Teck Resources adjusted earnings fall on low commodity prices
Diversified miner Teck Resources reported a near 23% drop in third-quarter adjusted earnings on Thursday as prices for the Canadian company's main products fell in the quarter.
Teck, the world's second-biggest exporter of steel-making coal, said adjusted profit fell to C$466-million, or C0.81 a share, during July-September, from C$605-million, or C$1.05 a share, a year earlier.
Lower base metals prices, negative pricing adjustments, lower steel-making coal sales volumes and reduced volumes from the company's Trail operations that were impacted by wild fires, brought down the adjusted earnings, Teck Resources said.
Analysts were expecting earnings of C$0.94 a share, according to Refinitiv estimates.
Revenue rose 4.4% to C$3.21-billion from a year earlier, the company said.
The company, which also produces copper, zinc, gold and bitumen, said it expects fourth-quarter steel-making coal sales to remain flat at 6.7-million tonnes from the third quarter.
The average realized price of steel-making coal rose 10% in the third quarter to $172/t, the company said.
The it expects its 2018 steel-making coal production to be near the lower end of its guidance range of 26-million to 27-million tonnes.
Teck, which launched a formal process to seek a development partner for its Quebrada Blanca Phase 2 project during the quarter, said it aims to ultimately hold a 60% to 70% interest in the project.
In April, Teck said a partner could contribute some $2-billion for a 30% to 40% stake in QB2 and expected a partnership deal to close in the fourth quarter.
Teck is also advancing the NuevaUnion copper-gold project with joint venture partner Goldcorp, in which the two companies will develop their neighbouring mines.
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