https://www.miningweekly.com
Coal|Copper|Mining|Ports|PROJECT|Resources
Coal|Copper|Mining|Ports|PROJECT|Resources
coal|copper|mining|ports|project|resources

Teck Resources misses quarterly profit estimates, trims copper output forecast

24th October 2023

By: Reuters

  

Font size: - +

Canadian miner Teck Resources missed market estimates for third-quarter profit on Tuesday, pressured by lower prices for steelmaking coal and zinc, and reduced sales volumes of steelmaking coal and Highland Valley copper.

Excluding items, the company reported an adjusted profit of C$0.76 per share for the three months ended September 30, compared with the average analyst estimate of C$1.09 per share, according to Refinitiv IBES data.

The company increased the capital cost guidance for its QB2 copper project in Chile to $8.6-billion to $8.8-billion from $8.0-billion to $8.2-billion previously forecast, adding that efforts are ongoing to mitigate the risks and cost pressures.

The company also said it expects to see annual production at the lower end of its 2023 guidance for QB2.

Teck's third-quarter steelmaking coal sales were 5.2-million tonnes, missing the company's forecast due to the impacts of wildfires in British Columbia and labor disruption at ports in British Columbia.

Copper this year got some support from optimism surrounding China's reopening, although concerns over the ailing property market in the world's second largest economy and rising global inventories weighed on its prices.

Teck, which has rejected twice a takeover bid from Swiss trading and mining firm Glencore, said its copper production climbed 8% and copper sales volumes rose 3% compared with the previous year.

The company lowered its 2023 copper production outlook to the range of 320 000 to 365 000 t from 330 000 to 375 000 t previously expected.

Edited by Reuters

Comments

Latest News

FACTBOX: Top deals in the global mining sector
FACTBOX: Top deals in the global mining sector
26th April 2024 By: Reuters

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.342 0.379s - 113pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: