- Teck Resources reported a profit of $854 million for the second quarter, significantly up from $206 million a year earlier, driven by higher copper production and prices.
- The company achieved a 25-per-cent increase in year-over-year copper production, totaling 136,000 tonnes during the quarter.
- Copper prices surged to a record US$6.09 per pound, up 41 per cent year over year, contributing to Teck's strong financial performance.
- Teck's adjusted earnings per share reached $1.93, exceeding the forecast of $1.41 per share by S&P Capital IQ.
- The company's revenue for the quarter was $3.61 billion, a significant increase from $2.02 billion a year ago.
- Teck's Highland Valley Copper mine in British Columbia was a key contributor, with production increasing by 32 per cent year over year.
- Quebrada Blanca, Teck's largest copper mine in Chile, also performed well, with production rising by 6 per cent to just under 56,000 tonnes.
- Teck's profits surged more than fourfold during the second quarter, thanks in part to higher copper production and prices.
Teck Resources Ltd. achieved a remarkable profit of $854 million in the second quarter, a significant increase from $206 million a year earlier. This surge is attributed to a 25% rise in copper production to 136,000 tonnes and record copper prices averaging US$6.09 per pound.123
The company’s adjusted earnings per share reached $1.93, exceeding the forecast of $1.41 per share by S&P Capital IQ. Revenue for the quarter totaled $3.61 billion, up from $2.02 billion a year ago, reflecting the strong demand for copper in various sectors, including technology and construction.45
Teck's Highland Valley Copper mine in British Columbia led the production increase, with a 32% year-over-year growth. Additionally, the Quebrada Blanca mine in Chile reported a 6% increase in production, marking a third consecutive quarter of consistent operations.67
Teck's chief executive, Jonathan Price, noted that the company is on track for its merger with Anglo American PLC, which is expected to close between September and March of next year. The merger aims to create a $70-billion copper-focused mining powerhouse.
The company also announced plans for a $850-million expansion of its Trail smelter, which could double production of critical minerals, further solidifying its position in the market.
“Adjusted earnings per share of $1.93 beat analyst estimates of $1.41, while copper production rose 25% to 136,000 tonnes led by Highland Valley Copper in British Columbia. The company's proposed $70-billion merger with Anglo American to form Anglo Teck remains on track to close between September and March, pending Chinese antitrust approval.”
The Globe and Mail
BNN Bloomberg
