Canadian Mining Journal

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COAL-COPPER-ZINC: Teck Q1 profit up sharply to $753M


Fording River, one of Teck’s five metallurgical coal producers in British Columbia. (Image: Teck Resources)

VANCOUVER – Strong commodity prices lifted Teck Resources first quarter revenues to $3.09 billion, compared to $2.85 billion in Q1  2017. The company recorded an adjusted profit for Q1 2018 of $753 million or $1.31 per share. Compare that to the Q1 2017 adjusted profit of $655 million or $1.13 per share.

Steelmaking coal revenues for the quarter were $1.59 billion, for copper $739 million, and for zinc $765 million. Gross profits for those business units were, respectively, $816 million, $293 million, and $251 million.

Teck shows no signs of slowing down. The first bitumen has been produced from the Fort Hills oil sands project in which the company has a 21% interest. Having increased its ownership of the Quebrada Blanca copper project, Teck plans to expand production to 300,000 tonnes of copper equivalent annually.

Readers are urged to visit www.Teck.com and read the details of all Teck operations.