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BASE METALS-COAL: Teck Q2 revenue up, profit shrinks


Teck and partner Sumitomo are expanding the Quebrada Blanca mine and mill to 135,000 t/d at a total cost of US$4.7 billion. (Image: Teck Resources)

VANCOUVER – Teck Resources has released its unaudited numbers for Q2 2019, and they show small gains in revenues, but  steep drops in EBITDA. For the second quarter this year, the company recorded revenues of $3.1 billion, up 4% from $3.0 billion for the same quarter in 2018. Revenue for the first half of this year was $6.2 billion, up 2% from $6.1 billion in the first half of last year.

There were losses in other columns. EBITDA for the three months ending June 30, 2018, fell to $808 million, down 42% from $1.4 billion for the same period a year earlier. For the first half of this year, EBITDA was $2.2 billion, down 25% from $3.0 billion in H1 2017.

Production for Q2 2018 was 6.4 million tonnes of steelmaking coal; 77,000 tonnes of copper; 184,000 tonnes of zinc in concentrate; 75,000 tonnes of refined zinc; and 4.2 million bbl. of blended bitumen. The largest increase was for bitumen as the Fort Hills, Alta., oilsands project reached commercial production.

“We achieved a number of important milestones in the second quarter that have put Teck in a strong position moving forward,” said Don Lindsay, president and CEO. “The B.C. government endorsed saturated rock fills to treat water at our steelmaking coal operations, we updated our capital allocation framework to reflect our focus on returning additional cash to shareholders and we are accelerating our innovation-driven efficiency program RACE21 and aim to generate annualized EBITDA improvements.”

Find the full second quarter financial report at www.Teck.com.


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