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CP lands long-term coal contract from Canadian miner


Yesterday, Canadian Pacific announced it reached a 10-year agreement with mining company Teck Resources Ltd. to transport steelmaking coal westbound from five southeast British Columbia mines to Vancouver-area ports.

The pact, which takes effect April 1, 2011, calls for CP to enhance its coal-handling capacity to accommodate the miner's volume growth.

“This agreement gives Teck the certainty we need to realize our growth strategy in coal and to deliver our increased production on a timely basis to our key markets,” said Teck Resources President and Chief Executive Officer Don Lindsay in a prepared statement.

The parties plan to work jointly to increase the volume of transported coal “through a range of economic and marketplace dynamics,” according to CP and Teck Resources officials.

“Our ongoing dialogue has provided new and deeper insight into Teck’s growth objectives,” said CP President and CEO Fred Green. “Importantly, the agreement provides the stability and confidence to grow our business and enhance this world-class supply chain for our mutual benefit.”

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More News from 10/7/2010