Diversified miner Teck Resources says its third-quarter steelmaking coal sales were below its guidance, citing a slower-than-anticipated supply chain recovery following the impacts of the British Columbia wildfires and port disruptions, as well as plant challenges.
The TSX- and NYSE-listed mining firm reported coal sales of 5.2-million tonnes during the September quarter, compared with its guidance of 5.6-million to 6-million tonnes.
“We implemented a plant improvement initiative in the second and third quarters and are seeing improved plant performance in the fourth quarter,” Teck stated.
The company said it should report a positive steelmaking coal provisional pricing adjustment of C$23-million in the third quarter. The realised steelmaking coal price in the third quarter averaged $22/t.
The firm, which is weighing potential deals for its steelmaking coal unit, is set to report its financial results on October 24.