Teck Resources Ltd. (B) (TECK.B.TO)

Have articulated that they will continue with capital discipline. CapX has gone from $2 billion down to $1.85 billion. Have also looked to cut about $300 million in operating costs per year. Nice 3.32% dividend yield. Will benefit from the growth in the global economies.

Sold recently. It could have hit a bottom here. He re-deployed assets. Doesn’t think long term prospects are that bright. He is avoiding the sector.

Great company. Reported and beat expectations but unfortunately copper and coal are in less demand now than what they have been for the last several years. If you think copper demand is going to go up and things are going to get better in China, it’s a good stock to be in. He wants to have a little bit more faith that that is going to happen before he steps in. 3.6% dividend yield is fine.

He would wait to see a rebound in base metals before he jumped into this one.

Sold his holdings, mainly because of the coal situation. Also the metal side looks like it is going to stay weak for a while. Expect the company will do reasonably well but he just doesn’t see the stock appreciating. The joint venture with Copper Fox Metals (CUU-X) in BC is fine but they are operating in a very difficult environment.

Don’t get out. Blame it all on coal. Thinks coal prices are bottoming. China is actually upping their steel production. Their copper looks good. He would be more inclined to add to it at these levels.

Due to interview management next week when he would have had a better answer. Very disappointing stock. It is reflected in the weakness of coal prices (which he hopes has bottomed out) and the weakness in copper prices over the last 6 months. Hopefully we are in the process of bottoming out there. Likes the long-term growth prospects for them and it is a very reasonable value but you will have to be patient and adopt a long-term view. Feels the 4.1% dividend is sustainable.

His outlook on the commodity space is quite muted at this point. China is just not growing to the extent that everybody thought it would. Maybe it will come back at some point but he feels the story has gone from building roads and highways to buying and consuming stuff.

Doesn’t like the industry. If we stop making lower lows then he may accumulate. Sees no catalyst.

Down tremendously. One of the things he worries about is their exposure to the coal market. A huge supply of natural gas keeps getting found in both Canada and the US and has created a shift away from coal-fired power plants. This will put a lid on the thermal coal price. Metallurgical coal will go with the economy, which is still a little bit sluggish.

(Top Pick Jun 27/12, Down 24.93%) Liked it then and likes it now. In Canada there is an utter abandonment of resources. Prices of their commodities are as low as they can get. The market is so short term oriented these days. You have to look at production and cost curves. This is a low cost producer and will play out well. Sticking with it. Capital discipline. They have increased the dividend. Over 4%. Balance sheet is fixed. Commodity prices are low. Few companies can mine the commodity at $125 but it is possible for this one.

(Market Call Minute.) One of his larger holdings. Got beaten up because of the dual copper and coal and exposure. However, global economy continues to grow and at some point the base and precious metal sector will have to participate.

He is staying clear and far away from anything that is resource, except for oil stocks. Used to be bullish on China but the thesis has changed and he has changed his opinion and sold his holdings.

Very cheap but it is one of those bellwethers for resources. Doesn’t think you are going to see a bullish case in the next 3-4 months for natural resources.

Not his favourite stock. None of the resources they produce turn him on too much. Its main export business is to China. Doesn’t find resources all that attractive and there is probably further downside.