...The ratings reflect Teck Resources Ltd.'s improved capital structure, strong liquidity and the closing of the USD1.2 billion Quebrada Blanca transaction on March 29, 2019, reducing the risk that FFO-adjusted leverage would exceed 3.0x or that liquidity would be strained during construction of Quebrada Blanca Phase 2 (QB2). Under the transaction, Sumitomo Metal Mining Co., Ltd. and Sumitomo Corporation acquired a 30% indirect interest in the entity that owns the QB2 project. Fitch Ratings believes contributions from Sumitomo entities will offset consolidated cash burn through 2021 at Fitch's mid-cycle price assumptions. Fitch believes the hard coking coal benchmark price will revert to USD160/tonne in 2019 and USD140/tonne longer term from 2018's level of roughly USD207/tonne. Fitch also expects zinc prices to decline to USD1.09/pound in 2019, down nearly 18% from 2018 levels. Fitch is more positive on copper, believing that prices will average USD2.90/pound in 2019, increasing to USD3.18/pound...
