Canadian Mining Journal

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ZINC-COAL: Outlook good for Teck despite revenue drop

VANCOUVER – Teck Resources reported that gross profit before depreciation and amortization in 2014 was $2.9 billion compared with $3.7 billion in the previous year. But the company was able to close the year with a cash balance of $2.0...



VANCOUVER – Teck Resources reported that gross profit before depreciation and amortization in 2014 was $2.9 billion compared with $3.7 billion in the previous year. But the company was able to close the year with a cash balance of $2.0 billion and in January paid a $0.45 per share dividend.

Operating results set several records for 2014: 26.7 million tonnes of coal, 596,000 tonnes of zinc, and a throughput of 138,000 t/d at Antamina.

Other highlights included the restart of the Pend Oreille zinc mine, successfully reducing costs across the company of $640 million, and positive cash flows from all operating units.

Looking forward, Teck remains committed to the Fort Hills oil sands project. All critical milestones were met in 2014, and detailed engineering is about 65% complete.

The accountants among our readers may peruse the company’s financials in more detail by clicking here