The tentative offer is for a five-year term and will expire March 19, 2011. Union members will hold a ratification vote March 19.
Should the agreement be ratified, full production at the southeastern British Columbia mine is expected to recommence by March 22.
Workers have been on strike at Elkview since late January.
Teck said no other terms of the deal would be released until a vote could be taken.
The Canadian producer has a 95% interest in Elkview mine, with the balance being equally held by Japan's Nippon Steel and South Korean steelmaker Posco. Elkview’s annual capacity totals 5.6 million tonnes.
Next on Teck’s labor agreement radar will be its Fording River complex, as the operation’s current deal expires April 30. The company did not make any comment Tuesday about the agreement at its 8Mt per annum operation.
On Monday, the producer announced it had cut its sales guidance for the first quarter by around half a million tonnes due to inclement weather and ongoing issues with its port and rail partnerships.
While the company has had an average 5.3Mt of sales in the first quarter of each of the last six years, it now expects first-quarter sales volumes of 4.6-4.9Mt.
“Sales have been affected by unusually difficult winter weather conditions, which have caused higher than normal rail delays due to avalanches, as well as an unusual number of locomotive power failures and train length restrictions due to cold weather,” Teck said Monday.
“These weather-related delays, together with two recent non weather-related derailments, and other mechanical issues have affected rail transport.”
The company also cited high winds and mechanical failures at its Neptune Terminals and Westshore Terminals partner ports, which has affected the operations of both and had a cumulative impact on coal transportation and restricted sales.
Teck confirmed that the Elkview strike had not affected the projected sales reduction. While deliveries are still being made from the mine’s inventory, slower rail loading times have had an impact on rail cycle timing.
