June 23, 2011 / 2:42 AM / 7 years ago

UPDATE 1-Teck says regulators approve share buyback plan

TORONTO, June 22 (Reuters) - Diversified miner Teck Resources TCKb.TO said on Wednesday that regulators have approved a plan that will allow it to buyback up to 40 million, or 6.9 percent of its class B shares.

The share repurchase plan will go into effect on June 27 and will remain in effect for a year, the Vancouver-based company said in a statement.

Shares of Teck have fallen more than 25 percent this year, as labor disputes, operational hurdles and logistics issues forced the company to cut its production forecasts. The company’s shares closed at C$44.18 on Tuesday on the Toronto Stock Exchange. (Reporting by Euan Rocha; editing by Janet Guttsman)

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