A combination of falling metallurgical coal prices and a high cash-burn rate make a dividend cut at Teck Resources Ltd. (TSX: TCK/B, NYSE: TCK) inevitable.

It was a not-so-large leap to conclude that the current semiannual CAD0.45-per-share payout rate was in danger when management noted at its recent investor day that the board would delay a decision on its midyear dividend until May or even June, beyond the normal, April decision.

Teck pays out CAD510 million per year to investors in the form of dividends. Preserving that cash would help shore up its balance sheet and strengthen the company against the threat of declining commodity prices.

The subject of multiple mergers-and-acquisitions rumors in recent months, Teck recently denied that it’s in discussions with Antofagasta PLC (London:  ANTO) “in relation to any form of transaction.” Management noted that there are no other developments that justified significant movements in its share price in late March and early April.

A cut of about 50% is the likely outcome, though the market has taken account of this. Teck remains a speculative Buy for aggressive investors up to USD16.

A pension deficit of CAD395 million on top of lackluster financial and operating results for 2014 will likely lead to a dividend cut for Manitoba Telecom Services Inc. (TSX: MBT, OTC: MOBAF) when it reports fiscal 2015 first-quarter results on May 5.

New CEO Jay Forbes will likely conclude that cash saved from a dividend cut will be put to better use via reinvestment in the business.

The expansion of its fiber network and its data centers could drive revenue growth and improve its negotiating leverage with potential acquirers of its Allstream division and thus boost shareholder value. Manitoba Telecom, which is yielding 6.8%, is a Hold.