Teck swings to Q3 loss on high diesel, low copper prices
Canadian miner Teck Resources swung to a third-quarter loss on Thursday, hurt by higher diesel costs and a downturn in copper prices.
Teck's operating costs rose by 14% from a year earlier, with about half of the increase related to diesel and transportation costs, the company said.
The company's loss attributable to shareholders was C$195-million ($143.9-million), or C$0.37 per share, in the three months ended September 30.
It posted a profit of C$816-million, or C$1.53 per share, in the year-ago quarter.
Teck's gross profit for its copper business unit fell 50% due to a drop in average realized copper prices and sales volumes.
Benchmark copper prices CMCU3 have lost 30% since touching a record peak in March, weighed down by demand concerns on a looming recession amid top metals consumer China sticking with its zero-Covid policy.
The Canadian miner reported a quarterly revenue growth of 17.6% to C$4,669 million.
It recorded a non-cash impairment charge of about C$950-million in the third quarter after it agreed to sell 21.3% stake in Fort Hills oil sands project to Suncor Energy.
"As a result of the sale agreement, we recorded an after-tax, non-cash impairment charge of $952-million in the third quarter of 2022," Teck Resources said.
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