Coffee Sipping Big Board Stocks

[timhyma]

4:00 am Teck Resources announces $650 mln in cost reduction measures; to cut ~2K jobs over 18 months (TCK) :

In response to persistent low commodity prices, Teck is implementing additional measures to reduce costs and conserve capital:
•Reduction in total spending of $650 million in 2016, to be achieved through $350 million of capital spending reductions and deferrals and $300 million of operating cost savings identified as part of the 2016 operating budget.
•Elimination of an additional 1,000 positions across Teck's global offices and operations, through a combination of layoffs and attrition. This will include a reduction in senior management positions and brings total labour force reductions over the past 18 months to approximately 2,000 positions.
•Withdrawal of the Coal Mountain Phase 2 (CMO Phase 2) project from the Environmental Assessment process and suspension of further work on the project.