Teck Cominco plans to rein in its exploration budget and is considering asset sales to rapidly repay the debt it took on with the $13 billion acquisition of Fording Canadian Coal Trust, the company's chief executive said on Thursday.

Speaking on a conference call, Teck CEO Don Lindsay did not offer details on what assets could be on the block, but he said paying off the $9.8 billion in bridge and term loan facilities taken on for the acquisition was the company's No. 1 priority.

"We intend to pay down a substantial portion in the next year from our operating cash flow, a cash tax refund of about $1 billion ... from potential asset sales and from cash," Lindsay said.

"We are going to look at exploration budgets, both oil sands related and on base metals and gold projects, but they will be cut back," he said.

The acquisition of Fording, which will give Teck full control of the Elk Valley Coal Partnership, is expected to close by the end of the month.