob Bell VP & CCO of Teck said that "We are very pleased to have another important agreement in place that supports the shipment of our product."

Mr George Dorsey president of Ridley Terminals said that "Ridley currently handles a portion of Teck's coal exports and this contract expands on a highly appreciated relationship."

Mr Bud Smith chairman of Ridley Terminals noted that "The growth and development now underway at Ridley and this resulting contract serve as a reconfirmation of Government's commitment to support the expansion of Canada's mining industry."

This agreement, now in place between Teck and Ridley Terminals, will provide Teck with sufficient export capacity for the anticipated mine output of the Quintette mine in northeast BC, subject to the re-start of the mine.