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Teck Resources
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Abstract
Companies are using different strategies and plans for attaining the goals and objectives. As per the report of Business Insider (2019) most of the Canadian companies are facing different internal and external issues. For managing the internal and external challenges the companies have to give importance to the sustainable business practices and policies. They also have to consider the needs and interest of the customers and based on that they have to devise the strategies and plans. In this research paper we are analysing different strategies and practices followed by the company called Teck Resources in a detailed way.
Background of the Industry
Canada had a very strong economic environment up until early 2020, most of the companies considered Canada as land of opportunity. The industry in Canada is expected to be worth $12.3 billion dollars by 2022, growing at a rate of 5% per year. In the short term, assuming operational stability, the Canadian mining industry has a number of promising opportunities. Mining industry considered Mines to Mobility as an effective strategy for promoting the products and their plans for the future. Teck Resources under the mining industry, while analysing the growth level of mining sector in Canada we can understand that expected to grow around 111.5 billion dollars (Carey et al 2019). Mining Association of Canada (MAC) (2021) stated that mining industry is the key engine for the economic development of the country. The companies in the mining industry are giving more importance to the access and allocation of capital and they are also invested huge fund for the research and development activities (de Silvia et al 2022). More than 1348 mining companies are in the country, and some of leading companies are also focused on developing different products and services. Canada has the potential to become the world's top provider of inputs essential to a lower-carbon economy as a major producer of sustainably sourced mineral and metal goods. Mining companies are mainly targeting on intentional companies and they also giving more importance to sustainable business practices. With good reason, Canada is regarded as one of the world's top resource investment destinations. Long-standing democratic institutions and the rule of law are the foundations of a healthy, stable, and secure economy. When you combine that with a strong commitment to transparency, clear regulations and governance, a strong economic base, and ease of doing business, Diverse and rich mineral resource endowment, growing public geoscience investment, a favourable tax framework, financial initiatives to encourage exploration and mining activity, world-class mine and equipment manufacturers, business services and expert knowledge in mine financing, and a commitment to continuous resource development, and Canada is more than a mining country (Frontier 2019).
On the Canadian market, smaller, active local mining enterprises abound. The average Canadian mining company is a modest operation, and the majority of them do not produce enough yearly income to justify significant investment in large-scale batch manufacturing technologies. To differentiate themselves in this competitive field, many small businesses rely on more manual manufacturing processes. The companies in the sector are giving more importance to the process innovation and sustainability activities. As a result, operators are progressively investing in research and development (R&D). The mining industry in Canada produces different types of products and services. The companies are mainly giving more importance to meeting needs of the international companies (Berman et al 2020). Another important aspect that is connected to the mining indsutry is the pricing strategies followed by the companies. Most of the companies are using premium pricing strategies and they are not ready to compromise on the quality of the product. The manufacturing industry's demand has continued to be dominated by the domestic companies such as Nutrien, Teck Resources and Barrick Gold Corp. Mining industry is mainly focusing on B2B process and Canada is facing tough competition from Australia and China. Chinese products are less cost and its creating challenge to the Canadian companies. We know the fact that companies are searching for high quality products at low price. Most of the companies in Canada are offering the materials at high price and sometimes they failed to manage the competition from the Chinese products. While the sector is essential in small towns, it also helps to support the economies of Canada's major cities (Cryderman,2020). The Toronto Stock Exchange (TSX) has handled 81 percent of global mining stock transactions over the last five years, making it a global centre for mining financing. Vancouver boasts the world's largest cluster of exploratory firms, while Montreal has significant aluminium and iron ore companies, Edmonton has become a global centre for oil sands knowledge, and Saskatoon has significant uranium and potash industries. Mining is also the largest private-sector employer of Aboriginal Canadians, and it has the potential to expand this part of the population. Mining and allied businesses contribute significantly to federal, provincial, and territorial revenue. While Canada's minerals and metals sector has a strong worldwide presence and a promising future, a rich resource endowment alone will not guarantee socioeconomic success, improved quality of life, or a healthy environment for Canadians. Given our goal to continue to profit from Canada's mineral and energy resource potential, how we harness and manage that endowment is more important than ever (Yost et al 2020). The creation of new creative ideas, skills, and technologies through science and technology investments is critical across the value chain, from exploration and extraction to end use and recycling. Canada's geoscience activities are critical in identifying and evaluating new energy and mineral resource deposits, as well as supporting the federal government's environmental, social, and economic goals by focusing its portfolio of science and technology programmes and services on innovative projects that improve the quality of life for Canadians (Lindsay 2020). These activities, which often cross many sectors of the Canadian economy, are vital to the country's economic, social, and environmental well-being. By providing supporting technology and scientific research, the sector shares its knowledge and skills with clients both at home and abroad. Mining is a cyclical and capital-intensive business with a lengthy time lag between initial investment and commercial output. This is acknowledged in the federal and provincial income tax systems in Canada, which give a favourable treatment of exploration and other intangible expenditures and allow mining corporations to recoup the majority of their original capital investment before incurring significant taxes (Diaz et al 2020). They also include procedures to assist minimise the negative financial consequences of price fluctuations and to allow mining site rehabilitation. Finally, rather than total income, the provincial mining tax and royalty regimes are primarily focused on net production profits.
Key Business Characteristics of Teck Resources
Teck Resources can be called as the one of the top mining companies, in the world. The company invested in energy assets; Teck Resources started its mining operations in the year of 1906. The company belongs to mental and mining industry and the headquarters of the company is situated in Vancouver, Canada. The major products of the company include, Zinc, Copper and Coal. The company is also invested fund for the energy assets. The corporate strategy of the company is mainly focused on developing best class long life assets for the universe. The company give more importance to the sustainable practices and policies. The company have four big operating mines in Canada and more than 10000 employees are working in the company. Norman B Keevil is the chairman of the company and Donald R Lindsay is the CEO of the company. The company...