Mark Carney will huddle with premiers in Muskoka to talk trade, Trump and crime
Canada's premiers are gathering in cottage country to meet with Indigenous leaders Monday afternoon and Prime Minister
Mark Carney
on Tuesday morning before the official start of their Council of the Federation meeting later that day.
In an unusual move, Premier Doug Ford, who is hosting the summit at Huntsville's Deerhurst Resort on Peninsula Lake, invited Carney to attend the provincial and territorial leaders' conference because of U.S. President Donald Trump's trade war against Canada.
'It's never been a more important time to welcome my fellow premiers to Ontario to continue the work we've done over the past year to protect Canada and our economy,' Ford said Thursday in Toronto.
'This meeting will be an opportunity to work together on how to respond to President Trump's latest threat and how we can unleash the full potential of Canada's economy,' added the Progressive Conservative premier, a close
political ally of the Liberal prime minister
.
Carney was quick to accept Ford's invitation and emphasized he has other things to discuss with the premiers, including 'bail reform, particularly with respect to repeat offenders,' among other criminal justice matters.
'We have commitments on that. We're working with the provinces on those issues,' the prime minister said Wednesday in Hamilton.
'I'll be meeting with the premiers next week. I'm sure that's one of the elements that we will discuss, and you can expect legislation from this government in the fall,' he said.
That's music to Ford's ears — for years he has been
urging Ottawa to toughen up bail laws
to prevent
'weak-kneed judges'
from releasing recidivists.
But the primary focus of the Muskoka meetings will be the economy — especially in light of Carney's admission last week that any future deal with Trump would likely mean tariffs on Canadian goods exported stateside.
'There's not a lot of evidence right now from the deals, agreements and negotiations with the Americans, for any country or any jurisdiction, to have a deal without tariffs,' the prime minister conceded last Tuesday.
Monday's session with the premiers and Indigenous leaders is expected to be dominated by many First Nations' opposition to Ford's Bill 5, the Protect Ontario by Unleashing our Economy Act, and Carney's Bill C-5, the One Canadian Economy Act.
The federal and provincial laws, which are designed to speed up major infrastructure projects like pipelines and rail corridors as well as mines, have raised questions about traditional treaty rights and the environmental impact of fast-tracking development.
Assembly of First Nations National Chief Cindy Woodhouse Nepinak has warned that 'our rights cannot be implemented or respected without us, in substance and in process.'
Still,
Carney insisted at a Gatineau meeting Thursday with First Nations leaders
— where fears about Bill C-5 were expressed — that 'in many respects, this is the first federal legislation to put Indigenous economic growth at its core.'
Ford, meanwhile, is devoting some of his summer to
allaying Indigenous communities' concerns
over Bill 5, which he hopes will speed up development of the Ring of Fire mining project.
But legal challenges against both bills are being launched by nine Ontario First Nations, arguing the laws are unconstitutional. They are seeking a court injunction that would prevent Ottawa and Queen's Park from moving so quickly.
One aspect of Bill C-5 that is less contentious is the removal of most federal barriers to interprovincial trade.
Because Trump's actions are forcing Canadian leaders to scramble to diversify trade, there has been a push to eliminate internal barriers that could cost the Canadian economy as much as $200 billion annually.
Ontario has so far inked deals with all provinces except Quebec, British Columbia and Newfoundland and Labrador to curb hurdles to free trade within Canada.
Sources, speaking confidentially in order to discuss internal deliberations, say an accord with B.C. will be signed in Huntsville, putting more pressure on Quebec's François Legault and Newfoundland and Labrador's John Hogan to reach agreements with Ford.
B.C. New Democratic Premier David Eby told reporters Thursday in Victoria that his province will be 'seizing new opportunities' to reduce its reliance on trade with the U.S.
Officials say Ford is also expected to sign memorandums of understanding with the territorial premiers of Yukon, Northwest Territories and Nunavut.
The three-day meeting is being held about 40 minutes drive from the
premier's family cottage
.
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Hamilton Spectator
36 minutes ago
- Hamilton Spectator
Teck Reports Unaudited Second Quarter Results for 2025
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This is a non-GAAP financial measure or ratio. See 'Use of Non-GAAP Financial Measures and Ratios' for further information. Safety and Sustainability Leadership Guidance Note: 1. This is a non-GAAP financial measure or ratio. See 'Use of Non-GAAP Financial Measures and Ratios' for further information. All dollar amounts expressed in this news release are in Canadian dollars unless otherwise noted. Click here to view Teck's full second quarter results for 2025. WEBCAST Teck will host an Investor Conference Call to discuss its Q2/2025 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on July 24, 2025. A live audio webcast of the conference call, together with supporting presentation slides, will be available at our website at . The webcast will be archived at . REFERENCE Emma Chapman, Vice President, Investor Relations: +44 207.509.6576 Dale Steeves, Director, External Communications: +1 236.987.7405 USE OF NON-GAAP FINANCIAL MEASURES AND RATIOS Our annual financial statements are prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB). Our interim financial results are prepared in accordance with IAS 34, Interim Financial Reporting (IAS 34). This document refers to a number of non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards or by Generally Accepted Accounting Principles (GAAP) in the United States. The non-GAAP financial measures and non-GAAP ratios described below do not have standardized meanings under IFRS Accounting Standards, may differ from those used by other issuers, and may not be comparable to similar financial measures and ratios reported by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these financial measures and ratios because we believe they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS Accounting Standards. Adjusted profit from continuing operations attributable to shareholders – For adjusted profit from continuing operations attributable to shareholders, we adjust profit from continuing operations attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on our balance sheet or are not indicative of our normal operating activities. EBITDA – EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization. Adjusted EBITDA – Adjusted EBITDA is EBITDA before the pre-tax effect of the adjustments that we make to adjusted profit from continuing operations attributable to shareholders as described above. Adjusted profit from continuing operations attributable to shareholders, EBITDA and Adjusted EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. We believe that disclosing these measures assists readers in understanding the ongoing cash-generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends. Adjusted basic earnings per share from continuing operations – Adjusted basic earnings per share from continuing operations is adjusted profit from continuing operations attributable to shareholders divided by average number of shares outstanding in the period. Adjusted diluted earnings per share from continuing operations – Adjusted diluted earnings per share from continuing operations is adjusted profit from continuing operations attributable to shareholders divided by average number of fully diluted shares in a period. Gross profit before depreciation and amortization – Gross profit before depreciation and amortization is gross profit with depreciation and amortization expense added back. We believe this measure assists us and readers to assess our ability to generate cash flow from our reportable segments or overall operations. Total cash unit costs – Total cash unit costs for our copper and zinc operations includes adjusted cash costs of sales, as described below, plus the smelter and refining charges added back in determining adjusted revenue. This presentation allows a comparison of total cash unit costs, including smelter charges, to the underlying price of copper or zinc in order to assess the margin for the mine on a per unit basis. Net cash unit costs – Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product, the margin for the mine on a per unit basis may be presented in a single metric for comparison to other operations. Adjusted cash cost of sales – Adjusted cash cost of sales for our copper and zinc operations is defined as the cost of the product delivered to the port of shipment, excluding depreciation and amortization charges, any one-time collective agreement charges or inventory write-down provisions and by-product cost of sales. It is common practice in the industry to exclude depreciation and amortization, as these costs are non-cash, and discounted cash flow valuation models used in the industry substitute expectations of future capital spending for these amounts. Profit (Loss) from Continuing Operations Attributable to Shareholders and Adjusted Profit from Continuing Operations Attributable to Shareholders Reconciliation of Basic Earnings (Loss) per share from Continuing Operations to Adjusted Basic Earnings per share from Continuing Operations Reconciliation of Diluted Earnings (Loss) per share from Continuing Operations to Adjusted Diluted Earnings per share from Continuing Operations Reconciliation of EBITDA and Adjusted EBITDA Reconciliation of Gross Profit Before Depreciation and Amortization CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words 'anticipate', 'can', 'could', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'would', 'project', 'predict', 'likely', 'potential', 'should', 'believe' and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release. These forward-looking statements include, but are not limited to, statements concerning: our focus and strategy, including being a pure-play energy transition metals company; anticipated global and regional supply, demand and market outlook for our commodities; our business, assets, and strategy going forward, including with respect to future and ongoing project development; our ability to execute our copper growth strategy in a value accretive manner; the timing and format of any cash returns to shareholders; our expectations regarding cost, timing and completion of HVC MLE; our expectations regarding cost, timing and completion of TMF development initiatives and installation of remaining permanent tailings infrastructure and water management at our QB operations; the occurrence and length of any potential maintenance downtime at QB; our expectations with respect to improved recoveries at QB and achieve design rates in the mine, concentrator and molybdenum plant; the continued ramp-up to consistent production and future optimization and debottlenecking of our QB operations; the timing of the restart of the shiploader at the QB port facility; our expectations with respect to mitigation of potential production or shipping disruptions or increased costs related to the QB shiploader outage; our expectations with respect to continued availability of alternative port arrangements for QB; our expectations with respect to the successful restart of the Carmen de Andacollo SAG mill and its ability to continue to operate as expected; our expectations with respect to Teck's updated operating strategy and production at Trail; our expectations with respect to the production and sales volume at Red Dog; our expectations with respect to the occurrence, timing and length of required maintenance shutdowns and equipment replacement; expectations regarding inflationary pressures and our ability to manage controllable operating expenditures; the uncertainty surrounding the status of various worldwide tariffs and their impact on the mining industry; expectations with respect to the potential impact of any tariffs, countervailing duties or other trade restrictions, including the impact on trade flows, demand for our products and general economic conditions and our ability to manage our sale arrangements to minimize any impacts or maintain compliance with any exemptions provided; expectations with respect to execution of our copper growth strategy, including the timing and occurrence of any sanction decisions and prioritization and amount of planned growth capital expenditures; expectations regarding advancement of our copper growth portfolio projects, including advancement of study, permitting, execution planning, detailed engineering and design, risk mitigation, and advanced early works, community and Indigenous engagement, completion of updated cost estimates, tendering processes, and timing for receipt of permits related to QB optimization, QB Asset Expansion and the HVC MLE, San Nicolás, and Zafranal projects, as applicable; expectations with respect to timing and outcome of the regulatory approvals process for our copper growth projects; expectations for copper growth capital expenditures to progress our medium- to long-term projects, including Galore Creek, Schaft Creek, NewRange, and NuevaUnion; expectations regarding our effective tax rate; liquidity and availability of borrowings under our credit facilities; requirements to post and our ability to obtain additional credit for posting security for reclamation at our sites; expectations for our general and administration and research and innovation costs and costs related to the enterprise resource planning system; profit and loss expectations; copper price market trends and expectations; our expectations relating to the ability to continue to buy back shares and declare dividends; all guidance appearing in this document including but not limited to the production, sales, cost, unit cost, capital expenditure, capitalized stripping, operating outlook, and other guidance under the headings 'Guidance' and 'Outlook' and as discussed elsewhere in the various reportable segment sections; our expectations regarding inflationary pressures and increased key input costs; and expectations regarding the adoption of new accounting standards and the impact of new accounting developments. 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Statements concerning future production costs or volumes are based on numerous assumptions regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially. 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We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks, assumptions and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2024 filed under our profile on SEDAR+ ( and on EDGAR ( under cover of Form 40-F, as well as subsequent filings that can also be found under our profile. Scientific and technical information in this quarterly report regarding our material properties was reviewed, approved and verified by Rodrigo Marinho, a contractor of Teck and a Qualified Person as defined under National Instrument 43-101.
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