March 31, 2010 / 8:06 PM / 8 years ago

Teck Resources' CEO says term debt nearly paid off

(In U.S. dollars, unless noted)

TORONTO, March 31 (Reuters) - Teck Resources TCKb.TO expects to pay back the term debt from its 2008 acquisition of Fording Canadian Coal Trust in the “very near term” and could soon consider reinstating its shareholder dividend, the company’s chief executive said on Wednesday.

“The term loan will be gone in the very near term,” Don Lindsay, CEO of the Canadian diversified miner, said in an interview.

The company’s term loan, which stood at $800 million earlier this month, is the remnant of $9.8 billion in short-term debt taken on to finance the purchase of coal producer Fording in 2008, just as credit markets were seizing up and commodity prices were beginning to free-fall.

Lindsay also said he was optimistic a permitting dispute at the company’s Red Dog zinc mine in Alaska — the largest zinc mine in the world — will be resolved.

$1=$1.02 Canadian Reporting by Cameron French; editing by Peter Galloway

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