Throw another $650 million onto Teck's cash stock pile plus the dividend amount they won't be paying out due to the dividend reduction. This after raising $1.1 B with streaming deals and retaining the balance after paying down $400M in debt. Their projected year-end cash balance is expected to be $1.8 B with lines of credit of $3B plus letters of credit/cash draw facilities of $1.2 B.
Anyone know or care to speculate what "certain contractual arrangements" of $1.2 B is in reference to?
"Our cash balance of $1.8 billion as of October 21 is more than our $1.5 billion share of costs required to complete Fort Hills. We also have an additional US$3 billion undrawn credit facility that can be used for general corporate purposes and US$1.2 billion available for cash draws or for letters of credit. We have certain contractual arrangements that may result in us having to issue letters of credit that would utilize substantially all of this US$1.2 billion facility."
There's that $1.1 to $1.2B number again...this time expressed as a potentially imminent contractual "arrangement".
https://www.teck.com/Generic.aspx?PAGE=Teck+Site%2fMedia+Pages%2fMedia+Detail&releaseNumber=15-30-TR&portalName=tc
