Notes to Consolidated Financial Statements Years ended December 31, 2012 and 2011 1. Nature of Operations 2. Basis of Preparation 3. Summary of Significant Accounting Policies Basis of Presentation These annual consolidated financial statements have been prepared in accordance with International Financial Reporting  Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). We have consistently applied the same accounting policies in all periods presented. The Board of Directors approved  these financial statements on February 20, 2013. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.  These policies have been consistently applied to all the years presented, unless otherwise stated. Our consolidated financial statements include the accounts of Teck Resources Limited and all of its subsidiaries. Our  significant operating subsidiaries include Teck Metals Ltd. (“TML”), Teck American Inc. (“TAI”), Teck Alaska Inc. (“TAK”),  Teck Highland Valley Copper Partnership (“Highland Valley Copper”), Teck Coal Partnership (“Teck Coal”), Compañia  Minera Teck Quebrada Blanca S.A. (“Quebrada Blanca”) and Compañia Minera Teck Carmen de Andacollo (“Carmen  de Andacollo”). All subsidiaries are entities that we control, either directly or indirectly, where control is defined as the power to govern  the financial and operating policies of an entity so as to obtain benefits from its activities. This control is evidenced  through owning more than 50% of the voting rights or currently exercisable potential voting rights of a company’s  share capital. All of our inter-company balances and transactions, including unrealized profits and losses arising from  intra-group transactions, have been eliminated in full. For subsidiaries that we control, but do not own 100% of, the  net assets and net profit attributable to outside shareholders are presented as amounts attributable to non-controlling  interests in the consolidated balance sheet and consolidated statement of income and comprehensive income. Certain of our business activities are conducted through entities or using assets where we share joint control including  Compañia Minera Antamina (“Antamina”), Galore Creek Partnership (“Galore Creek”), Waneta Dam and Wintering  Hills Wind Power Facility. These entities and assets are accounted for using the proportionate consolidation method. All dollar amounts are presented in Canadian dollars unless otherwise specified. Teck Resources Limited and its subsidiaries (“Teck,” “we,” “us,” or “our”) are engaged in mining and related activities  including exploration, development, processing, smelting, refining and reclamation. Our major products are steelmaking  coal, copper, zinc and lead. We also produce precious metals, molybdenum, electrical power, fertilizers and other metals.  Metal products are sold as refined metals or concentrates. We also own an interest in a wind power facility and in certain  oil sands leases and have a partnership interest in an oil sands development project. Teck is a Canadian corporation and our registered office is at 550 Burrard Street, Vancouver, British Columbia, Canada,  V6C 0B3. Generations 81