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.
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