https://www.miningweekly.com
Coal|Resources
Coal|Resources
coal|resources

Teck Resources Q4 profit beats targets on strong coal sales, copper output

22nd February 2024

By: Reuters

  

Font size: - +

Canadian miner Teck Resources beat fourth-quarter profit estimates on Thursday, helped by an increase in steelmaking coal sales and record copper production.

The company also benefited from higher copper prices due to supply shortages, which Teck said have accelerated into next quarter.

Teck said its realized copper prices rose 2% and it reported a 58% surge in copper production to 103 400 t in the fourth quarter from a year earlier.

Higher production was reported at its Quebrada Blanca mine in Chile and Highland Valley Copper and Antamina mines in Canada and Peru.

Total adjusted profit came in at C$1.40 a share for the three months ended December 31, compared with analysts' estimate of C$1.33 a share, according to LSEG data.

For the full-year, Teck expects copper production between 465 000 t and 540 000 t, above 296 500 t produced in 2023.

Steelmaking coal sales surged 42% to 6.1-million tonnes in the October-December quarter. Production in the unit is expected between 24.0- and 26.0-million tonnes in 2024, compared with 23.7-million tonnes a year earlier.

The miner said on Thursday the steelmaking coal market would remain in deficit in the first quarter amid strong demand from Southeast Asia and India.

In November, a Glencore-led group agreed to buy Teck's steelmaking coal unit for $9-billion and the deal is expected to close in the third quarter.

Edited by Reuters

Comments

Latest News

Ongoing Douta exploration efforts
Thor reports lower revenue, profits for 2023
Updated 2 hours 36 minutes ago By: Darren Parker

Showroom

GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 
Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

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:0.18 0.218s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: