Teck posts triple-digit first-quarter profit growth
Canadian diversified miner Teck Resources says a solid first quarter operational performance and higher commodity prices contributed to a good start to this year for the company.
CEO Don Lindsay reports that the company achieved major milestones on its priority projects, including surpassing the halfway point at its flagship Quebrada Blanca Phase 2 copper growth project, in Chile, and moving into the commissioning phase of its Neptune steelmaking coal terminal upgrade, located in British Columbia.
The company posted an adjusted profit attributable to shareholders of $326-million, or $0.61 apiece, for the first quarter of the year, which is a 247% increase compared with the first quarter of last year’s attributable profit to shareholders of $94-million.
In particular, Teck says its copper business unit had a strong first quarter, with an increase in gross profit before depreciation and amortisation of 76% year-on-year, supported by an average realised copper price of $3.92/lb and copper production of 71 700 t, in line with guidance.
The company sold 6.2-million tonnes of steelmaking coal in the quarter under review, with about two-million tonnes sold to Chinese customers, for which market prices were significantly higher than Australian prices.
Tech says its Elkview Saturated Rock Fill project, in Elk Valley, Canada, was successfully commissioned in the first quarter of the year, on schedule and below budget. The plant is now treating and reducing selenium and nitrate, as well as improving water quality in the receiving environment.
The company had liquidity of $6.3-billion at the end of April.
Tech remains on track to produce between 275 000 t and 290 000 t of copper this year, between 25.5-million and 26.5-million tonnes of steelmaking coal, about 300 000 t of refined zinc and about ten-million barrels of bitumen.
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