On December 31, it will pay 15c per share to holders of Class A common shares and Class B subordinate voting shares on record on December 14.
The amount represented Teck's regular quarterly dividend policy of 5c/share, as well as a supplemented dividend of 10c/share.
The company will also buy back $400 million worth of Class B shares under the normal course issuer bid programme approved in October, which allows Teck to buy up to 40 million Class B shares, or 7.9% of its publicly traded shares, until October 9, 2019.
The total includes the $73.5 million already purchased since October, with Teck saying it planned to buy shares "opportunistically", but had not yet determined the timing and the actual number to be purchased.
"Taking into account the 15c/share of base dividends already paid in 2018, this represents $573 million in aggregate of dividends and share repurchases," Teck said.
In the previous normal course issuer bid, which ran from October 10, 2017 to October 9, 2018, the company bought 7.48 million Class B shares at a volume weighted average price of C$31.0549/share.
CEO Don Lindsay said the share buyback was an "appropriate" use of capital, given the inherent value of Teck's shares and the company's positive outlook.
He also gave an update in the search for a partner at its Quebrada Blanca phase 2 copper development project, saying it was progressing well and a deal was expected to be announced in December and finalised in the first half of 2019.
Teck's shares closed at $29.01/share Thursday, up 3.61% day-on-day.