Teck settles tax dispute

Teck has settled a dispute with the Canadian income tax authorities.

The company deposited $75 million with the Canada Customs and Revenue Agency against a possible income tax reassessment. In light of the assessment, Teck will receive a refund in the amount of $73 million, which takes into consideration taxes payable and accrued interest.

The settlement includes a payment of $18 million in agreed taxes, and a credit for interest accrued on the deposit, which will result in a one-off payment of about $9 million.

The deposit had been recorded as a non-current asset.