strong profitability a substantial five, XXXX, the prices, morning, pleased particularly coal, during in made everyone. Thank several have reached $X.X units EBITDA. driven in are which steelmaking you, we to adjusted including our billion financial by contributions business heights was to records This Each our Fraser, Starting new on year. commodity achieved of good slide in XXXX. record and
winter short-term In we the challenges, and Copper in conditions specifically teams of demonstrated, Trail. through resilience quarter, Valley fourth our was production and as Highland the severe successfully managed Elkview,
analyst gross of did quarter and lower-than-consensus the trailed Fort was of for estimates partly profit, by EPS. the we higher fall extended EBITDA and analyst model. which was during of Variance However, maintenance activities of driven timing than because short non-operating adjusted quarter, the the consensus removal Hills from that expenses consensus fourth
base strong to in cash the share $X.X Importantly, XXXX, enabled And of debt adding strengthen our our our the continuing $X.XX This per including year. with share. $X.X March returns paid consists to in that profitability shareholders billion balance per dividends, of record declared billion of share while a has sheet dividend $X.XXX our per million be the during of dividend, $X.XXX we deliver $XXX and share and this, us in a of XX. through Board are announcement on dividend supplemental to to to quarterly buybacks repayment of
of distribution these returns capital board billion a of earlier Hills the the buyback. aggregate, these start over of framework. Fort of in million XX% bring shareholders share In allocation authorized addition, In total returns $XXX proceeds our to has with since sale In XXXX. $X.X to month, total, returns the accordance the approved from up this include, received of
the is up of its XXXX. It challenging and significant look XXXX. growth in end full impacts to, our weather ramping currently projects, growth progress and against at our conditions. doubling forward reaches we four when strategy We by consolidated of QBX looking Now Slide copper subsurface made productivity production pillars capacity of despite advanced copper our flagship common each COVID-related the X, we
a and a of partnerships joint the in advanced Minnesota. our pass I copper in industry-leading growth to in at value just growth through our Mexico, and copper to pipeline, copper back progress moment. will come range QBX also new San in for We Nicolás
earlier, mentioned we I in sale closed As the February. of Fort Hills
Our rebalancing our and continue copper as we record change cash And the exit returns to of energy provides, to cash in balance business XXXX. towards portfolio by a from step shareholders returns demonstrated our growth, the
As $X.X of February have billion of $X.X of XX, we liquidity billion including cash.
We especially, frequency high progress of clean our And last during We performance, XX. power proud year. sustainability rate our March our our Full on QBX be released significant sustainability that be will at ever year. also report, which made we in I'm XXXX goals, potential against renewable incident XXX% XXXX. the recorded details will in secured lowest
on to Now, X. progress coming back Slide our copper on growth
priority XXXX, of the be will ramp-up QBX. Our for
final are the pipeline, power at and the making preparations X, to complete progressing to and across commissioning areas a project. essentially Line of mills. We in feed Construction areas. the in ore commissioning Construction all and is concentrator are of mining
We capacity XXXX. of expect reach end QBX to by full the
remains to disclosure. previous unchanged project Our CapEx the the guidance for
XXX,XXX note recent year. for of range XXX,XXX to to in QB tonnes IFRS, is copper impact that will to to to expect XXX,XXX a important to QBX XXXX increasing XXX,XXX It We production this XXXX. changes of tonnes XXXX, costs unit
unit X required during proceeds these amounts. is of X.XX We earnings, QBX products at we rather expect are recognize with to X.XX and to capacity, sales related cash sold, the net US$ ramp-up now per passion costs in Once US$ than average in associated costs full Phase capitalizing pound.
we in pipeline. Nicolás X. last leading also early We meaningful projects feasibility on Slide and at San our year study are copper expect in other to Turning growth industry making a completion initiated XXXX. progress
year. expected first close of XXXX. is second the quarter half EIA Eagle in the to We Transaction targeting are of of this the submission Agnico with in
for application of be the continuing throughput expansion, year. XXXX approximately feasibility early representing advance XX% permit QB. to We in feasibility QB expected are to in completed regulator is EIA later Chilean a and submitted increase study Mill the to study a this was
observations the successfully last we year. to public Zafranal, comprehensive participation SEIA responded At session completed a and
is And closed the nickel this pre-feasibility jointly for positions to half we our NorthMet well next Creek, week, study PolyMet copper just range exciting And chapter. transaction the of the permit of with Mesaba. new are expecting us SEIA XXXX second in We receipt completion very LLC Overall, half both targeted and last in for year. progress the our first in the the advance Galore of of year.
companies. with creation So move the that, fourth transaction quarter results we'd two like to spin-off announced the The shareholders world-class business from discuss to steelmaking and today. coal the and we independent of tech
Starting on and our slide significant company, day exciting our a shareholders and is for This XX. our people.
base steelmaking Teck unlock As we major businesses. to value shareholders to coal a establishing metals take and step to path forward by separate a our
Metals capital As and Valley for pursue or Elk financial strategy. Resources will EVR the simplified own tailored portfolios, companies, and and Teck allowing their allocation to independent focus ability have heightened strategic
We both with community in and success, we indigenous where are operate. areas employees, companies peoples a positions plan confident supporting future sustainable greater our of while the for benefit this the
Importantly unique this investors fundamentals value good allocating for between and choice portfolios provide and proposition. their commodities separation will with two businesses
period full coal high a Teck our We premier profit essential significant for fund producer at potential growth the portion as pure-play steelmaking a cash EVR coal Metals oriented transition. steelmaking be Teck will of a the transition will to producer. And growth. will Metals margin retain during realize our a energy of flows critical metal
Greenhills interest minority joint Concurrent partners venture EVR. investment steelmaking or interest to $X coal with agreements with value enterprise assets. Elkview Steel's their Notably, and our the $XX.X announced and for the implies two exchange major in operations Nippon separation, billion we an of coal cash in customers steelmaking our billion
structure, class announced would we share sunset, which a today dual Metal's Tech also a Lastly, governance structure. modernize
miners the on last growth changed Now slide years. the XX some and investor to the for XX. broad-based this transaction diversified with turning preferences strategy. all is We has landscape to taking XX to I Previously context Teck now. rationale recognize drove that development provide support why commodities global step to over demand across this want investment for
critical result with This to years, investors changing we're valuation. premium will investor separation demand increasingly premium will coal energy essential an to through long-term. pure-play coal two rewarded responds to proposed steel divergent. It So creation propositions. necessary of compelling steelmaking and companies coal optimize of the of valuation. in High-quality remain steelmaking each and continued and as and transition a input different have for decarbonization over base Company's metals role In value production will the allow the basis often drive growth exposures world-class landscape. their for with become metals base businesses electrification that steelmaking recent the infrastructure
Turning to XX. Slide
Teck will the the a separation, Metals is premier base Following Teck positioned generated of we And which are and operations, well-established optionality by copper our and industry-leading transition the capitalize economy. on to through company. low-cost in development well the metal Foundation on we accelerating focused of have the low-carbon anchored potential by strong Americas. growth Resources in Teck demand to long-life our growth-oriented become is mining projects copper high-quality, significant our portfolio pipeline are resource jurisdictions located growth QBX. and Metals,
With Blanca have Quebrada tonnes resources multiple little ore in in year, billion of can potential expect and We support directions our QB And deposit at at copper multiple the near increases. production body is a X and QBX double the the to we open vast ramp-up the this of further long-life expansions. currently term. for over reserves
time additional geography, have of Beyond and development. QBX, by we an to diversified scale suite attractive projects
of annual portfolio. to add the production have million to We current X.X potential tonnes more than copper our equivalent
XX potential copper has in Metals to Teck one producers the top world. of the the become
Importantly, full peers. This to our disciplined significantly growth financial relative capital while provides resilience. make of returns structure growth cash unlock investments flow undervalued potential maintaining balanced the our to prudent in Teck Metals the shareholders and which industry-leading with funding copper continued from transition our will portfolio, with is transaction our to
assets CEO, will to generation operations company, team The continuity will and responsible Canadian high-margin Elk that shareholders. lead by led continue providing Robin long-term steelmaking cash Turning and Teck's stewardship. cash Senior operating ensure President Coal. Valley and returns environmental EVR currently a high-quality, long-life team to and social operating world-class who XX. will Slide to principles EVR coal are pure-play Vice President be The is focused on existing of be of Sheremeta and
steelmaking POSCO four Elk own recently hard British by world's Neptune work high-quality own operations with will at announced handling they Nippon North Steel sought in Vancouver. reduce as Its the low-emissions emissions. steelmakers of facility coking is producing and coal by after product the Valley largest we Terminals demonstrated agreement the to coal Columbia This today. and expanded EVR coal is in the their
by importance major an the of And high-quality billion coal. the critical emphasizes The implies long-term validating by customers two earlier, billion value Steel $XX.X value mentioned enterprise steelmaking investment of approximately as I significant the EVR further Nippon proposition. and our participation of $X
in an the accretion Capital has significant the reserve EVR by Importantly, Life, Reserve Structure at value of XX shown Transition bottom graph base down equity is paid years as extensive underpinned with the as over right. potential
Now substantial the Metals separation steelmaking to form on by coal to turning to EVR the transaction cash shareholders. XX. equity separation of of level will a Slide existing common flows At coal way the of shareholders. access spin-off steelmaking business retain preferred that royalty highest details a implemented Teck the of in is distribution of a Teck be shares. and shares the will to The
Resources, common of one will a share share shares for XX process. cash to Teck Dutch auction subject $XXX total receive of the together through with a proration common amount maximize of or Shareholders every the can EVR elect EVR distribution of million. Shareholders to receive they shares cash of
interest minority together revenue the shares combined in the XX.X% will their royalty XX.X% the EVR, by interest Further, gross In Teck in cash POSCO of investment an billion Steel, will the Transition steelmaking for to Transition operations Structure. called assets consideration and coal own Capital Capital additional EVR in an both shares Structure, Metals which a maintain Greenhills and common interest. Nippon the Nippon a Elkview transfer Steel exchange and will $X.X in and EVR and preferred for issue
dividend. been billion Payable royalty equivalent based royalty and amount in be have on year-end later revenue, will of flow steelmaking free generally XX% or made payments quarterly, in on coal $X payable EVR's XXXX. cash aggregate of the cumulative New an also York will with EVR shares to Toronto a X.X% and on has billion preference Stock TSX. redeemable continue EVR Metals the listing the with be will Teck Exchanges. listed applied on for $X.X issue a
capital will ensure and resiliency investments use prioritized long-term planned more in viewership the capital Slide on including Cash to a some be operations at EVR flow contributions to from environmental new annual will looking detail for which XX. operations environmental trust the fixed for I'm of obligations. structure provide
will cash flow is [ph] cash of and in place, Galore share Creek of of by free royalty to the returns payments. XX% the cash after While flow flow flow and free will towards XXX% extinguished, EVR. of XX% shareholder initial TCS per The remaining share preferred TCS go is free redemptions. retained the cash TCS is Once free $X.XX an base by dividend supplemental go
cash be at will to on capital well indications. preliminary debt. $X launch retain with EVR based capitalized and Metals no Importantly is investment-grade credit Teck billion working and expected in rating
coal Slide hard from while flows structure XX provide proceeds and resiliency coking detail the Because Teck the we to Metals provides Metals coking the the upside on to also through a not providing is environment transition growth delivering sensitivity flexibility participation less to Teck the accelerate prices. transition cash prudently invest prices and with in pretax to Teck at over to steelmaking of shareholders. billion period. will time. allow coal while for copper the access payments with in continued returns both on leveraged changes royalty. our to $XX TCS steelmaking prices price portfolio, leverage EVR, provide has coal industry-leading than This coal cash Metals hard TCS Teck higher Metals forecast the to during proceeds capital provide
Assuming exchange preferred redemptions fully dollar while only XX combined should in stayed of Canadian-US years. tonne in rate EPS long-term price paid spot a current long-term providing and share benchmark TCS prices hard over $XX XXX% approximately If levels, per a at that in be and coking on billion years, basis a seven US$XXX time. could royalty payments paid coal be X.XX,
XX. slide Turning to
to multiple the shares A capital the a modernize Another provide important Teck Metals Teck. subset attached Class voting the proposed step rights simplified structure. is will announced of governance and This and six-year for competitive today
A X.XX of effective share Class Class the On A date exchanged common will common each Class subordinate be one voting Teck's a share and new B for share.
the for common new Class the of the A shares shares of sixth all will shares Class will B A be terms will the common subordinate be anniversary shares, voting multiple A common Dual provide Amendment common point Class that be renamed rights effective we'll date eliminated. exchanged carrying of In new which Class voting the which on shares at Class automatically
subject issued two-third the the separately the shareholders shares outstanding The B transaction the million on currently and XX dual represents by common A Class approximately shares on additional A and premium, X% amendment Class of approval to effective X.X separation the by exchange Based dilution. amendment voting the and percent class. and B date are class Class Class
Company, Those Dual Amendment by about subject the Shareholders Dr. approval Metal of is shareholders XXXX. of Meeting Class April are be Mining other a Keevil. at majority Annual on addition Special B In to expected Class than Sumitomo votes and held to Temagami and XX, or Mining Teck's
approvals, shareholder customary and the subject to conditions addition Teck In Board to approval TSX. separation the by including is
companies. and second transaction the which will completed as quarter operating We in expect begin at of the separate Teck that time Metals be XXXX will EVR
potential businesses. allowing It about We to separate will best this unlock focus transaction realize two significant this for capital more strategies. could So before for the to shareholders. growth I pursue the realize we tailored entities start of the want strongly transaction turn the both transformational full is our will to full believe strategic We excited value increase I and pathway and and two the be allocation organizations began. where We Q&A, not to their potential. that financial
equity as capital fruition is steel producer with transition the paid. capitalize high-margin steelmaking flows Metals pure-play period world-class by of appreciation the as the potential cash unlock to to a portfolio a Teck funded and strong created our fundamentals and enable steelmaking exposure energy It copper on during significant transition will position the growth transition coal and value the opportunities potential, structure by value EVR coal
base flexibility structure. each capital and The investors will with separation Share fundamentals, Dual to exposure the company optimize the steelmaking portfolio to providing allocation will provide with between governance Metals and return Teck commodity propositions. Further Sunset value metals coal, Class modernize policies different
to net-zero and health includes, and people values for purpose forward, operate for are of and safety sustainability are will XXXX, we communities decades forefront across XXXX, ongoing move embedded everything unwavering we do by and This come. we the a both commitment support and positive by deeply As to become nature our our at and businesses. which where ensure
for With line please the that, open questions. operator,