Canadian miner Teck Resources said on Tuesday that quarterly adjusted profit rose 4% sequentially, driven by record-high copper prices.
A global demand recovery from the Covid-19 pandemic, strong liquidity injections and tightened supplies have pushed copper prices to all-time highs in the quarter.
The average price realised for copper rose 12% to $4.39/lb sequentially, and production stood at 72 100 t compared with 71 700 t in the previous quarter.
The company lowered its forecast for full-year steelmaking coal production to a range of 25-million tonnes to 26-million tonnes from earlier estimates of between 25.5-million tonnes and 26.5-million tonnes.
Earlier this month, Teck had estimated third-quarter steel-making coal sales would be reduced by 300 000 t to 500 000 t due to a rail service disruption from the wildfires in British Columbia.
The company said adjusted profit attributable to shareholders rose to C$339-million, or 63 Canadian cents per share, in the second quarter, from C$326-million, or 61 Canadian cents per share, in the previous quarter.